A bill for an act relating to closing costs for a debt secured by an interest in land.
This Iowa bill clarifies permissible closing costs for home loans secured by land. It allows lenders to charge discount points that genuinely reduce interest rates or time-price differentials, and points agreed upon to set a specific rate. If total points and fees stay below federal limits (12 C.F.R. §1026.43(e)(3)), the loan is exempt from certain state fee regulations. The bill directly affects borrowers and lenders in residential real estate transactions.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 5, 2025
Last action Feb 20, 2025
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
5
Key actions
4
Committee
4
Feb 20, 2025
Legislature · Passed
Committee report approving bill, renumbered as SF 398.
legislature
Feb 13, 2025
Legislature · Passed
Subcommittee recommends amendment and passage.
legislature
Feb 10, 2025
Legislature · Passed
Subcommittee Meeting: 02/13/2025 9:30AM Room 217 Conference Room.
legislature
Feb 5, 2025
Legislature · Passed
Subcommittee: Rowley, De Witt, and Knox.
legislature
Feb 5, 2025
Introduced
Introduced, referred to Commerce.
legislature
0 primary · 0 co-sponsors
Sponsors
No sponsor information available.
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