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.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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