IA HSB603

Amends Iowa Code Section 533A.8 to allow debt management licensees to maintain either a separate bank trust account or a dedicated account for holding debtor payments intended for creditors.

Removes the prohibition on licensees receiving consideration from third parties in connection with debt management services rendered to debtors.

Establishes new fee restrictions for debt settlement programs: licensees may only collect fees after renegotiating at least one debt and after the debtor has made at least one payment under the resolution agreement.

Requires that fees for individually settled debts be proportionally calculated based on the ratio of the individual debt to the total enrolled debt balance at the time of enrollment.

Exempts persons licensed for debt management under Section 533A.2 from debt settlement licensing requirements under Section 538A.2 when acting within the scope of their debt management license.