Read the full stored bill text
House
File
627
-
Introduced
HOUSE
FILE
627
BY
NORDMAN
A
BILL
FOR
An
Act
relating
to
annual
percentage
rates
for
delayed
deposit
1
service
transactions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
2722YH
(2)
91
nls/ko
H.F.
627
Section
1.
NEW
SECTION
.
533D.9A
Annual
percentage
rate
1
restriction.
2
1.
Notwithstanding
subsection
3,
a
licensee
shall
not
3
impose
an
annual
percentage
rate
greater
than
thirty-six
4
percent
in
connection
with
a
delayed
deposit
service
5
transaction.
6
2.
A
delayed
deposit
service
transaction
made
in
violation
7
of
this
section
shall
be
void,
and
the
licensee
making
the
8
delayed
deposit
service
transaction
shall
not
collect,
receive,
9
or
retain
any
principal,
interest,
fees,
or
other
charges
in
10
connection
with
the
delayed
deposit
service
transaction.
11
3.
A
licensee
shall
not
impose
on
an
individual
on
active
12
military
duty,
or
their
spouse
or
dependents,
an
annual
13
percentage
rate
greater
than
the
rates
allowed
under
10
U.S.C.
14
§987
in
connection
with
a
delayed
deposit
service
transaction.
15
EXPLANATION
16
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
17
the
explanation’s
substance
by
the
members
of
the
general
assembly.
18
This
bill
relates
to
annual
percentage
rates
for
delayed
19
deposit
service
transactions.
20
Under
the
bill,
a
person
licensed
under
Code
chapter
533D
21
(licensee)
shall
not
impose
an
annual
percentage
rate
greater
22
than
36
percent
in
connection
with
a
delayed
deposit
service
23
transaction.
A
delayed
deposit
service
transaction
made
in
24
violation
of
the
bill
shall
be
void,
and
the
licensee
shall
not
25
collect,
receive,
or
retain
any
principal,
interest,
fees,
or
26
other
charges
in
connection
with
the
delayed
deposit
service
27
transaction.
28
For
an
individual
on
active
military
duty,
or
their
spouse
29
or
dependent,
a
licensee
shall
not
impose
an
annual
percentage
30
rate
greater
than
allowable
under
10
U.S.C.
§987
in
connection
31
with
a
delayed
deposit
service
transaction.
32
-1-
LSB
2722YH
(2)
91
nls/ko
1/
1