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 from the General Assembly and federal grants. 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 this new program and its funding mechanisms, ensuring compliance with federal regulations under the STORM Act.

Furthermore, the bill 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 also outlining eligibility criteria and ensuring that assistance does not duplicate other benefits. The bill includes new regulations for residential contractors regarding post-loss assignments, prohibiting deceptive practices and requiring detailed disclosures. It mandates that all public adjusters and independent adjusters must be licensed, sets forth licensure requirements, and establishes penalties for violations, thereby enhancing consumer protection in the insurance and disaster recovery sectors.

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