The bill amends various sections of the Iowa Code to improve financial literacy and investor education, establish new funds for preventing financial exploitation, and modify tax confidentiality provisions. Key provisions include the creation of the "financial literacy and investor education fund" and the "financial exploitation prevention fund," which will receive appropriations to support their initiatives. The bill also updates the fee structure for agent registration, ensuring that a portion of these fees is allocated to the new funds. Additionally, it introduces new confidentiality measures for tax returns, making them exempt from public inspection and imposing penalties for unauthorized disclosures.

Moreover, the bill revises the process for public hearings on health insurance rate increases, allowing the commissioner to hold hearings at their discretion. It outlines requirements for insurers wishing to withdraw from certain lines of insurance, mandating a detailed withdrawal plan that must be approved by the commissioner. The bill also introduces new definitions and requirements for service contracts, including licensing for service companies and clear disclosures to consumers. It establishes penalties for violations related to financial liability coverage and clarifies the responsibilities of the commissioner regarding cemetery examinations. Overall, these changes aim to enhance consumer protection, transparency, and regulatory oversight across various sectors.

Statutes affected:
Introduced: 502.410, 502.601, 546.14, 505.7, 546.12, 432.1A, 505.19, 507B.4, 505.36, 523C.1, 523C.2, 523C.3, 523C.9, 523C.5, 523C.13, 523C.23, 714.16, 523C.19, 476.78
Reprinted: 502.410, 502.601, 546.14, 505.7, 546.12, 12C.7, 432.1A, 505.19, 507B.4, 505.36, 523C.1, 523C.2, 523C.3, 523C.9, 523C.5, 523C.13, 523C.23, 714.16, 523C.19, 513C.10, 262.7, 523I.810, 523I.813, 321.20, 321.20B, 805.8A, 321.40