DES MOINES – Democrats, who won control of the state legislature last month, plan to introduce a bill to limit the interest rates credit unions, banks and other lenders can charge on so-called ‘car title loans.’ The state Senate endorsed a 21% limit on car title loans in each of the past two years, but the Republican-led Iowa House failed to take up the measure. Proponents of the bill say some lenders charge as much as 360% APR on car title loans. The Democratic leadership, which won control of the House and Senate, has also pledged to consider limits on payday loans.
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