House File 2329 amends existing laws regarding interest rates and charges on regulated loans and consumer credit transaction service charges in Iowa. The bill removes several subsections from Section 536.13, including the previous tiered interest rate structure, and establishes a new maximum interest rate of three percent per month on regulated loans. Additionally, it allows licensees to lend amounts not exceeding a defined threshold and charge interest at this new maximum rate without the need for further determination by the superintendent.

Furthermore, the bill modifies the service charge for consumer credit transactions, changing the cap from ten dollars to either three percent of the amount financed or one hundred dollars, whichever is lesser. This adjustment aims to simplify the fee structure for consumers while ensuring that the charges remain reasonable. Overall, the bill seeks to streamline the regulations surrounding interest rates and service charges in Iowa's lending practices.

Statutes affected:
Introduced: 536.13, 537.2501
Reprinted: 536.13, 537.2501
Enrolled: 536.13, 537.2501