House File 2322

I am asking about the interpretation of this Bill. It states " Current Code language in Code section 537.3310 provides
1 33 that a creditor may recover only what charges are attributable
1 34 to what has actually been performed under the contract. The
1 35 bill adds that the creditor may only retain such charges, as
2 1 well.In addition, the bill states that subsections 1 through 4
2 3 of Code section 537.3310 apply to all contracts for wireless
2 4 communications service of four months or more in length.
2 5 "Wireless communications service" is given the same meaning as
2 6 in Code section 34A.7A. That Code section addresses the
2 7 surcharge for E911 service, and the definition includes
2 8 cellular telephones and personal communications service. This
2 9 new subsection would mean wireless communications customers
2 10 could cancel a contract after four months of service, by
2 11 mailed or delivered written notice of cancellation. A
2 12 wireless communications service provider could not exercise a
2 13 right to accelerate the terms of the contract upon such
2 14 termination, or otherwise retain or recover amounts other than
2 15 what had been earned for performance of services to that date." (http://www.legis.state.ia.us/GA/79GA/Legislation/HF/02300/HF02322/Current.html)
I interpret this meaning that the company can only charge for the services after the contract is canceled the late charge that they attempt to charge is not applicable.

Is this a correct interpretation or am I reading to far into this law.