A bill for an act relating to interest rates and charges on regulated loans, and consumer credit transaction service charges.

HB 524 would establish a uniform 3% monthly interest rate cap on all regulated loans in Iowa, replacing the previous tiered system (e.g., 3% for loans under $150, 2% for $150-$300). It also increases the maximum service charge for consumer credit transactions from $30 to $100 (or 10% of the loan amount, whichever is lower). This affects lenders offering regulated loans and borrowers who take out such loans. The bill removes the state superintendent’s authority to adjust interest rates or investigate loan conditions.