SF 2216: Relating to interest rates and charges on regulated loans, and consumer credit transaction service charges

What it does

This bill relates to interest rates and charges on regulated loans, and consumer credit transaction service charges. The bill eliminates provisions under current law relating to the superintendent of banking’s investigations of the conditions of regulated loans, and authority to redetermine and refix the maximum rate of interest or charges on regulated loans. The bill eliminates provisions under current law establishing the rate of interest or charges upon the class or classes of regulated loans, and instead sets the rate of interest or charges for all regulated loans at percent per month.

Senate subcommittee · named January 22, 2026

• Sen. Scott Webster (R) · scott.webster@legis.iowa.gov
• Sen. Kerry Gruenhagen (R) · kerry.gruenhagen@legis.iowa.gov
• Sen. Janet Petersen (D) · janet.petersen@legis.iowa.gov

Lobbying · 3 for, 1 against

For: Americans For Prosperity; One Main Holdings, Inc.; Town Financial

Against: AARP Iowa

In plain words

1. January 22, 2026Filed in the Senate and sent to the Commerce committee · as SSB 3065
2. January 22, 2026Senate subcommittee named: Webster, Gruenhagen and Petersen · as SSB 3065
3. January 29, 2026Subcommittee recommended passing it with changes · as SSB 3065
4. February 4, 2026Approved by the Senate committee, and given a new number: SF 2216 · as SSB 3065
5. February 5, 2026Filed in the Senate
6. February 5, 2026Approved by the Senate committee
7. April 7, 2026Withdrawn