SSB 3011

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.