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Bill > SF2216
IA SF2216
IA SF2216A bill for an act relating to interest rates and charges on regulated loans, and consumer credit transaction service charges.(Formerly SSB 3065.)
summary
Introduced
02/05/2026
02/05/2026
In Committee
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill relates to interest rates and charges on regulated loans, and consumer credit transaction service charges. The bill eliminates provisions under current law relating to the superintendent of banking’s investigations of the conditions of regulated loans, and authority to redetermine and refix the maximum rate of interest or charges on regulated loans. The bill eliminates provisions under current law establishing the rate of interest or charges upon the class or classes of regulated loans, and instead sets the rate of interest or charges for all regulated loans at 3 percent per month. Under current law, for a consumer credit transaction, in addition to finance charges, a creditor may contract for and receive a service charge in an amount not to exceed the lesser of 10 percent of the amount financed or $30. Under the bill, such service charge shall not exceed the lesser of 3 percent of the amount financed or $100.
AI Summary
This bill modifies regulations concerning interest rates and charges on certain loans and consumer credit transactions. Specifically, it removes the authority of the superintendent of banking to investigate regulated loans and set maximum interest rates, and instead establishes a flat rate of 3 percent per month for all regulated loans, replacing a tiered system based on loan amount. For consumer credit transactions, the bill changes the maximum service charge a creditor can collect from the lesser of 10 percent of the amount financed or $30, to the lesser of 3 percent of the amount financed or $100.
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Commerce (Senate)
Last Action
Committee report, approving bill. S.J. 215. (on 02/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF2216 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF2216.html |
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