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IA HSB524
SB
Status
1/13/2026
Primary Sponsor
Commerce
Click for details
AI Summary
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Establishes a flat maximum interest rate of 3% per month on all regulated loans, replacing the current tiered rate structure based on loan balance amounts
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Eliminates the Superintendent of Banking's authority to investigate regulated loan conditions and redetermine or refix maximum interest rates
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Removes existing tiered interest rate caps that ranged from 3% per month on balances under $150 down to 1% per month on balances over $700
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Increases the maximum service charge for consumer credit transactions from $30 to $100, while maintaining the 10% of amount financed alternative cap
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Amends Iowa Code sections 536.13 and 537.2501 relating to regulated loans and consumer credit transaction charges
Legislative Description
A bill for an act relating to interest rates and charges on regulated loans, and consumer credit transaction service charges.(See HF 2329.)
Last Action
Committee report approving bill, renumbered as HF 2329.
2/6/2026