Relating to points and fees charged on loans by mortgage bankers

Sponsored by the House Commerce Committee

Topics:Business & economy Housing & property

Same legislation: SSB 3077, HSB 584, SF 2287

Write your legislators about itWhat changed before it passed

Official bill page Lobbyist declarations One-pager to print

Where it is now

Done: IntroducedJanuary 18, 2024
Done: SubcommitteeJanuary 18, 2024
Done: House committeeJanuary 30, 2024
Done: Passes the HouseFebruary 21, 202497–0
Done: Senate committeeMarch 14, 2024
Done: Passes the SenateMarch 19, 202449–0
Done: To the GovernorApril 10, 2024
Done: Signed into lawApril 10, 2024

Signed into law What’s a funnel?

What’s in it

AI summary Mortgage bankers currently follow certain rules regarding the points and fees they charge people on loans. This change would mean that loans meeting specific federal limits would also be exempt from an additional state rule. This affects how lenders manage fees for borrowers.¹

Read the official explanation

This bill relates to points and fees charged on loans by mortgage bankers. Under current law, if a lender that is a mortgage banker makes a loan in which the points and fees the borrower is charged by all lenders in connection with the loan do not exceed the amounts specified in C.F.R. §1026.43(e)(3), the loan shall not be subject to the provisions of Code section 535.8(5). Under the bill, the loan shall also not be subject to Code section 535.8(4)(a).

Full bill text · What changed before it passed²

House subcommittee

Named January 18, 2024 (as HSB 584). On January 23, 2024 it recommended passage. Vote Total: 3-0.

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

Amends§535.8

How the Code works³

Lobbying

1 for · 0 against · 10 undecided · Who →

Family tree

Study bill

SSB 3077Renumbered HSB 584Renumbered

90th General Assembly

HF 2266Became lawfrom HSB 584 SF 2287Didn’t advancefrom SSB 3077