522E.10 Charges and collection of moneys. 1. Charges for portable electronics insurance may be billed and collected by a licensed portable electronics vendor. A licensed vendor shall not be required to maintain those moneysin a segregated account if the insurer represented by the vendor has provided in writing thatthe moneys need not be segregated from moneys received by the portable electronics vendoron account of the sale or lease of portable electronics or related services or accessories. 2. All moneys received by a licensed portable electronics vendor from a consumer for the sale of portable electronics insurance shall be considered moneys held in trust by the portableelectronics vendor in a fiduciary capacity for the benefit of the insurer. A licensed portableelectronics vendor may receive compensation for billing and collection services. 2015 Acts, ch 87, §10, 16 Sat Dec 23 00:54:26 2023 Iowa Code 2024, Section 522E.10 (10, 0)
Iowa Legal Code