Iowa HF2326 amends debt management program requirements, affecting licensees and fees.

Iowa HF2326 modifies debt management program rules, affecting licensees and fees. The bill removes the requirement for a separate bank trust account if the program doesn't involve a licensee receiving money from debtors to distribute to creditors. It also changes fee conditions, allowing licensees to request fees only if they have renegotiated debt terms, the debtor has made a payment, and the fee is proportional to the debt amount. The bill exempts debt management service licensees from certain credit services organization regulations.

Iowa HF2326 amends debt management program requirements, affecting licensees and fees.

Iowa HF2326 modifies debt management program rules, affecting licensees and fees. The bill removes the requirement for a separate bank trust account if the program doesn't involve a licensee receiving money from debtors to distribute to creditors. It also changes fee conditions, allowing licensees to request fees only if they have renegotiated debt terms, the debtor has made a payment, and the fee is proportional to the debt amount. The bill exempts debt management service licensees from certain credit services organization regulations.