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 emphasizes that the bonds issued under this program are not a liability of the state and are exempt from state income tax.

The bill also introduces significant amendments related to disaster recovery housing assistance and the regulation of residential contractors and 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 other benefits. New regulations for residential contractors regarding post-loss assignments are included, prohibiting certain practices and requiring detailed disclosures. Furthermore, the bill revises licensing requirements for public adjusters and appraisers, emphasizing consumer protection and ethical practices. It mandates that all property insurance policies issued after January 1, 2026, include an appraisal clause that adheres to the new regulations, ensuring accountability and transparency in the appraisal process.

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