The bill amends Section 261B.8 of the Iowa Code to establish an annual authorization fee to be collected by the college student aid commission from certain postsecondary educational institutions that are not required to register with the commission. The fees will be set by rule based on the costs of administering the chapter and will be collected from entities authorized under specific sections of the law. The bill specifies that the fee will be nonrefundable and outlines different fee amounts based on the primary location of the entity, with entities located in Iowa paying $2,000 and those outside Iowa paying $3,500.

Additionally, the bill allows the commission to increase the fee annually by up to three percent. This new fee structure applies to entities exempt from registration under Code chapter 261B or those conducting educational courses in Iowa under Code section 714.18. The implementation of this fee is set to commence with the fiscal year beginning July 1, 2025.

Statutes affected:
Introduced: 261B.8