Read the full stored bill text
House
File
727
-
Introduced
HOUSE
FILE
727
BY
COOLING
,
WILBURN
,
JAMES
,
LEVIN
,
B.
MEYER
,
KRESSIG
,
BAGNIEWSKI
,
MADISON
,
CROKEN
,
R.
JOHNSON
,
AMOS
JR.
,
SRINIVAS
,
EHLERT
,
OLSON
,
SCHOLTEN
,
WESSEL-KROESCHELL
,
and
NIELSEN
A
BILL
FOR
An
Act
relating
to
the
maximum
finance
charge
on
a
consumer
1
credit
sale.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
1853YH
(3)
91
nls/ko
H.F.
727
Section
1.
Section
537.2201,
subsection
2,
Code
2025,
is
1
amended
to
read
as
follows:
2
2.
The
finance
charge,
calculated
according
to
the
3
actuarial
method,
may
not
exceed
twenty-one
ten
percent
per
4
year
on
the
unpaid
balances
of
the
amount
financed.
5
Sec.
2.
Section
537.2202,
subsection
2,
unnumbered
6
paragraph
1,
Code
2025,
is
amended
to
read
as
follows:
7
For
each
billing
cycle,
a
charge
may
be
made
which
is
a
8
percentage
of
an
amount
not
exceeding
the
greatest
of
the
9
following
,
but
in
no
case
shall
exceed
ten
percent
per
year
on
10
the
unpaid
balance
of
the
amount
financed
:
11
EXPLANATION
12
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
13
the
explanation’s
substance
by
the
members
of
the
general
assembly.
14
This
bill
relates
to
the
maximum
finance
charge
for
consumer
15
credit
sales.
Under
the
bill,
for
consumer
credit
sales
both
16
pursuant
to
open-end
credit
and
not
pursuant
to
open-end
17
credit,
a
finance
charge
may
not
exceed
10
percent
per
year
on
18
the
unpaid
balance
of
the
amount
financed.
19
-1-
LSB
1853YH
(3)
91
nls/ko
1/
1