Iowa SF2217 regulates the sale of auto club memberships and vehicle warranties by loan officers.

Iowa SF2217 amends the Code to allow licensed loan officers to offer borrowers the option to purchase auto club memberships or vehicle warranties after loan approval. If offered, the purchase must be optional, and the borrower can pay with non-loan funds or include the cost in the loan. Borrowers can cancel the membership or warranty within 30 days and receive a full refund if unused. The bill ensures transparency and consumer protection in such sales.

Iowa SF2217 regulates the sale of auto club memberships and vehicle warranties by loan officers.

Iowa SF2217 amends the Code to allow licensed loan officers to offer borrowers the option to purchase auto club memberships or vehicle warranties after loan approval. If offered, the purchase must be optional, and the borrower can pay with non-loan funds or include the cost in the loan. Borrowers can cancel the membership or warranty within 30 days and receive a full refund if unused. The bill ensures transparency and consumer protection in such sales.