House File 133 - Enrolled
House File 133
AN ACT
RELATING TO REFUND PAYMENTS MADE IN CONNECTION WITH MOTOR
VEHICLE DEBT CANCELLATION COVERAGE.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 537.2510, Code 2023, is amended by adding
2 the following new subsection:
3 NEW SUBSECTION. 10. Notwithstanding any provision of
4 this chapter to the contrary or an agreement between a motor
5 vehicle dealer licensed pursuant to section 322.4 and the
6 consumer, if the creditor is a financial institution as defined
7 in the Iowa consumer credit code, chapter 537, or the federal
8 Gramm-Leach-Bliley Act of 1999, 15 U.S.C. §6801 et seq., who
9 has purchased a retail installment contract as defined in
10 section 322.2, subsection 22, with voluntary debt cancellation
11 coverage, the only obligation of the creditor upon prepayment
12 in full shall be to notify the motor vehicle dealer within
13 thirty days of the prepayment. The motor vehicle dealer shall
14 promptly determine whether the consumer is eligible for a
15 refund of any voluntary debt cancellation coverage and shall
16 issue any refund required directly to the consumer within sixty
 House File 133, p. 2
17 days of the dealer’s receipt of notice of the prepayment from
18 the creditor.
______________________________ ______________________________
PAT GRASSLEY AMY SINCLAIR
Speaker of the House President of the Senate
I hereby certify that this bill originated in the House and
is known as House File 133, Ninetieth General Assembly.
______________________________
MEGHAN NELSON
Chief Clerk of the House
Approved _______________, 2023 ______________________________
KIM REYNOLDS
Governor


Statutes affected:
Introduced: 537.2510
Enrolled: 537.2510