reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 540A - INSTITUTIONAL FUNDS MANAGEMENT › Section 540A.102 - Definitions.

540A.102 Definitions.
For purposes of this chapter, unless the context otherwise requires:
1. “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.
2. “Endowment fund” means an institutional fund or any part of an institutional fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. “Endowment fund” does not include assets that an institution designates as an endowment fund for its own use.
3. “Gift instrument” means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.
4. “Institution” means any of the following:
a. A person, other than an individual, organized and operated exclusively for charitable purposes.
b. A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose.
c. A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
5. “Institutional fund” means a fund held by an institution exclusively for charitable purposes. “Institutional fund” does not include any of the following:
a. Program-related assets.
b. A fund held for an institution by a trustee that is not an institution.
c. A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.
6. “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
7. “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
8. “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
2008 Acts, ch 1066, §2, 11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 540A - INSTITUTIONAL FUNDS MANAGEMENT › Section 540A.105 - Delegation of management and investment functions.

540A.105 Delegation of management and investment functions.
1. Subject to any specific limitation set forth in a gift instrument or in law, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in doing all of the following:
a. Selecting an agent.
b. Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund.
c. Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the scope and terms of the delegation.
2. In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
3. An institution that complies with subsection 1 is not liable for the decisions or actions of an agent to which the function was delegated.
4. By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.
5. An institution may delegate management and investment functions to its committees, officers, or employees as authorized by the laws of this state.
2008 Acts, ch 1066, §5, 11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 540A - INSTITUTIONAL FUNDS MANAGEMENT › Section 540A.108 - Electronic signatures.

540A.108 Electronic signatures.
This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §7001 et seq., but does not modify, limit, or supersede section 101 of that Act, 15 U.S.C. §7001(a), or authorize electronic delivery of any of the notices described in section 103 of that Act, 15 U.S.C. §7003(b).
2008 Acts, ch 1066, §8, 11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 540A - INSTITUTIONAL FUNDS MANAGEMENT › Section 540A.109 - Uniformity of application and construction.

540A.109 Uniformity of application and construction.
This chapter shall be applied and construed with consideration given to the need to promote uniformity of the law with respect to the uniform prudent management of institutional funds Act among states which enact this law.
2008 Acts, ch 1066, §9, 11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541 - NEGOTIATING INSTRUMENTS ON HOLIDAY › Section 541.202 - Negotiating instrument on holiday.

541.202 Negotiating instrument on holiday.
Nothing in any law of this state shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification, or acceptance of a check or other negotiable instrument or any other transaction by a bank or trust company in this state because done or performed on any legal holiday or during any time other than regular banking hours, if such payment, certification, acceptance or other transaction could have been validly done or performed on any other day; provided that nothing herein shall be construed to compel any bank or trust company in this state, which by law or custom is entitled to close for the whole or any part of any legal holiday, to keep open for the transaction of business or to perform any of the acts or transactions aforesaid on any legal holiday except at its own option.
[C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §541.202]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541A - INDIVIDUAL DEVELOPMENT ACCOUNTS › Section 541A.1 - Definitions.

541A.1 Definitions.
For the purposes of this chapter, unless the context otherwise requires:
1. “Account holder” means an individual who is the owner of an individual development account.
2. “Administrator” means the division of community action agencies of the department of human rights.
3. “Charitable contributor” means a nonprofit association described in section 501(c)(3) of the Internal Revenue Code which makes a deposit to an individual development account and which is exempt from taxation under section 501(a) of the Internal Revenue Code.
4. “Federal poverty level” means the first poverty income guidelines published in the calendar year by the United States department of health and human services.
5. “Financial institution” means a financial institution approved by the administrator as an investment mechanism for individual development accounts.
6. “Household income” means the annual household income of an account holder or prospective account holder, as determined in accordance with rules adopted by the administrator.
7. “Individual contributor” means an individual who makes a deposit to an individual development account and is not the account holder or a charitable contributor.
8. “Individual development account” means either of the following:
a. A financial instrument that is certified to have the characteristics described in section 541A.2 by the operating organization.
b. A financial instrument that is certified by the operating organization to have the characteristics described in and funded by a federal individual development account program under which federal and state funding contributed to match account holder deposits is deposited by an operating organization in accordance with federal law and regulations, and which includes but is not limited to any of the programs implemented under the following federal laws:
(1) The federal Personal Responsibility and Work Opportunity Act of 1996, 42 U.S.C. §604(h).
(2) The federal Assets for Independence Act, Pub. L. No. 105-285, Tit. IV.
9. “Operating organization” means an agency selected by the administrator for involvement in operating individual development accounts directed to a specific target population.
10. “Source of principal” means any of the sources of a deposit to an individual development account under section 541A.2, subsection 2.
93 Acts, ch 97, §16; 94 Acts, ch 1114, §23; 2002 Acts, ch 1175, §38; 2006 Acts, ch 1016, §2, 8; 2008 Acts, ch 1178, §9, 10, 17; 2010 Acts, ch 1061, §180
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541A - INDIVIDUAL DEVELOPMENT ACCOUNTS › Section 541A.3 - Individual development accounts — state savings match and tax provisions.

541A.3 Individual development accounts — state savings match and tax provisions.
All of the following state savings match and tax provisions shall apply to an individual development account:
1. a. Payment by the state of a state savings match on amounts of up to two thousand dollars that an account holder deposits in the account holder’s account.
b. Moneys transferred to an individual development account from another individual development account and a state savings match received by the account holder in accordance with this section shall not be considered an account holder deposit for purposes of determining a state savings match.
c. Payment of a state savings match either shall be made directly to the account holder or to an operating organization’s central reserve account for later distribution to the account holder in the most appropriate manner as determined by the administrator.
d. Subject to the limitation in paragraph “a”, the state savings match shall be equal to one hundred percent of the amount deposited by the account holder. However, the administrator may limit, reduce, delay, or otherwise revise state savings match payment provisions as necessary to restrict the payments to the funding available.
2. Income earned by an individual development account is not subject to state tax, in accordance with the provisions of section 422.7, subsection 17.
3. Amounts transferred between individual development accounts are not subject to state tax.
4. The administrator shall coordinate the filing of claims for a state savings match authorized under subsection 1, between account holders and operating organizations. Claims approved by the administrator may be paid to each account holder, for an aggregate amount for distribution to the holders of the accounts in a particular financial institution, or to an operating organization’s central reserve account for later distribution to the account holders depending on the efficiency for issuing the state savings match payments. Claims shall be initially filed with the administrator on or before a date established by the administrator. Claims approved by the administrator shall be paid from the individual development account state savings match fund.
93 Acts, ch 97, §18; 96 Acts, ch 1106, §11; 98 Acts, ch 1218, §78, 84; 2002 Acts, ch 1175, §39, 40; 2003 Acts, ch 145, §286; 2006 Acts, ch 1016, §5, 6, 8; 2006 Acts, ch 1185, §123; 2008 Acts, ch 1178, §13, 17; 2009 Acts, ch 70, §3, 5; 2009 Acts, ch 133, §170
Referred to in §422.7(17)(b), 541A.5, 541A.7
Section not amended; internal reference change applied
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541A - INDIVIDUAL DEVELOPMENT ACCOUNTS › Section 541A.5 - Rules.

541A.5 Rules.
1. The commission on community action agencies created in section 216A.92A, in consultation with the department of administrative services, shall adopt administrative rules to administer this chapter.
2. a. The rules adopted by the commission shall include but are not limited to provision for transfer of an individual development account to a different financial institution than originally approved by the administrator, if the different financial institution has an agreement with the account’s operating organization.
b. The rules for determining household income may provide categorical eligibility for prospective account holders who are enrolled in programs with income eligibility restrictions that are equal to or less than the maximum household income allowed for payment of a state match under section 541A.3.
c. Subject to the availability of funding, the commission may adopt rules implementing an individual development account program for refugees. Rules shall identify purposes authorized for withdrawals to meet the special needs of refugee families.
3. The administrator shall utilize a request for proposals process for selection of operating organizations and approval of financial institutions.
94 Acts, ch 1114, §25; 96 Acts, ch 1106, §14; 2003 Acts, ch 145, §286; 2008 Acts, ch 1178, §14, 17; 2009 Acts, ch 70, §4, 5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541A - INDIVIDUAL DEVELOPMENT ACCOUNTS › Section 541A.6 - Compliance with federal requirements.

541A.6 Compliance with federal requirements.
The commission on community action agencies shall adopt rules for compliance with federal individual development account requirements under the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996, §103, as codified in 42 U.S.C. §604(h), under the federal Assets for Independence Act, Pub. L. No. 105-285, Tit. IV, or with any other federal individual development account program requirements for drawing federal funding. Any rules adopted under this section shall not apply the federal individual development account program requirements to an operating organization which does not utilize federal funding for the accounts with which it is connected or to an account holder who does not receive temporary assistance for needy families block grant or other federal funding.
99 Acts, ch 100, §4; 2008 Acts, ch 1178, §15, 17; 2010 Acts, ch 1061, §180
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541A - INDIVIDUAL DEVELOPMENT ACCOUNTS › Section 541A.7 - Individual development account state match fund.

541A.7 Individual development account state match fund.
1. An individual development account state match fund is created in the state treasury under the authority of the administrator. Notwithstanding section 8.33, moneys appropriated to the fund shall not revert to any other fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the fund shall be credited to the fund.
2. Moneys available in the fund for a fiscal year are appropriated to the administrator to be used to provide the state match for account holder deposits in accordance with section 541A.3. At least eighty-five percent of the amount appropriated shall be used for state match payments and the remainder may be used for the administrative costs of the operating organization. Administrative costs include but are not limited to accounting services, curriculum costs for financial education or asset-specific training, and costs for technical assistance contractors.
2008 Acts, ch 1178, §16, 17
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541B - IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT › Section 541B.2 - Definitions.

541B.2 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Account holder” means an individual who establishes, either individually or jointly with the individual’s spouse, a first-time homebuyer savings account pursuant to section 541B.3.
2. “Department” means the department of revenue.
3. “Designated beneficiary” means an individual meeting the requirements of section 541B.3, subsection 2, and designated by an account holder as beneficiary of the account holder’s first-time homebuyer savings account pursuant to section 541B.3, subsection 2.
4. a. “Eligible home costs” means the following:
(1) The down payment for the purchase of a single-family residence in Iowa by a designated beneficiary.
(2) A cost, fee, tax, or payment incurred by, or charged or assigned to, a designated beneficiary for the purchase of a single-family residence in Iowa, and listed on the statement of receipts and disbursements for the sale, including any statement prescribed by
12 C.F.R. §1026.38
, as amended.
b. “Eligible home costs” includes any United States veterans administration funding fee incurred by, or charged or assigned to, a designated beneficiary in connection with a veterans administration home loan guaranty program.
5. “Financial institution” means a state or federally chartered bank, savings and loan association, credit union, or trust company in this state.
6. “First-time homebuyer” means an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multifamily residence, and who has not owned or purchased, either individually or jointly, a single-family or multifamily residence for a period of three years prior to all of the following:
a. The date on which the individual is named as a designated beneficiary of a first-time homebuyer savings account.
b. The date of the qualified home purchase for which the eligible home costs are paid or reimbursed from a first-time homebuyer savings account.
7. “First-time homebuyer savings account” means an account that meets the requirements of sections 541B.3 and 541B.4 and that was established for the purpose of paying or reimbursing a designated beneficiary’s eligible home costs in connection with a qualified home purchase.
8. “Individual” means a natural person.
9. “Qualified home purchase” means, with respect to a first-time homebuyer savings account, the purchase of a single-family residence in Iowa by the account’s designated beneficiary ninety or more days after the date the account holder first opened a first-time homebuyer savings account.
10. “Resident” means the same as defined in section 422.4.
11. “Single-family residence” means a single-family residence owned and occupied by a designated beneficiary as the designated beneficiary’s principal residence, including but not limited to a manufactured home, mobile home, condominium unit, or cooperative.
2017 Acts, ch 116, §4
Referred to in §422.7(27)(f)
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541B - IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT › Section 541B.3 - First-time homebuyer savings account.

541B.3 First-time homebuyer savings account.
1. Establishment of account.
a. Beginning January 1, 2018, an individual may open an interest-bearing savings account with a financial institution and designate the entire account as a first-time homebuyer savings account for the purpose of paying or reimbursing a designated beneficiary’s eligible home costs in connection with a qualified home purchase. The first-time homebuyer savings account designation shall be made no later than April 30 of the year following the tax year during which the account is opened, on forms provided by the department.
b. A married couple electing to file a joint Iowa individual income tax return may establish a joint first-time homebuyer savings account. Married taxpayers electing to file separate tax returns for Iowa tax purposes shall not establish or maintain a joint first-time homebuyer savings account.
c. An individual may establish more than one first-time homebuyer savings account, provided each account has a different designated beneficiary.
2. Designation of beneficiary.
a. The account holder shall designate one individual as beneficiary of the first-time homebuyer savings account. The designation shall be made on forms provided by the department and no later than April 30 of the year following the tax year during which the account is opened. The account holder may change the designated beneficiary of the first-time homebuyer savings account at any time.
b. The account holder and designated beneficiary of a first-time homebuyer savings account may be the same individual.
c. An individual may be the designated beneficiary of more than one first-time homebuyer savings account.
d. The designated beneficiary of a first-time homebuyer savings account must be a first-time homebuyer.
2017 Acts, ch 116, §5; 2018 Acts, ch 1161, §131, 133, 134; 2021 Acts, ch 177, §1
Referred to in §541B.2, 541B.7
[ ()]2018 amendment to subsection 1, paragraph b is effective January 1, 2023, and applies to tax years beginning on or after that date; 2018 Acts, ch 1161, §133, 134;
2021 Acts, ch 177, §1
Subsection 1, paragraph b amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541B - IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT › Section 541B.4 - Account administration — account holder responsibilities.

541B.4 Account administration — account holder responsibilities.
1. Account contributions. Contributions to a first-time homebuyer savings account may be made by any person in the form of cash. There is no limitation on the amount of contributions that may be made to or retained in a first-time homebuyer savings account.
2. Account expenses. The account holder shall not use funds held in a first-time homebuyer savings account to pay expenses, if any, of administering the account, except that all fees and charges assessed by the financial institution may be deducted from the account by the financial institution where the account is held.
3. Required reports. The account holder shall submit the following information to the department:
a. An annual report for the first-time homebuyer savings account on forms furnished by the department. The report shall be included with the Iowa income tax return of the account holder.
b. A copy of the federal internal revenue service form 1099, or other similar federal internal revenue service income reporting form, if any, issued for the first-time homebuyer savings account to the account holder by the financial institution where the account is held. The form shall be included with the Iowa income tax return of the account holder.
c. Upon a withdrawal of funds from a first-time homebuyer savings account, a transaction report on forms furnished by the department.
4. Withdrawal of funds. The account holder may withdraw funds from a first-time homebuyer savings account at any time.
2017 Acts, ch 116, §6
Referred to in §541B.2, 541B.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541B - IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT › Section 541B.5 - Financial institution protections.

541B.5 Financial institution protections.
Nothing in this chapter shall be construed to require a financial institution to do any of the following, or to be responsible or liable for any of the following:
1. Designate or label within the financial institution’s account contracts, systems, or in any other manner, an account as a first-time homebuyer savings account.
2. Ascertain or verify the purpose of a withdrawal of funds from a first-time homebuyer savings account, or track the destination or use of the withdrawn funds.
3. Allocate funds in a first-time homebuyer savings account to a designated beneficiary or among joint account holders.
4. Report any information to the department or any other governmental agency.
5. Determine or ensure that an account satisfies the requirements to be a first-time homebuyer savings account.
6. Determine or ensure that funds withdrawn from a first-time homebuyer savings account are used for the payment or reimbursement of a designated beneficiary’s eligible home costs in connection with a qualified home purchase.
7. Report or remit taxes or penalties related to the ownership or use of a first-time homebuyer savings account.
8. Include the name of a beneficiary in the title of a first-time homebuyer savings account, or document the change of any beneficiary to a first-time homebuyer savings account.
2017 Acts, ch 116, §7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541B - IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT › Section 541B.6 - Tax considerations.

541B.6 Tax considerations.
The state income tax treatment of a first-time homebuyer savings account shall be as provided in section 422.7, subsection 27.
2017 Acts, ch 116, §8; 2018 Acts, ch 1161, §132 – 134; 2021 Acts, ch 177, §1
2018 amendment to this section is effective January 1, 2023, and applies to tax years beginning on or after that date; 2018 Acts, ch 1161, §133, 134;
2021 Acts, ch 177, §1
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 541B - IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT › Section 541B.7 - Rules and forms.

541B.7 Rules and forms.
1. The department shall adopt rules to implement and administer this chapter.
2. The department shall create and make available forms to be used in complying with this chapter, including but not limited to the following:
a. A form for designating an account as a first-time homebuyer savings account pursuant to section 541B.3, subsection 1, paragraph “a”.
b. A form for designating an individual as beneficiary of a first-time homebuyer savings account pursuant to section 541B.3, subsection 2, paragraph “a”.
c. A first-time homebuyer savings account annual report as required in section 541B.4, subsection 3, paragraph “a”. The report shall require, at a minimum, a list of transactions occurring on the account during the tax year, and shall identify any supporting documentation to be included with the report or maintained by the taxpayer.
d. A transaction report as required in section 541B.4, subsection 3, paragraph “c”, which report shall require, at a minimum, information regarding the eligible home costs to which any withdrawn funds were applied in connection with a qualified home purchase, and information regarding the amount of funds remaining, if any, in a first-time homebuyer savings account.
2017 Acts, ch 116, §9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.2 - Legislative intent.

542.2 Legislative intent.
It is the policy of this state, and the purpose of this chapter, to promote the reliability of information that is used for guidance in financial transactions or for accounting for or assessing the financial status or performance of commercial, noncommercial, and governmental enterprises. The reliance of the public in general and of the business community in particular on sound financial reporting imposes on persons engaged in such practice certain obligations both to their clients and to the public. These obligations, which this chapter is intended to enforce, include the obligation to maintain independence in thought and action, to strive continuously to improve one’s professional skills, to observe where applicable generally accepted accounting principles and generally accepted auditing standards, to promote sound and informative financial reporting, to hold the affairs of clients in confidence, and to maintain high standards of personal conduct in all matters affecting one’s fitness to practice public accountancy. The public interest requires that persons professing special competence in accountancy or offering assurance as to the reliability or fairness of presentation of such information shall have demonstrated their qualifications to do so, and that persons who have not demonstrated and maintained such qualifications not be permitted to represent themselves as having such special competence or to offer such assurance; that the conduct of persons licensed as having special competence in accountancy be regulated in all aspects of their professional work; that a public authority competent to prescribe and assess the qualifications and to regulate the conduct of licensees be established; and that the use of titles that have a capacity or tendency to deceive the public as to the status or competence of the persons using such titles be prohibited.
2001 Acts, ch 55, §2, 38
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.7A - Office of auditor of state.

542.7A Office of auditor of state.
1. The office of auditor of state shall qualify as a certified public accounting firm subject to the requirements of sections 11.31, 11.31A, and 542.7.
2. For purposes of section 542.7, the auditor of state shall be deemed to be the owner of the office of auditor of state and the office of auditor of state shall be deemed to comply with the ownership requirements of section 542.7 if the auditor of state is a certified public accountant or all divisions of the office of auditor of state performing attest services are led by a certified public accountant.
3. The provisions of sections 542.9, 542.17, and 542.18 shall not apply to the office of auditor of state as a certified public accounting firm under this chapter.
2022 Acts, ch 1085, §6, 7, 8
Section applies retroactively to July 1, 2002; 2022 Acts, ch 1085, §8
NEW section
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.9 - Appointment of secretary of state as agent.

542.9 Appointment of secretary of state as agent.
Application for a certificate under section 542.6, a license under section 542.8, a permit to practice under section 542.7, or a certificate under section 542.19 by a person or a firm not a resident of this state constitutes appointment of the secretary of state as the applicant’s agent upon whom process may be served in any action or proceeding against the applicant arising out of a transaction or operation connected with or incidental to services performed by the applicant while a licensee within this state.
2001 Acts, ch 55, §9, 38
Referred to in §542.7A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.10 - Enforcement against a holder of a certificate, permit, or license.

542.10 Enforcement against a holder of a certificate, permit, or license.
1. After notice and hearing pursuant to section 542.11, the board may revoke, suspend for a period of time not to exceed two years, or refuse to renew a license; reprimand, censure, or limit the scope of practice of any licensee; impose an administrative penalty not to exceed one thousand dollars per violation against an individual licensee or ten thousand dollars per violation against a firm licensee; require remedial actions; or place any licensee on probation; all with or without terms, conditions, and in combinations of remedies, for any one or more of the following reasons:
a. Fraud or deceit in obtaining a license, which may also result in permanent revocation of the license.
b. Dishonesty, fraud, or gross negligence in the practice of public accounting.
c. Engaging in any activity prohibited under section 542.13 or 542.20 or permitting persons under the licensee’s supervision to do so.
d. Violation of a rule of professional conduct adopted by the board under the authority granted by this chapter.
e. Conviction of a felony under the laws of any state or the United States.
f. Conviction of any crime, any element of which is dishonesty or fraud as provided in section 542.5, subsection 2, under the laws of any state or the United States.
g. Cancellation, revocation, suspension, or refusal to renew the authority to practice as a certified public accountant, licensed public accountant, or accounting practitioner, or the acceptance of the voluntary surrender of a license to practice as a certified public accountant, licensed public accountant, or accounting practitioner to conclude a pending disciplinary action, by any other state or foreign authority for any cause other than failure to pay appropriate fees in the other jurisdiction.
h. Suspension or revocation of the right to practice before any state or federal agency, or the public company accounting oversight board.
i. Conduct discreditable to the public accounting profession.
j. Violation of section 272C.10.
2. Multiple violations arising from the same factual circumstances or from different factual circumstances containing a common error shall be considered as a single violation for the purpose of imposition of an administrative penalty.
3. In lieu of or in addition to any remedy specifically provided in subsection 1, the board may require a licensee to satisfy a peer review or desk review process on such terms as the board may specify, satisfactorily complete a continuing education program, or such additional remedies as the board may specify by rule.
2001 Acts, ch 55, §10, 38; 2008 Acts, ch 1106, §11, 15
Referred to in §272C.3, 272C.4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.11 - Investigations and hearings.

542.11 Investigations and hearings.
1. The board may initiate proceedings under this chapter upon written complaint or on its own motion pursuant to other information received by the board suggesting violations of this chapter or board rules. The board may conduct an investigation as needed to determine whether probable cause exists to initiate such proceedings. In aid of such investigation, the board may issue subpoenas to compel witnesses to testify or persons to produce evidence consistent with the provisions of section 272C.6, subsection 3. The board may also review the publicly available public accounting work product of licensees on a general or random basis to determine whether reasonable grounds exist to initiate proceedings under this chapter or to conduct a more specific investigation.
2. A written notice stating the nature of the charge or charges against the accused and the time and place of the hearing before the board on the charges shall be served on the accused not less than thirty days prior to the date of hearing either personally or by mailing a copy by restricted certified mail to the last known address of the accused.
3. At any hearing, the accused may appear in person or by counsel, produce evidence and witnesses on behalf of the accused, cross-examine witnesses, and examine evidence which is produced against the accused. A firm may appear by a partner, officer, director, shareholder, member, or manager.
4. The board may issue subpoenas in any proceeding to compel witnesses to testify and to produce documentary evidence on behalf of the board and shall issue such subpoenas upon the application of the accused, pursuant to section 17A.13, subsection 1, and section 272C.6, subsection 3.
5. Evidence supporting the board’s charges may be presented at any hearing by an assistant attorney general.
6. The decision of the board shall be by a majority vote of a quorum of the board. Licensee discipline shall only be imposed upon the majority vote of the members of the board not disqualified pursuant to section 17A.17, subsection 8, or other applicable law.
7. Judicial review may be sought in accordance with chapter 17A.
2001 Acts, ch 55, §11, 38
Referred to in §272C.5, 542.10, 542.14, 542.15
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.12 - Reinstatement.

542.12 Reinstatement.
1. In any case in which the board has suspended, revoked, or restricted a license, refused to renew a license, or accepted the voluntary surrender of a license to conclude a pending disciplinary investigation or action, the board may, upon written application, modify or terminate the suspension, reissue the license, or modify or remove the restriction, with or without terms and conditions.
2. The board is vested with discretionary authority to specify by rule the manner in which such applications shall be made, the times within which they shall be made, the circumstances in which a hearing will be held, and the grounds upon which such applications will be decided. The rules shall provide at a minimum that the burden is on the licensee to produce evidence that the basis for revocation, suspension, restriction, refusal to renew, or voluntarily surrender no longer exists and that it will be in the public interest for the board to grant the application on such terms and conditions as the board deems desirable.
2001 Acts, ch 55, §12, 38
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.15 - Criminal penalties.

542.15 Criminal penalties.
1. A person who violates a provision of section 542.13 is guilty of a serious misdemeanor.
2. If the board has reason to believe that a person has committed a violation subject to subsection 1, the board may certify the facts to the attorney general of this state, or to the county attorney of the county where the person maintains a business office, who, in the attorney general’s or county attorney’s discretion, may initiate an appropriate criminal proceeding.
3. If, after an investigation under section 542.11 or otherwise, the board has reason to believe that a person or firm has knowingly engaged in an act or practice that constitutes a violation subject to subsection 1, the board may submit its information to the attorney general of any state, or other appropriate law enforcement official, who, in such official’s discretion, may initiate an appropriate criminal proceeding.
2001 Acts, ch 55, §15, 38
Referred to in §542.14, 542.16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.16 - Single act evidence of practice.

542.16 Single act evidence of practice.
In an action brought under section 542.14 or 542.15, evidence of the commission of a single act prohibited by this chapter is sufficient to justify a penalty, injunction, restraining order, or conviction, without evidence of a general course of conduct.
2001 Acts, ch 55, §16, 38
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.17 - Confidential communications.

542.17 Confidential communications.
1. A licensee shall not voluntarily disclose information communicated to the licensee by a client relating to and in connection with services rendered to the client by the licensee, except with the permission of the client, or an heir, successor, or personal representative of the client. Such information is deemed to be confidential. However, this section shall not be construed as prohibiting the disclosure of information required to be disclosed by the standards of the public accounting profession in reporting on the examination of financial statements or in the performance of an attest service or as prohibiting disclosures in a court proceeding, in an investigation or proceeding under this chapter or chapter 272C, in an ethical investigation conducted by a private professional organization, in the course of a peer review, to another person active in the licensee’s firm performing services for that client on a need-to-know basis, to persons associated with the investigative entity who need this information for the sole purpose of assuring quality control, or as otherwise required by law.
2. This section does not preclude a licensee from filing a complaint with, or responding to an inquiry made by, the board, a taxing authority or law enforcement authority of this state, or a licensing or similar authority of another state or the United States.
2001 Acts, ch 55, §17, 38; 2015 Acts, ch 13, §9; 2018 Acts, ch 1041, §127
Referred to in §542.7A, 542.18
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542 - PUBLIC ACCOUNTANTS › Section 542.18 - Licensees’ working papers — clients’ records.

542.18 Licensees’ working papers — clients’ records.
1. Subject to section 542.17, all statements, records, schedules, working papers, and memoranda made by a licensee or a partner, shareholder, officer, director, member, manager, or employee of a licensee, incident to, or in the course of, rendering services to a client, except reports submitted by the licensee to the client and except for records that are part of the client’s records, are the property of the licensee in the absence of an express agreement between the licensee and the client to the contrary. Such statement, record, schedule, working paper, or memorandum shall not be sold, transferred, or bequeathed, without the consent of the client or the client’s personal representative or assignee, to anyone other than a surviving partner, stockholder, or member of the licensee, or any combined or merged firm or successor in interest to the licensee. This section shall not be construed as prohibiting a temporary transfer of working papers or other material necessary in the course of carrying out peer reviews or as otherwise interfering with the disclosure of information pursuant to section 542.17.
2. A licensee shall furnish to a client or former client, upon request and reasonable notice, the following:
a. A copy of the licensee’s working papers, to the extent that such working papers include records that would ordinarily constitute part of the client’s records and are not otherwise available to the client.
b. Accounting or other records belonging to, or obtained from or on behalf of, the client that the licensee removed from the client’s premises or received for the client’s account. The licensee may make and retain copies of such documents of the client when they form the basis for work done by the licensee.
3. This chapter does not require a licensee to keep any working papers beyond the period prescribed in any other applicable statute.
2001 Acts, ch 55, §18, 38
Referred to in §542.7A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.1 - Licensed professional engineers and surveyors.

542B.1 Licensed professional engineers and surveyors.
A person shall not engage in the practice of engineering or land surveying in the state unless the person is a licensed professional engineer or a licensed professional land surveyor as provided in this chapter, except as permitted by section 542B.26.
[C24, 27, 31, 35, 39, §1854; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.1]
C93, §542B.1
95 Acts, ch 65, §1; 96 Acts, ch 1055, §4; 2012 Acts, ch 1009, §10
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.3 - Engineering and land surveying examining board created.

542B.3 Engineering and land surveying examining board created.
An engineering and land surveying examining board is created within the professional licensing and regulation bureau of the banking division of the department of commerce. The board consists of three members who are licensed professional engineers, two members who are licensed professional land surveyors, and two members who are not licensed professional engineers or licensed professional land surveyors and who shall represent the general public. An individual who is licensed as both a professional engineer and a professional land surveyor may serve to satisfy the board membership requirement for either a licensed professional engineer or a licensed professional land surveyor, but not both. Members shall be appointed by the governor subject to confirmation by the senate. A licensed member shall be actively engaged in the practice of engineering or land surveying and shall have been so engaged for five years preceding the appointment, the last two of which shall have been in Iowa. Insofar as practicable, licensed engineer members of the board shall be from different branches of the profession of engineering. Professional associations or societies composed of licensed engineers or licensed land surveyors may recommend the names of potential board members whose profession is representative of that association or society to the governor. However, the governor is not bound by the recommendations. A board member shall not be required to be a member of any professional association or society composed of professional engineers or professional land surveyors.
[C24, 27, 31, 35, 39, §1856; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.3]
84 Acts, ch 1104, §3; 86 Acts, ch 1245, §716; 88 Acts, ch 1125, §1
C93, §542B.3
96 Acts, ch 1055, §5; 2006 Acts, ch 1177, §36; 2012 Acts, ch 1009, §12; 2018 Acts, ch 1082, §1
Confirmation, see §2.32
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.4 - Terms of office.

542B.4 Terms of office.
Appointments shall be for three-year terms and shall commence and end as provided by section 69.19. Vacancies shall be filled for the unexpired term by appointment of the governor and shall be subject to senate confirmation. Members shall serve no more than three terms or nine years, whichever is least.
[C24, 27, 31, 35, 39, §1857, 1858; C46, 50, 54, 58, 62, 66, 71, 73, §114.4, 114.5; C75, 77, 79, 81, §114.4]
C93, §542B.4
Confirmation, see §2.32
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.6 - Official seal — bylaws.

542B.6 Official seal — bylaws.
The board shall adopt and have an official seal which shall be affixed to all certificates of licensure granted and may make all bylaws and rules, not inconsistent with law, necessary for the proper performance of its duty.
[C24, 27, 31, 35, 39, §1859; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.6]
C93, §542B.6
96 Acts, ch 1055, §6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.7 - Attorney general to assist — general powers.

542B.7 Attorney general to assist — general powers.
Such board, or any committee thereof, shall be entitled to the counsel and to the services of the attorney general, and shall have power to compel the attendance of witnesses, pay witness fees and mileage, and may take testimony and proofs and may administer oaths concerning any matter within its jurisdiction.
[C24, 27, 31, 35, 39, §1860; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.7]
C93, §542B.7
Administration of oaths, §63A.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.8 - Expenses — compensation.

542B.8 Expenses — compensation.
Members of the board are entitled to receive all actual expenses incurred in the discharge of their duties within the limits of funds appropriated to the board. Each member of the board may also be eligible to receive compensation as provided in section 7E.6.
[C24, 27, 31, 35, 39, §1861; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.8]
86 Acts, ch 1245, §717
C93, §542B.8
Compensation; see §114.8, Code 1985, and §7E.6(1)
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.9 - Organization of the board — staff.

542B.9 Organization of the board — staff.
The board shall elect annually from its members a chairperson and a vice chairperson. The administrator of the professional licensing and regulation bureau of the banking division of the department of commerce shall hire and provide staff to assist the board in implementing this chapter. The board shall hold at least one meeting at the location of the board’s principal office, and meetings shall be called at other times by the administrator at the request of the chairperson or four members of the board. At any meeting of the board, a majority of members constitutes a quorum.
[C24, 27, 31, 35, 39, §1862; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.9]
86 Acts, ch 1245, §718; 88 Acts, ch 1158, §19
C93, §542B.9
2006 Acts, ch 1177, §37
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.11 - Staff — duties.

542B.11 Staff — duties.
The staff shall keep on file a record of all certificates of licensure granted and shall make annual revisions of the record as necessary.
[C24, 27, 31, 35, 39, §1864; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.11]
84 Acts, ch 1104, §1; 85 Acts, ch 68, §1; 90 Acts, ch 1168, §15
C93, §542B.11
96 Acts, ch 1055, §5, 6; 2012 Acts, ch 1009, §13
2023 Iowa Code › Title XIII - COMMERCE › Chapter 542B - PROFESSIONAL ENGINEERS AND LAND SURVEYORS › Section 542B.12 - Disposition of fees.

542B.12 Disposition of fees.
The staff shall collect and account for all fees provided for by this chapter and pay the fees to the treasurer of state who shall deposit the fees in the general fund of the state.
[C24, 27, 31, 35, 39, §1865; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §114.12]
90 Acts, ch 1168, §16; 90 Acts, ch 1261, §36
C93, §542B.12
94 Acts, ch 1107, §87