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IA SSB3065
SB
AI Summary
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Sets a flat maximum interest rate of 3% per month on all regulated loans, replacing the current tiered structure that charged 3% on balances up to $150, 2% on $150-$300, 1.5% on $300-$700, and 1% on amounts over $700.
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Removes the Superintendent of Banking's authority to investigate regulated loan conditions and redetermine/refix maximum interest rates.
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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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Strikes subsections 1, 2, and 3 of Section 536.13 and paragraph (a) of subsection 7 from the Iowa Code.
Legislative Description
A bill for an act relating to interest rates and charges on regulated loans, and consumer credit transaction service charges.(See SF 2216.)
Last Action
Committee report approving bill, renumbered as SF 2216.
2/4/2026