A bill for an act relating to debt management programs, services, fees, and licensee requirements.
Amendment S-5214 filed. S.J. 897.
Summary
The measure rewrites Iowa’s debt‑management statutes to require licensees to hold debtor payments in a dedicated trust account, limit total fees to 30% of the debt enrolled, and only charge fees after a creditor agreement is renegotiated and the debtor has made a payment. It also bars additional fees if a debtor defaults on a settlement and sets a minimum schedule for collecting fees over the repayment period. The changes aim to protect consumers who use debt‑management services.
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