Iowa Bill HF 2324 amends Iowa Code Ann. § 537.1301(15)(a)(5) to define a “consumer loan” as having an amount financed that cannot exceed the “threshold amount”, whereas before, the amount financed could not exceed $25,000. A newly added subsection of Iowa Code Ann., § 537.1301(46), defines the threshold amount “as an amount determined by 12 C.F.R. § 1026.3(b)”. Currently, 12 C.F.R. § 1026.3(b)(1)(v) sets the threshold amount at $53,500 through December 31, 2014. When the threshold amount is updated yearly, the Cx forms listed below will be revised accordingly. The following documents relevant to consumer loans have been reconfigured to reflect these changes:
- Cx1022 (IA Notice to Cosigners)
- Cx1044 (Fixed Rate Note Iowa Second)
- Cx1377 (HELOC Mortgage Less than 25000 – IA)
Please note that Cx1377 has been renamed to IA Consumer Loan HELOC, and now incorporates MERS mortgage language from Cx2182 (HELOC MERS Mortgage – IA). Due to the MERS mortgage language incorporation into Cx1377 (IA Consumer Loan HELOC), the following document is now retired:
- Cx2182 (HELOC MERS Mortgage – IA)
The effective date of the Iowa amendments is July 1, 2014. These document changes will take effect immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
July 2, 2014