Iowa HF878 limits annual percentage rates for delayed deposit service transactions to 36 percent, voiding any higher rates and prohibiting collection.
Iowa HF878 establishes a cap on annual percentage rates for delayed deposit service transactions at 36 percent. Transactions exceeding this rate are void, and the licensee cannot collect any principal, interest, fees, or other charges. Additionally, the bill prohibits higher rates for individuals on active military duty, their spouses, or dependents, aligning with the rates allowed under 10 U.S.C. Section 987.
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