Relating to application fees for certain consumer loans. Effective 7-1-19

Where it is now

1. ✓
   Done: IntroducedFebruary 6, 2019
2. –
   Skipped: SubcommitteeSkipped
3. ✓
   Done: House committeeMarch 11, 2019
4. ✓
   Done: Passes the HouseMarch 11, 2019
5. ✓
   Done: Senate committeeApril 3, 2019
6. ✓
   Done: Passes the SenateApril 24, 201950–0
7. ✓
   Done: To the GovernorApril 29, 2019
8. ✓
   Done: Signed into lawMay 10, 2019

Signed into law What’s a funnel?

What’s in it

Code section 537.2501(1)(j) allows a creditor to charge an application fee for consumer loans where the amount financed does not exceed $3,000 and the term of the loan does not exceed 12 months, in addition to a finance charge. The specified application fee is the same for loans that are approved and loans that are not approved. This bill modifies that Code section by providing that application fees may be charged solely to applicants who are approved or to all applicants, and by removing duplicative language regarding application fees for loans that are not approved.

Full bill text · What changed before it passed¹

Senate subcommittee

Named March 14, 2019. It hasn’t reported yet.

• Sen. Zach Nunn R
• Sen. Carrie Koelker REmail
• Sen. Janet Petersen DEmail

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

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