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IA HF627
Bill
Status
2/28/2025
Primary Sponsor
Carter Nordman
Click for details
AI Summary
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Caps the annual percentage rate (APR) at 36% for delayed deposit service transactions (payday loans) made by licensed lenders under Iowa Code chapter 533D
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Renders any delayed deposit service transaction made in violation of the 36% APR cap void, prohibiting the licensee from collecting, receiving, or retaining any principal, interest, fees, or other charges from the transaction
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Provides special protections for active military personnel, their spouses, and dependents by limiting APR rates to those allowed under federal law (10 U.S.C. §987, the Military Lending Act)
Legislative Description
A bill for an act relating to annual percentage rates for delayed deposit service transactions.(See HF 878.)
Last Action
Committee report approving bill, renumbered as HF 878.
3/7/2025