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90th General Assembly · Iowa Funnel one-pager · Tuesday, November 10, 2026

SSB 1020: SSB 1020

Became SF 131 · Its progress continues under the new number.

What it does

This bill relates to motor vehicle debt cancellation coverage refunds. The bill provides that the only obligation that a financial institution which purchases retail installment contracts with voluntary debt cancellation coverage has upon prepayment in full is to notify the relevant motor vehicle dealer within days of a payment in full of an installment contract. The dealer shall determine whether the consumer is entitled to a refund of voluntary debt cancellation coverage and issue the refund within days of notice.

Sponsors

Not listed

Cost

No fiscal note

Senate subcommittee · named January 11, 2023

  • Sen. Mike Klimesh (R) · mike.klimesh@legis.iowa.gov
  • Sen. Kerry Gruenhagen (R) · kerry.gruenhagen@legis.iowa.gov
  • Sen. Izaah Knox (D) · izaah.knox@legis.iowa.gov

Lobbying · 4 for, 0 against

For: Iowa Bankers Association; Iowa Credit Union League; Veridian Credit Union; Wells Fargo & Company

In plain words

  1. January 10, 2023Filed in the Senate and sent to the Commerce committee
  2. January 11, 2023Senate subcommittee named: Klimesh, Gruenhagen and Knox
  3. January 17, 2023Subcommittee recommended passing it
  4. January 25, 2023Approved by the Senate committee, and given a new number: SF 131

From public records at legis.iowa.gov, compiled by Iowa Funnel (iowafunnel.com), an independent, nonpartisan site. Current as of Tuesday, November 10, 2026. https://iowafunnel.com/bills/90/SSB1020