Bills › 88th General Assembly
Where it is now
- Done: IntroducedFebruary 6, 2020
- Done: SubcommitteeJanuary 15, 2020
- Done: Senate committeeFebruary 6, 2020
- Skipped: Passes the SenateContinued as SF 2198
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Became SF 2198 → Its progress continues under the new number. Go to SF 2198 What’s a funnel?
What’s in it
AI summary Lenders could charge up to $30 a year for maintaining a home equity line of credit instead of the current $15 limit. It also changes how much notice lenders must give people before changing the terms of their credit accounts. Instead of a set 60-day rule, lenders would follow federal rules for these notifications.1
Read the official explanation
This bill makes specified changes relating to consumer lending provisions. The bill changes the maximum annual account maintenance fee lenders may collect in connection with home equity lines of credit from $15 to $30. 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 S.F. _____ by incorporating by reference federal regulations governing the disclosure of changes to the terms of an open-end credit account.
Senate subcommittee
Named January 15, 2020. On January 29, 2020 it recommended amendment and passage.
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
Iowa Code it changes
Lobbying
2 for · 1 against · 12 undecided · Who →
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88th General Assembly