Iowa HF627 limits annual percentage rates for delayed deposit service transactions to 36 percent.
Iowa HF627 establishes a cap on annual percentage rates for delayed deposit service transactions at 36 percent. Transactions exceeding this limit are void, and licensees cannot collect any charges. For individuals on active military duty, their spouses, or dependents, the rate cannot exceed what is allowed under 10 U.S.C. Section 987. Violating these provisions results in the transaction being void and prohibits the collection of any principal, interest, fees, or other charges.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.