This 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 fee structure is defined in a new subsection, which specifies that entities exempt from registration under Code chapter 261B or those conducting educational courses in Iowa under Code section 714.18 will be subject to this fee. The amounts are set at $2,000 for entities with a primary location in Iowa and $3,500 for those located outside Iowa, with the commission having the authority to increase the fee annually by up to 3%.

Additionally, the bill clarifies that the fees will be determined by rule based on the costs of administering the chapter, and it introduces a nonrefundable nature for the annual authorization fee. This change aims to streamline the funding process for the college student aid commission while ensuring that entities benefiting from educational services in Iowa contribute to the administrative costs associated with oversight and regulation.

Statutes affected:
Introduced: 261B.8