HF 2329 — A bill for an act relating to interest rates and charges on regulated loans, and consumer credit transaction service charges.

STATEHouse OFile F2329 IOWA- KIMEnrolled REYNOLDSHouse GOVERNORFile May2329 02,AN 2026ACT TheRELATING HonorableTO PaulINTEREST PateRATES SecretaryAND ofCHARGES StateON ofREGULATED IowaLOANS, StateAND CapitolCONSUMER DesCREDIT Moines,TRANSACTION IowaSERVICE 50319CHARGES. Dear Mr.

Secretary,BE IIT herebyENACTED transmit:BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

HouseSection File1. 2329, an Act relating to interest rates and charges on regulated Joans, and consumer credit transaction service charges.

TheSection above536.13, Housesubsections File1, is2, herebyand approved3, onCode this2026, date.are amended by striking the subsections.

cc:Sec.

Secreta1y of the Senate Clerk of the House STATE CAPITOL DES MOINES, IOWA 50319 515.281.5211 WWW.GOVERNOR.IOWA.GOV l" ' m., " ' ' u nm 1 • mnu1 nmU mua n" ' J House F ile 2329 AN ACT RELCONSUMER CREDIT TRANSACTION SERVICE CHARGES.ATED LOANS, AND BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

2026, are amended by s trik in g the subsections.

and 3, Code Sec.

Section 536.13, subsections 4 and 5, Code 2026, are amended to read as followfollows: s:

BegiHHiHgBeginning JtllyJuly 4, 1965, aHdand tlHtiluntil StlCflsuch time as a radifferent terate ofis infixed teby rethe ssuperintendent, tthe orThe chargesmaximum uponrate tfieof cinterest laor sscharges erupon cthe laclass sseor sclasses ofmumof regulated loans is as fellowfollows: s:

sshall h a ll be ththree ree percent per month.

~fireeThree percent per meHtfimonth OHon aHyany ppart a rt of tfiethe tlHpaidunpaid dprincipal obalance lla rs.balaHce of tfiethe leaHloan Hotnot exceeding one fltlHdredhundred ffifty ifdollars. ty b.

~web. perceHt per mentfi OH any p a rt of tfie lean iH excess of eHe fltlHdred f if ty d o lla rs , btlt Hot exceeding tfiree fitlHdred d oc.laOne and eHe fialf perceHt per meHth OH aHy p a rt of tfie tlHpaid priH cipal balaHce of the leaH iH excess of th ree htiHdred d o lla rs , btlt Hot exceediHg seveH htlHdred d o lla rs.

a.Two percent per month on any part of the loan in excess of one hundred fifty dollars, but not exceeding three hundred dollars.

Onec. perceHt per meHth en any p a rt of the tlHpaid priH cipal bal5.eeA licen see under th is chapter may lend any sum of money not exceeding the threshold amount as defined in sectio n House F ile 2329, p .

2One 537.1301 in amount and mayone-half cpercent hper amonth rg e , c o n tra c t f o r , and re c e iv e on thany epart loof anthe iunpaid nprincipal tbalance eof rthe eloan sin texcess orof chargesthree ahundred tdollars, abut r a te not exceeding thseven ehundred maximumdollars. r a te o f i n t e r e s t o r ch arg es determ iR ed aRd fix e d by th e sttperiR teR deR t ttRder a ttth o rity o f t h i s seetio R or p u rsu an t to su b se c tio n 7 fo r th o se amottRts iR excess o f teR thottsaRd d o lla r s 4.

Secd. .

One percent per month on any part of the unpaid principal balance of the loan in excess of seven hundred dollars.

5.

A licensee under this chapter may lend any sum of money not exceeding the threshold amount as defined in section House File 2329, p.

2 537.1301 in amount and may charge, contract for, and receive on the loan interest or charges at a rate not exceeding the maximum rate of interest or charges determined and fixed by the superintendent under authority of this section or pursuant to subsection 7 for those amounts in excess of ten thousand dollars 4.

Sec.

SSection e c tio n 536.13, susubsection b7, se c tio n 7 , paragraph aa, , Code 2026, iis s amended by sstriking trthe ikparagraph. in g th e p arag rap h .

SSection e c tio n 537.2501, susubsection b1, se c tio n 1 , paragraph 1l, , Code 2026, iis s amended to read as fofollows: llo w s:

Forl. a consumer c r e d it tr a n s a c tio n , a s e rv ic e charge in an amount not to exceed th e le s s e r o-tefe ith e r th re e p e rc e n t o f th e amount fin a n c e hundred d o lla r s .

-zz~For :a consumer credit transaction, a service charge in an amount not to exceed the lesser of ten either three percent of the amount financed or thirty one hundred dollars.

e~______________________________ ~1--_,.I<:-______________________________ -./-~PAT ~GRASSLEY ~AMY ~SINCLAIR ~ ~ ~ ~ A M Y S I N ~ Speaker oof fthe PHouse rePresident sof idthe eSenate n t o f th e S enate I hereby ccertify ethat rthis tbill ioriginated f y th a t t h i s b i l l o rig in athe te d in th e House and iis s known as House FFile ile 2329, NNinety-first inGeneral e ty - f ir s t G eneral Assembly.

______________________________ MEGHAN NELSON Chief Clerk of the House Approved ~_______________, znl.2026 ______________________________ KIM REYNOLDS Governor

2026 Governor