SF398 • 2026

A bill for an act relating to closing costs for a debt secured by an interest in land. (Formerly SSB 1103 .) Effective date: 07/01/2025.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: COMMITTEE ON COMMERCE
Last action: 2025-05-06
Official status: Signed by Governor . S.J. 943 .
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

A bill for an act relating to closing costs for a debt secured by an interest in land. (Formerly SSB 1103 .) Effective date: 07/01/2025.

A bill for an act relating to closing costs for a debt secured by an interest in land.

What This Bill Does

A bill for an act relating to closing costs for a debt secured by an interest in land.
(Formerly SSB 1103 .) Effective date: 07/01/2025.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2025-05-06 Iowa Legislature
Signed by Governor . S.J. 943 .
2025-05-06 Iowa Legislature
Reported correctly enrolled, signed by President and Speaker, and sent to Governor. S.J. 942 .
2025-04-29 Iowa Legislature
Message from Senate. H.J. 1075 .
2025-04-28 Iowa Legislature
Immediate message. S.J. 913 .
2025-04-28 Iowa Legislature
Passed Senate , yeas 49, nays 0. S.J. 909 .
2025-04-28 Iowa Legislature
Senate concurred with S-3112 . S.J. 909 .
2025-04-24 Iowa Legislature
Explanation of vote. H.J. 1070 .
2025-04-21 Iowa Legislature
Message from House, with amendment S-3112 . S.J. 831 .
2025-04-17 Iowa Legislature
Immediate message. H.J. 985 .
2025-04-17 Iowa Legislature
Passed House , yeas 93, nays 0. H.J. 965 .
2025-04-17 Iowa Legislature
Amendment H-1240 adopted. H.J. 964 .
2025-04-17 Iowa Legislature
Amendment H-1226 withdrawn. H.J. 964 .
2025-04-17 Iowa Legislature
Substituted for HF 512 . H.J. 964 .
2025-04-16 Iowa Legislature
Amendment H-1240 filed. H.J. 950 .
2025-04-14 Iowa Legislature
Amendment H-1226 filed. H.J. 932 .
2025-04-03 Iowa Legislature
Placed on calendar under unfinished business. H.J. 894 .
2025-03-26 Iowa Legislature
Read first time, passed on file. H.J. 851 .
2025-03-26 Iowa Legislature
Message from Senate. H.J. 818 .
2025-03-26 Iowa Legislature
Immediate message. S.J. 649 .
2025-03-26 Iowa Legislature
Passed Senate , yeas 47, nays 0. S.J. 649 .
2025-02-20 Iowa Legislature
Committee report, approving bill. S.J. 329 .
2025-02-20 Iowa Legislature
Introduced, placed on calendar. S.J. 323 .

Official Summary Text

A bill for an act relating to closing costs for a debt secured by an interest in land. (Formerly SSB 1103 .) Effective date: 07/01/2025.

Current Bill Text

Read the full stored bill text

STATE OF IOWA
KIM REYNOLDS
GOVERNOR
May 6, 2025
The Honorable Paul Pate
Secretary of State of Iowa
State Capitol
Des Moines, Iowa 50319
Dear Mr. Secretary,
I hereby transmit:
Senate File 398, an Act relating to closing costs for a debt secured by an interest in land.
The above Senate File is hereby approved on this date.
SincWly,
Kim Reynolds
Governor of Iowa
cc: Secretary of the Senate
Clerk of the House
STATE CAPITOL DES MOINES, IOWA 50319 515.281.5211 FAX 515.725.3527 WWW.GOVERNOR.IOWA.GOV
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Senate File 398
AN ACT
RELATING TO CLOSING COSTS FOR A DEBT SECURED BY AN INTEREST IN
LAND.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 537.2501, subsection 1, paragraph e,
Code 2025, is amended by adding the following new subparagraph:
NEW SUBPARAGRAPH. ( 6) Discount points for the purpose of
reducing, and that result in a bona fide reduction of, the
interest rate applicable to the debt, or points, agreed upon by
the creditor and the consumer to secure a given interest rate,
provided the points and fees the consumer is charged by all
lenders in connection with the consumer loan do not exceed the
amounts specified in 12 C.F.R. § 1026.43(e)(3).
Sec. 2. Section 537.2501, Code 2025, is amended by adding
the following new subsection:
NEW SUBSECTION. 4. For a consumer loan secured by an
interest in land, if a creditor that is a mortgage banker
licensed under section 535B.5 or registered under section
535B.3 originates such consumer loan in which the annual
percentage rate, points, and fees the consumer is charged
by all lenders in connection with the consumer loan do not
exceed the amounts specified in 12 C.F.R. § 1026.43(e)(2)(vi)
and 12 C.F.R. § 1026.43(e)(3), the consumer loan shall not be
Senate File 398, p. 2
subject to the limitations on fees specified in section 535.8,
subsection 4, paragraph " a - , or section 535.8, subsection 5.
AMY SIN(VT,AIR
President of the Senate
6` PAT GRASSLEY
Speaker of the House
I hereby certify that this bill originated in the Senate and
is known as Senate File 398, Ninety-first General Assembly.
Approved
W. CHARLES SMITHSON
Secre ary o , the Senate
KI
Gover