ARC 4969C

ARC 4969C

ATTORNEY GENERAL[61]

Adopted and Filed

Rule making related to annual notification fees

The Attorney General hereby amends Chapter 22, "Notification and Fees," Iowa Administrative Code.

Legal Authority for Rule Making

This rule making is adopted under the authority provided in Iowa Code section 537.6117.

State or Federal Law Implemented

This rule making implements, in whole or in part, Iowa Code section 537.6203.

Purpose and Summary

The amendment reflects a change in the notification fee that creditors engaged in consumer credit transactions are required to pay annually. The amendment is in response to 2017 Iowa Acts, chapter 138, section 23, which amended Iowa Code section 537.6203 by increasing the annual notification fee from $10 to $50. This amendment conforms subrule 22.5(1) with Iowa Code section 537.6203.

Public Comment and Changes to Rule Making

Notice of Intended Action for this rule making was published in the Iowa Administrative Bulletin on January 15, 2020, as ARC 4862C. No public comments were received. No changes from the Notice have been made.

Adoption of Rule Making

This rule making was adopted by the Attorney General on February 19, 2020.

Fiscal Impact

This rule making has no fiscal impact to the State of Iowa. The Attorney General has been collecting a $50 annual fee since 2018 as required by Iowa Code section 537.6203. The amendment simply brings subrule 22.5(1) in line with the requirements of Iowa Code section 537.6203.

Jobs Impact

After analysis and review of this rule making, no impact on jobs has been found.

Waivers

Any person who believes that the application of the discretionary provisions of this rule making would result in hardship or injustice to that person may petition the Attorney General for a waiver of the discretionary provisions, if any.

Review by Administrative Rules Review Committee

The Administrative Rules Review Committee, a bipartisan legislative committee which oversees rule making by executive branch agencies, may, on its own motion or on written request by any individual or group, review this rule making at its regular monthly meeting or at a special meeting. The Committee's meetings are open to the public, and interested persons may be heard as provided in Iowa Code section 17A.8(6).

Effective Date

This rule making will become effective on April 15, 2020.

The following rule-making action is adopted:

Amend subrule 22.5(1) as follows:

22.5(1) Annual fees. All creditors and debt collectors, including assignees, who are required to file notification statements shall pay to the administrator an annual fee of $10 $50. This fee shall be paid with the filing of the first notification and on or before January 31 of each succeeding year.

[Filed 2/19/20, effective 4/15/20]

[Published 3/11/20]

Editor's Note: For replacement pages for IAC, see IAC Supplement 3/11/20.