Bills › 88th General Assembly
Relating to notice provisions in connection with designated consumer lending provisions
Sponsored by the House Commerce Committee
Topics:Business & economy
Where it is now
- Done: IntroducedFebruary 6, 2020
- Skipped: SubcommitteeSkipped
- Done: House committeeMarch 3, 2020
- Done: Passes the HouseMarch 3, 2020
- Skipped: Senate committeeSkipped
- Done: Passes the SenateFebruary 25, 202050–0
- Done: To the GovernorMarch 11, 2020
- Done: Signed into lawMarch 12, 2020
SF 2198 became law → The same legislation passed as SF 2198, so this version was set aside. Go to SF 2198 What’s a funnel?
What’s in it
AI summary Lenders currently have to give customers a written notice at least 60 days before changing the terms of an open-end credit account. Instead of using that specific 60-day rule, this law would follow federal rules for how those changes must be shared with people. This change affects anyone who uses an open-end credit account in Iowa.1
Read the official explanation
This bill makes specified changes relating to consumer lending provisions. The Iowa consumer credit code contained in Code chapter 537 currently states creditors may only make changes to the terms of an open-end credit account, applying to any balance incurred after the effective date of the change, if the creditor provides to the consumer a written disclosure of the change at least days prior to the effective date of the change. The bill replaces that 60-day notification requirement by incorporating by reference federal regulations governing the disclosure of changes to the terms of an open-end credit account.
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88th General Assembly