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, while ensuring that these funds are not considered part of the state general fund. Additionally, it amends existing laws to incorporate this new program and its funding mechanisms, emphasizing that the bonds issued are special obligations and do not constitute state debt.

Furthermore, the bill introduces significant changes to disaster recovery housing assistance, specifying that a gubernatorial proclamation must indicate the availability of assistance for homeowners and renters. It establishes a disaster recovery housing assistance fund, limits administrative costs to 5%, and ensures that assistance does not duplicate benefits from other programs. The bill also enhances the licensing and regulation of public adjusters, appraisers, and umpires, introducing new requirements for licensing, conduct, and penalties for violations. It mandates that all property insurance policies issued after January 1, 2026, include an appraisal clause that adheres to the new regulations, aiming to improve consumer protection and streamline processes related to disaster recovery and insurance claims.

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