Iowa HF727 sets a maximum finance charge of 10% per year on consumer credit sales.

Iowa HF727 amends the state code to limit the maximum finance charge on consumer credit sales to 10% per year on the unpaid balance. This applies to both open-end credit and non-open-end credit sales. The bill modifies existing sections to ensure the finance charge does not exceed this limit, calculated according to the actuarial method. This change affects consumers who take out credit sales in Iowa.

Iowa HF727 sets a maximum finance charge of 10% per year on consumer credit sales.

Iowa HF727 amends the state code to limit the maximum finance charge on consumer credit sales to 10% per year on the unpaid balance. This applies to both open-end credit and non-open-end credit sales. The bill modifies existing sections to ensure the finance charge does not exceed this limit, calculated according to the actuarial method. This change affects consumers who take out credit sales in Iowa.