Iowa SF2216 sets a flat 3% monthly interest rate for all regulated loans and limits service charges for consumer credit transactions.

Iowa SF2216 amends the interest rates and charges on regulated loans and consumer credit transactions. The bill eliminates the superintendent of banking's authority to set different interest rates for various loan amounts, instead establishing a flat 3% monthly interest rate for all regulated loans. Additionally, it limits service charges for consumer credit transactions to the lesser of 3% of the amount financed or $100, replacing the previous cap of 10% or $30.

Iowa SF2216 sets a flat 3% monthly interest rate for all regulated loans and limits service charges for consumer credit transactions.

Iowa SF2216 amends the interest rates and charges on regulated loans and consumer credit transactions. The bill eliminates the superintendent of banking's authority to set different interest rates for various loan amounts, instead establishing a flat 3% monthly interest rate for all regulated loans. Additionally, it limits service charges for consumer credit transactions to the lesser of 3% of the amount financed or $100, replacing the previous cap of 10% or $30.