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

SF 2216 establishes a flat 3% monthly interest rate for all regulated loans in Iowa, replacing a previous tiered system that charged different rates based on loan amount (ranging from 1% to 3% per month). It also reduces the maximum service charge for consumer credit transactions from 10% of the loan amount or $30 to 3% of the amount financed or $100. These changes directly affect lenders and borrowers under Iowa's consumer lending laws, eliminating the state banking superintendent's authority to adjust rates. The bill simplifies rate structures while lowering caps on both interest and service charges.