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.

IA SF398 is a bill that addresses the closing costs associated with loans that are secured by land. It aims to clarify how these costs are handled in Iowa. The bill is set to take effect on July 1, 2025.

Supporters of IA SF398 argue that the bill brings much-needed clarity and fairness to the process of closing costs for land-secured debts. They believe it will make transactions more transparent and accessible for borrowers in Iowa.

Critics of IA SF398 may contend that the bill could lead to increased costs for borrowers by not adequately regulating closing fees. They might argue that it could benefit lenders at the expense of consumers, making it harder for individuals to access affordable financing.