Iowa HSB524 sets a flat 3% monthly interest rate for regulated loans and increases the maximum service charge for consumer credit transactions to.

Iowa HSB524 modifies the interest rates and charges on regulated loans and consumer credit transactions. It eliminates the superintendent of banking's authority to set varying interest rates for different loan amounts, instead establishing a flat 3% monthly interest rate for all regulated loans. Additionally, the bill increases the maximum allowable service charge for consumer credit transactions from $30 to $100, aligning it with 10% of the amount financed.

Iowa HSB524 sets a flat 3% monthly interest rate for regulated loans and increases the maximum service charge for consumer credit transactions to.

Iowa HSB524 modifies the interest rates and charges on regulated loans and consumer credit transactions. It eliminates the superintendent of banking's authority to set varying interest rates for different loan amounts, instead establishing a flat 3% monthly interest rate for all regulated loans. Additionally, the bill increases the maximum allowable service charge for consumer credit transactions from $30 to $100, aligning it with 10% of the amount financed.