SF 398: Relating to closing costs for a debt secured by an interest in land

What it does

This bill relates to closing costs for a debt secured by an interest in land.8(5). A creditor may also contract for and receive discount points for the purpose of reducing, and which result in a reduction of, the interest rate or time-price differential applicable to the loan, and points agreed upon by the creditor and borrower to offer a given interest rate.

Senate subcommittee · named February 5, 2025

• Sen. David D. Rowley (R) · david.rowley@legis.iowa.gov
• Sen. Rocky De Witt (R)
• Sen. Izaah Knox (D) · izaah.knox@legis.iowa.gov

Lobbying · 1 for, 0 against

For: Rocket Mortgage

In plain words

1. February 5, 2025Filed in the Senate and sent to the Commerce committee · as SSB 1103
2. February 5, 2025Senate subcommittee named: Rowley, De Witt and Knox · as SSB 1103
3. February 13, 2025Subcommittee recommended passing it with changes · as SSB 1103
4. February 20, 2025Filed in the Senate
5. February 20, 2025Approved by the Senate committee
6. February 20, 2025Approved by the Senate committee, and given a new number: SF 398 · as SSB 1103
7. March 26, 2025Passed the Senate, 47–0
8. April 17, 2025Took the place of HF 512 on the House floor (the same legislation)
9. April 17, 2025Passed the House, 93–0
10. April 28, 2025Passed the Senate, 49–0
11. May 6, 2025Sent to the Governor
12. May 6, 2025Signed into law