IA SF2216

Establishes a flat maximum interest rate of 3% per month on all regulated loans, replacing the current tiered system that charged different rates based on loan balance amounts ($150, $300, $700 thresholds)

Removes the superintendent of banking's authority to investigate regulated loan conditions and redetermine or refix maximum interest rates

Increases the maximum service charge for consumer credit transactions from the lesser of 10% of the amount financed or $30 to the lesser of 3% of the amount financed or $100

Strikes subsections 1, 2, and 3 of Iowa Code section 536.13 that contained the previous variable rate structure and superintendent oversight provisions