Iowa legislation · 91st General Assembly
Iowa HF627: A BILL FOR An Act relating to annual percentage rates for delayed deposit service transactions
Status: In committee, March 7, 2025
An Act relating to annual percentage rates for delayed deposit service transactions.
What the bill says
A bill FOR An Act relating to annual percentage rates for delayed deposit service transactions.
From the introduced text, February 28, 2025:
A BILL FOR An Act relating to annual percentage rates for delayed deposit service transactions. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 2722YH (2) nls/ko H.F. Section 1. NEW SECTION. 533D.9A Annual percentage rate restriction. 1. Notwithstanding subsection 3, a licensee shall not impose an annual percentage rate greater than thirty-six percent in connection with a delayed deposit service transaction. 2. A delayed deposit service transaction made in violation of this section shall be void, and the licensee making the delayed deposit service transaction shall not collect, receive, or retain any principal, interest, fees, or other charges in connection with the delayed deposit service transaction. 3. A licensee shall not impose on an individual on active military duty, or their spouse or dependents, an annual percentage rate greater than the rates allowed under 10 U.S.C. §987 in connection with a delayed deposit service transaction. EXPLANATION The inclusion of this explanation does not constitute agreement with the explanation's substance by the members of the general assembly. This bill relates to annual percentage rates for delayed deposit service transactions. Under the bill, a person licensed under Code chapter 533D (licensee) shall not impose an annual percentage rate greater than 36 percent in connection with a delayed deposit service transaction. A delayed deposit service transaction made in …
Sponsors
- Carter Nordman (R, 47) · primary sponsor
Latest actions
- : Committee report approving bill, renumbered as HF 878 .
- : Committee vote: Yeas, 22. Nays, 1. H.J. 525 .
- : Committee report, recommending passage. H.J. 525 .
- : Subcommittee Meeting: 03/04/2025 1:00PM RM 103.
- : Subcommittee: Nordman, Judge and Lundgren. H.J. 487 .
- : Introduced, referred to Commerce. H.J. 470 .
Votes
- Committee report, recommending passage. H.J. 525 . (March 4, 2025): 22 yea, 1 nay, passed
Subjects: financial institutions, delayed deposit services businesses, consumer loans
Common questions
- What is HF627?
- HF627 is a bill in the Iowa Legislature (91st General Assembly): A BILL FOR An Act relating to annual percentage rates for delayed deposit service transactions.
- What does HF627 do?
- In its own words: A bill FOR An Act relating to annual percentage rates for delayed deposit service transactions.
- What is the status of HF627?
- In committee as of March 7, 2025. Latest action: Committee report approving bill, renumbered as HF 878 . (March 7, 2025).
- Who sponsored HF627?
- Carter Nordman (R, 47).
- Where is the official record for HF627?
- On the Iowa Legislature website: https://www.legis.iowa.gov/legislation/BillBook?ba=HF+0627&ga=91
Source: official Iowa record. Tracked by Delilah, AI for legislation across all 50 states and Congress.