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 moneys in a segregated account if the insurer represented by the vendor has provided in writing that the moneys need not be segregated from moneys received by the portable electronics vendor on 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 portable electronics vendor in a fiduciary capacity for the benefit of the insurer. A licensed portable electronics vendor may receive compensation for billing and collection services.
2015 Acts, ch 87, §10, 16
Structure Iowa Code
Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE
Section 522E.2 - Licensure required.
Section 522E.3 - Portable electronics insurance license.
Section 522E.4 - Application and fees.
Section 522E.5 - License renewal.
Section 522E.6 - Endorsee requirements.
Section 522E.7 - Endorsee conduct.
Section 522E.8 - Violations and penalties.
Section 522E.9 - Requirements at time of sale.
Section 522E.10 - Charges and collection of moneys.
Section 522E.11 - Other restrictions.
Section 522E.12 - Policy forms.
Section 522E.13 - Portable electronics insurance policy — changes — termination.