Relating to specified loans provided by a mortgage banker

Sponsored by the Senate Commerce Committee

Topics:Business & economy Insurance

Same legislation: HSB 174, SSB 1186, HF 609

Write your legislators about itWhat changed before it passed

Official bill page Lobbyist declarations One-pager to print

Where it is now

Done: IntroducedFebruary 22, 2023
Done: SubcommitteeFebruary 22, 2023
Done: Senate committeeMarch 6, 2023
Done: Passes the SenateApril 19, 202350–0
Skipped: House committeeSkipped
Done: Passes the HouseMarch 9, 202396–0
Done: To the GovernorMay 9, 2023
Done: Signed into lawMay 11, 2023

HF 609 became law → The same legislation passed as HF 609, so this version was set aside. Go to HF 609 What’s a funnel?

What’s in it

AI summary Mortgage bankers who provide certain loans would no longer have to follow specific 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

Senate subcommittee

Named February 22, 2023 (as SSB 1186). On March 1, 2023 it recommended 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

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