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Senate passes bill to align regulated loan interest rules with neighboring states
Summary
Senator Webster substituted House File 23 29 for Senate File 2216 to change maximum interest rules for regulated loans; supporters said it keeps short‑term lenders local while opponents warned it raises costs for borrowers. The Senate passed the bill by roll call.
Senator Webster (Scott) asked unanimous consent to substitute House File 23 29 for Senate File 2216 and said the bill "will amend the statutory provisions for maximum interest rates on regulated loans" to better align with federal guidelines and neighboring states so Iowans can access local regulated lenders rather than out‑of‑state online lenders.
Senator Peterson urged a no vote, arguing the change "is raising more fees on Iowans" and that wages should instead be addressed; Webster replied the measure preserves availability of short‑term consumer credit in Iowa. Senators debated briefly and the measure was read for final passage. The secretary reported the roll call as 34 ayes and 11 nays and the bill was declared passed; Webster then asked to withdraw the related Senate file 2216.
