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IA HF878
Bill
Status
3/7/2025
Primary Sponsor
Commerce
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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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Declares any delayed deposit service transaction made in violation of the 36% APR cap void and unenforceable
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Prohibits licensees from collecting, receiving, or retaining any principal, interest, fees, or other charges on transactions that violate the APR restriction
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Requires compliance with federal Military Lending Act (10 U.S.C. §987) rate limits for active duty military personnel, their spouses, and dependents
Legislative Description
A bill for an act relating to annual percentage rates for delayed deposit service transactions.(Formerly HF 627.)
Last Action
Referred to Commerce. H.J. 896.
4/3/2025