New Consumer Protections Overwhelmingly Approved by Iowa Senate

 Car Title Loan Reforms Again on Way to Iowa House

 

March 1, 2006 

DES MOINES – Today much needed consumer protection legislation, Senate File 2276, was approved by an overwhelming, bipartisan 47 to 3 vote in the Iowa Senate.   

“This legislation limits the interest rate on car title loans to a reasonable 21 percent.  This is a real benefit to consumers when compared to the outrageous 264 percent which is currently charged,” said State Senator Roger Stewart (D-Preston), the floor manager of the bill. 

“The Senate has for the third time sent car title loan reforms to the Iowa House,” said Stewart.  “It also has the support Governor Tom Vilsack and Attorney General Tom Miller.  2006 may be the year that Iowans get some relief from this form of predatory lending.”

More information can be found at www.iowasenatedemocrats.org/issues.

 

 

-- end --