The bill establishes a Natural Hazard Mitigation Financing Program in Iowa, which aims to provide loans to eligible entities for projects that mitigate the impacts of natural hazards. It creates a dedicated revolving loan fund managed by the Department of Homeland Security and Emergency Management, funded through appropriations, federal grants, and loan repayments. The bill outlines the responsibilities of the department and the Iowa Finance Authority in administering the program, including the issuance of bonds and notes, and specifies that these funds will not be part of the state’s general fund. Additionally, it amends existing laws to incorporate the new program and its funding mechanisms, ensuring compliance with federal regulations under the STORM Act.

The legislation also introduces significant changes to disaster recovery housing assistance and the regulation of residential contractors and insurance adjusters. It establishes a disaster recovery housing assistance fund to provide financial aid to homeowners and renters affected by disasters, while ensuring that assistance does not duplicate benefits from other programs. New regulations for residential contractors include prohibitions on certain practices related to post-loss assignments and requirements for transparency in contracts. The bill further outlines the licensing and conduct of public adjusters, emphasizing consumer protection and ethical practices, and introduces new provisions for appraisers and umpires to enhance accountability and transparency in the appraisal process within the property insurance sector.

Statutes affected:
Introduced: 16.28, 16.232, 16.57B, 29C.6, 422.35, 507B.4, 515.137A, 505.8, 522B.5A, 522C.2, 522C.4, 522C.5, 522C.6, 522C.15, 522B.11, 8.55