A bill for an act relating to annual percentage rates for delayed deposit service transactions.

HF 627 caps the annual percentage rate (APR) for delayed deposit service transactions - like short-term cash advances - at 36% for licensed providers. It makes any transaction exceeding this rate void, requiring providers to refund all fees, interest, and principal collected. The bill also extends a lower rate cap (matching federal military protections under 10 U.S.C. §987) to active-duty military members, their spouses, and dependents. This directly affects payday lenders and similar providers operating in Iowa, limiting their ability to charge high fees on quick cash loans.