Loading chat...
IA SSB1103
SB
AI Summary
-
Amends Iowa Code section 537.2501 to exempt consumer loans secured by land from certain closing cost restrictions when points and fees charged by all lenders do not exceed federal limits specified in 12 C.F.R. §1026.43(e)(3)
-
Allows creditors to contract for and receive discount points that result in a bona fide reduction of the interest rate or time-price differential on the loan
-
Permits creditors and borrowers to agree upon points to offer a given interest rate as an additional allowable closing cost
-
Applies specifically to mortgage bankers licensed or registered under Iowa Code sections 535B.5 or 535B.3 making consumer loans secured by an interest in land
Legislative Description
A bill for an act relating to closing costs for a debt secured by an interest in land.(See SF 398.)
Last Action
Committee report approving bill, renumbered as SF 398.
2/20/2025