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

HF 878 caps the annual percentage rate (APR) for "delayed deposit service transactions" (like check-cashing services) at 36% for all consumers. It prohibits businesses offering these services from charging higher rates, and any transaction violating this cap is void - meaning businesses cannot collect any fees, interest, or principal. The bill also extends a lower rate cap to active-duty military members, their spouses, and dependents, aligning with federal military protection laws (10 U.S.C. §987). This directly affects licensed businesses in Iowa providing these financial services and their customers.