The bill establishes an attorney loan repayment program administered by the college student aid commission, aimed at encouraging attorneys to practice law in Iowa. To be eligible for the program, individuals must be graduates of the college of law at the state university of Iowa, licensed to practice law in Iowa, and either currently practicing or committed to practicing law in the state. Eligible attorneys must enter into a program agreement, which requires them to practice law in Iowa for each year they receive loan repayment assistance and to provide at least 50 hours of legal services annually as an indigent defense attorney. The commission will prioritize assistance for attorneys practicing in rural areas, defined as counties or municipalities with populations under 26,000 and located more than 20 miles from larger cities.

Eligible attorneys can receive loan repayment assistance of up to $10,000 per year or the outstanding balance of their eligible student loans, whichever is less, for a maximum of six consecutive years. The total assistance cannot exceed the outstanding balance of the attorney's eligible loans at the time the agreement is executed. The bill also creates an attorney loan repayment program fund in the state treasury, which will consist of various contributions and appropriated funds, and ensures that unencumbered moneys do not revert at the end of the fiscal year. The program is limited to 110 attorneys per year, and the commission is tasked with adopting rules for its administration.