The Iowa Residential Rent Fairness and Anticollusion Act aims to prohibit price fixing among landlords regarding residential rental properties. It defines key terms such as "landlord," "algorithmic rent-setting system," and "nonpublic competitor data," and establishes that landlords cannot engage in agreements that fix or stabilize rent levels or coordinate pricing using algorithmic systems that rely on nonpublic data. Additionally, providers of such systems are prohibited from facilitating price fixing or entering into agreements that limit competition among landlords.

The bill empowers the attorney general, as well as county and city attorneys, to bring civil actions against violators, with potential penalties including fines of up to $5,000 per rental unit per month, injunctive relief, and restitution for affected tenants. Tenants harmed by violations can also pursue civil actions for damages and attorney fees. The legislation includes provisions for affirmative defenses for landlords and providers who can demonstrate independent rent-setting practices and compliance with due diligence. Furthermore, it mandates recordkeeping for five years regarding the use of algorithmic systems and allows the attorney general to establish rules for enforcement and compliance.