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 will be set by rule based on the costs of administering the chapter and will be nonrefundable. The bill 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 new subsection added to Section 261B.8 outlines the specific fee amounts based on the primary location of the entity. For entities with a primary location in Iowa, the fee will be $2,000, while those located outside Iowa will be charged $3,500. The commission is authorized to increase the fee annually by up to 3 percent. This change aims to streamline the funding process for the commission while ensuring that institutions not subject to registration contribute to the administrative costs associated with oversight.

Statutes affected:
Introduced: 261B.8