Relating to specified loans provided by a mortgage banker

Sponsored by the House Commerce Committee

Topics:Business & economy

Same legislation: HSB 174, SSB 1186, SF 534

Write your legislators about itWhat changed before it passed

Official bill page Lobbyist declarations One-pager to print

Where it is now

Done: IntroducedFebruary 20, 2023
Done: SubcommitteeFebruary 20, 2023
Done: House committeeMarch 1, 2023
Done: Passes the HouseMarch 9, 202396–0
Done: Senate committeeMarch 30, 2023
Done: Passes the SenateApril 19, 202350–0
Done: To the GovernorMay 9, 2023
Done: Signed into lawMay 11, 2023

Signed into law What’s a funnel?

What’s in it

AI summary Mortgage bankers who provide certain types of loans would no longer have to follow specific state rules about interest reduction fees. This change only applies if the total points and fees charged to the borrower stay below a certain limit set by federal law.¹

Read the official explanation

This bill relates to specified loans provided by a mortgage banker. A loan made by a licensed or registered mortgage banker under Code chapter 535B making a loan where the points and fees the borrower is charged cumulatively do not exceed the amounts specified in C.F.R. §1026.43(e)(3) shall not be subject to Code section 535.8(5), regarding loans and interest reduction fees.

Full bill text · What changed before it passed²

House subcommittee

Named February 20, 2023 (as HSB 174). On February 28, 2023 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

4 for · 2 against · 10 undecided · Who →

Family tree

Study bill

HSB 174Renumbered SSB 1186Renumbered

90th General Assembly

HF 609Became lawfrom HSB 174 SF 534Didn’t advancefrom SSB 1186