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

SSB 3065 sets a uniform 3% monthly interest rate on all regulated loans in Iowa, replacing a previous tiered system (e.g., 3% for the first $150, 2% for the next $150). It also increases the cap on consumer credit service charges from $30 to $100, while keeping the existing limit of 10% of the loan amount. The bill affects lenders (licensees) who must comply with these new rate and fee limits, and borrowers who will pay these standardized charges. Key changes include eliminating the superintendent’s authority to adjust rates and simplifying the interest structure for all regulated loans.