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Lawmakers reject 10% credit-card cap but pass bill to align consumer loan rules with neighboring states
Summary
An amendment to cap credit-card interest at 10% failed on a recorded roll call (28–63); the main bill (House File 2329), which aligns state consumer loan rules with neighboring states and federal standards, passed (62–29) after amendments.
Representative Zabner offered an amendment to cap credit-card interest at 10%, arguing that capping rates would help struggling Iowans and referencing national consumer-credit totals. "Cap the interest rate... Make sure that Iowans who are struggling are able to get on with their finances," he said on the floor.
Members raised germane and policy concerns. The amendment failed on a roll-call vote (28 yes, 63 no). After debate, Representative Barker and other sponsors described the underlying bill as aligning Iowa to allow residents access to loan products available across state lines; the bill passed on final reading by 62–29.
Floor vote records show the amendment's defeat followed by passage of the main bill; sponsors said the bill would let Iowans access credit options through local institutions comparable to those available online or in other states.
