All Roll Calls
Yes: 189 • No: 0
IowaSF 39891st General Assembly (2025–2026)SenateWALLET
A bill for an act relating to closing costs for a debt secured by an interest in land. (Formerly SSB 1103.) Effective date: 07/01/2025.
Sponsored By: COMMITTEE ON COMMERCE
Signed by Governor
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Homebuyers can pay discount points
Beginning July 1, 2025, you can pay discount points on a consumer loan secured by land. The points must give a real cut to your interest rate, or be points you and the lender agree on to lock a rate. Your total points and fees charged by all lenders must stay within the federal limits in 12 C.F.R. 1026.43(e)(3). This can raise upfront closing costs but can lower your rate and payments over time.
Mortgage banker loans use federal caps
Starting July 1, 2025, if your land‑secured consumer loan is from a mortgage banker licensed or registered in Iowa, state fee caps in Iowa Code 535.8(4)(a) and (5) do not apply when the loan meets federal limits. The loan’s APR, points, and fees must be within the amounts in 12 C.F.R. 1026.43(e)(2)(vi) and 1026.43(e)(3). This shifts fee limits to the federal rules for those loans. Your closing costs may change, but the loan must still meet the federal caps.
Sponsors & Cosponsors
Sponsor
COMMITTEE ON COMMERCE
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 4/28/2025
Passed Senate
Yes: 49 • No: 0
House vote • 4/17/2025
Passed House
Yes: 93 • No: 0
Senate vote • 3/26/2025
Passed Senate
Yes: 47 • No: 0
Actions Timeline
Signed by Governor.
5/6/2025GovernorReported correctly enrolled, signed by President and Speaker, and sent to Governor.
5/6/2025SenateMessage from Senate.
4/29/2025SenateImmediate message.
4/28/2025legislaturePassed Senate, yeas 49, nays 0.
4/28/2025SenateSenate concurred with S-3112.
4/28/2025SenateExplanation of vote.
4/24/2025legislatureMessage from House, with amendment S-3112.
4/21/2025HouseImmediate message.
4/17/2025legislaturePassed House, yeas 93, nays 0.
4/17/2025HouseAmendment H-1240 adopted.
4/17/2025legislatureAmendment H-1226 withdrawn.
4/17/2025legislatureSubstituted for HF 512.
4/17/2025legislatureAmendment H-1240 filed.
4/16/2025legislatureAmendment H-1226 filed.
4/14/2025legislaturePlaced on calendar under unfinished business.
4/3/2025legislatureRead first time, passed on file.
3/26/2025legislatureMessage from Senate.
3/26/2025SenateImmediate message.
3/26/2025legislaturePassed Senate, yeas 47, nays 0.
3/26/2025SenateCommittee report, approving bill.
2/20/2025legislatureIntroduced, placed on calendar.
2/20/2025legislature
Bill Text
As Introduced
Enrolled
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