What changed in SF 398
The bill as introduced, compared with the version both chambers passed (91st General Assembly). 1 adopted amendment account for the changes.
1 passage reworded, 5 added and 6 removed; 1 of 13 unchanged.
Removed AddedIntroduced textText as passedAmendments
Compares wording only. The printed bills also mark changes to existing law with strikes and underlines, which aren’t shown here.
Section 1. Section 537.2501, subsection 1, paragraph e, subparagraph (5), Code 2025, is amended to read as follows: by adding the following new subparagraph:
(5) Fees or charges listed in section 535.8, subsection 4, paragraphs “a” and “b”. If a creditor that is a mortgage banker licensed under section 535B.5 or registered under section 535B.3 makes a consumer loan secured by an interest in land 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 12 C.F.R. §1026.43(e)(3), the consumer loan shall not be subject to section 535.8, subsection 4, paragraph “a”, or section 535.8, subsection 5.
Sec.
2. Section 537.2501, subsection 1, paragraph e, Code 2025, is amended by adding the following new subparagraphs:
NEW SUBPARAGRAPH.
(6) Discount points for the purpose of reducing, and that result in a bona fide reduction of, the interest rate or time-price differential applicable to the loan.
NEW SUBPARAGRAPH.
(6) Discount points for the purpose of reducing, and that result in a bona fide reduction of, the interest rate applicable to the debt, or points, agreed upon by the creditor and the consumer to secure a given interest rate, provided the points and fees the consumer is charged by all lenders in connection with the consumer loan do not exceed the amounts specified in 12 C.F.R. §1026.43(e)(3).
Sec.
2. Section 537.2501, Code 2025, is amended by adding the following new subsection:
NEW SUBSECTION.
(7) Points, agreed upon by the creditor and borrower, to offer a given interest rate.
4. For a consumer loan secured by an interest in land, if a creditor that is a mortgage banker licensed under section 535B.5 or registered under section 535B.3 originates such consumer loan in which the annual percentage rate, points, and fees the consumer is charged by all lenders in connection with the consumer loan do not exceed the amounts specified in 12 C.F.R. §1026.43(e)(2)(vi) and 12 C.F.R. §1026.43(e)(3), the consumer loan shall not be subject to the limitations on fees specified in section 535.8, subsection 4, paragraph “a”, or section 535.8, subsection 5.