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 roles 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 specifies that a state of disaster emergency proclamation must indicate the availability of assistance for homeowners and renters, and it creates a disaster recovery housing assistance fund. The bill prohibits certain practices by residential contractors, such as rebating insurance deductibles, and mandates detailed descriptions in post-loss assignments. Furthermore, it establishes new licensing requirements for public adjusters and appraisers, including criminal history checks and continuing education, while imposing penalties for violations. Overall, the bill aims to enhance consumer protection, ensure ethical practices, and facilitate disaster recovery efforts through structured financial assistance programs.

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