General Assembly: 82 (2007 Regular GA) - Chapter 118 - Consumer credit or credit union transactions


Published: 2007-04-27

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326LAWS OF THE EIGHTY-SECOND G.A., 2007 SESSIONCH. 117

Sec. 5. NEW SECTION. 8.67A FUTURE REPEAL OF COMMISSION AND FUND. Sections 8.64 through 8.67 and this section are repealed effective June 30, 2019.

Sec. 6. NEWSECTION. 8.68 TIM SHIELDS CENTER FORGOVERNINGEXCELLENCE IN IOWA. 1. The commission shall establish the Tim Shields center for governing excellence in Iowa.

The purpose of the Tim Shields center for governing excellence in Iowa is to do all of the fol- lowing: a. Enhance the accountability, effectiveness, and efficiency of Iowa’s local governments

and state agencies by providing objective and nonpartisan research and training support for policymakers and government officials. b. Integrate the research capacities of the community colleges and public and private uni-

versities located in this state and of organizations representing local governments to support management and policy research. c. Facilitate dialogues among Iowa’s state agencies, local governments, community col-

leges, public and private universities, organizations representing local governments, and citi- zens on government policy design, implementation, and evaluation. 2. After its creation, the center may solicit, accept, and administer moneys contributed to

the center by any source, and may enter into contracts with public or private agencies or may enter into agreements subject to chapter 28Ewith public and private agencies in order to carry out its purposes. All records of the center including but not limited to records of donations to the center and contracts or agreements entered into by the center shall be public records for purposes of chapter 22. 3. The center shall submit an annual report of the activities of the center to the governor and

to the general assembly as provided in section 7A.11A by January 15 of each year. 4. The local government innovation commission created in section 8.65, or a successor

agency, shall oversee and direct the activities of the Tim Shields center for governing excel- lence in Iowa.

Sec. 7. EFFECTIVEDATE. This Act, being deemed of immediate importance, takes effect upon enactment.

Approved April 27, 2007

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CH. 118CH. 118

CHAPTER 118

CONSUMER CREDIT OR CREDIT UNION TRANSACTIONS

S.F. 347

AN ACT relating to the authority of creditors and credit unions in consumer credit or credit union transactions.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 533.4, Code 2007, is amended by adding the following new subsections: NEWSUBSECTION. 29. Sell, to persons in the field ofmembership, negotiable checks, in-

cluding traveler’s checks;moneyorders; andother similarmoney transfer instruments includ- ing international and domestic electronic fund transfers.

327 LAWS OF THE EIGHTY-SECOND G.A., 2007 SESSION CH. 119

NEWSUBSECTION. 30. Cash checks andmoney orders, and receive international and do- mestic electronic fund transfers, for persons in the field of membership.

Sec. 2. Section 537.2501, subsection 1,Code 2007, is amended by adding the followingnew paragraph: NEW PARAGRAPH. j. For a consumer loan where the amount financed does not exceed

three thousanddollars and the termof the loandoesnot exceed twelvemonths, a bank, savings bank, savings and loan association, or credit union incorporated pursuant to state or federal law may charge an additional application fee not to exceed the lesser of ten percent of the amount financed or thirty dollars. If the loan is not approved, the application fee shall not ex- ceed the lesser of ten percent of the amount applied for by the applicant or thirty dollars. The fee permitted pursuant to this paragraph shall not be charged in connection with a loan used for the purchase of amotor vehicle, or for a loanwhere the borrower’s dwelling is used as secu- rity.

Sec. 3. IMPLEMENTATION OF LAW. The provisions of this Act amending section 533.4 shall be deemed to amend section 533.301, relating to powers of credit unions, if enacted in 2007 IowaActs, Senate File 557,1 or successor legislation, and theCode editor shall harmonize the provisions as necessary.

Approved April 27, 2007

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CH. 119CH. 119

CHAPTER 119

GAMES OF SKILL OR CHANCE AND CARD GAMES CONDUCTED BY QUALIFIED ORGANIZATIONS

S.F. 414

ANACT concerning the licensure, operation, and taxation of card game tournaments by orga- nizations representing veterans and allowable prizes at annual game nights by certain qualified organizations and making penalties applicable.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. NEW SECTION. 99B.7B CARD GAME TOURNAMENTS CONDUCTED BY QUALIFIED ORGANIZATIONS REPRESENTING VETERANS. 1. As used in this section, unless the context otherwise requires: a. “Card game” means only poker, pinochle, pitch, gin rummy, bridge, euchre, hearts, or

cribbage. b. “Qualified organization representing veterans” means any licensed organization repre-

senting veterans, which is a post, branch, or chapter of a national association of veterans of the armed forces of theUnited States which is a federally chartered corporation, dedicates the net receipts of a game of skill, game of chance, or raffle as provided in section 99B.7, is exempt from federal income taxes under section 501(c)(19) of the Internal Revenue Code as defined in section 422.3, has an active membership of not less than twelve persons, and does not have a self-perpetuating governing body and officers. 2. Notwithstanding any provision of this chapter to the contrary, card game tournaments

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1 Chapter 174, §32 herein