Iowa SSB3065 sets a flat 3% monthly interest rate on all regulated loans and increases the maximum service charge on consumer credit transactions to.

Iowa SSB3065 amends the interest rates and charges on regulated loans and consumer credit transactions. The bill eliminates the superintendent's authority to set varying interest rates based on loan amounts, instead establishing a flat 3% monthly interest rate for all regulated loans. It also increases the maximum allowable service charge for consumer credit transactions from $30 to $100, or 10% of the amount financed, whichever is less. The changes apply to loans and transactions occurring after July 4, 1965.

Iowa SSB3065 sets a flat 3% monthly interest rate on all regulated loans and increases the maximum service charge on consumer credit transactions to.

Iowa SSB3065 amends the interest rates and charges on regulated loans and consumer credit transactions. The bill eliminates the superintendent's authority to set varying interest rates based on loan amounts, instead establishing a flat 3% monthly interest rate for all regulated loans. It also increases the maximum allowable service charge for consumer credit transactions from $30 to $100, or 10% of the amount financed, whichever is less. The changes apply to loans and transactions occurring after July 4, 1965.