Iowa HF2039 limits fees for delayed deposit services and requires repayment options.

Iowa HF2039 modifies delayed deposit services by capping the annual percentage rate at 10% and mandating an extended repayment plan for makers with multiple loans. The plan allows for up to four equal installments, with no penalties during the agreement. The licensee must return any postdated checks and cannot initiate debt collection, civil court proceedings, or arbitration. A violation may result in a fine of up to $5,000 per violation and investigation costs.

Iowa HF2039 limits fees for delayed deposit services and requires repayment options.

Iowa HF2039 modifies delayed deposit services by capping the annual percentage rate at 10% and mandating an extended repayment plan for makers with multiple loans. The plan allows for up to four equal installments, with no penalties during the agreement. The licensee must return any postdated checks and cannot initiate debt collection, civil court proceedings, or arbitration. A violation may result in a fine of up to $5,000 per violation and investigation costs.