reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.5 - Requirements for Becoming an Approved Custodian

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An approved custodian shall complete,
					sign, and submit to the treasurer an executed Master Custodial Agreement for
					the Deposit of Public Funds in Banks.
(2) To become an approved custodian, a
					financial institution chartered outside the state of Iowa must submit a legal
					opinion acceptable to the treasurer prepared by counsel licensed to practice in
					the state in which the financial institution is principally located regarding
					the compatibility of Iowa Code chapter 554 with the uniform commercial code of
					the state in which the financial institution is principally located.
(3) To be designated as an approved
					custodian, a financial institution must be capable of maintaining book-entry
					accounts with a Federal Reserve Bank and must be capable of safekeeping
					eligible collateral.
(4) An
					approved custodian shall not hold pledged collateral for any pledging bank in
					which the approved custodian or an affiliate has control with the possession,
					direct or indirect, of the power to direct or cause the direction of the
					management and policies of a pledging bank, including but not limited to the
					ownership of voting securities. In addition, an approved custodian shall not
					hold pledged collateral for any pledging bank which is an office of the
					approved custodian or an affiliate or a subsidiary of the same bank holding
					company of which the approved custodian is a subsidiary or affiliate as defined
					in Iowa Code section
					12C.22,
					subsection 1.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.7 - Withdrawals, Substitutions, and Additions of Pledged Collateral

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A pledging bank
					shall pledge and maintain eligible collateral with the treasurer's approved
					custodian, the market value of which at all times equals or exceeds the amount
					by which the public funds deposits in the pledging bank exceed the total
					capital of the pledging bank.
(2) A
					pledging bank shall complete, sign, and submit to the approved custodian a
					Certificate and Approval for Withdrawal, Substitution or Addition of Collateral
					form for all withdrawals, substitutions or additions of eligible pledged
					collateral. Any withdrawals, substitutions or additions of eligible pledged
					collateral are conditional upon the pledging bank's correct calculation that
					its total collateral market value amount, after the current withdrawals,
					substitutions, or additions, is equal to or exceeds its current total excess
					public funds.
(3) The approved
					custodian will issue its joint receipt of custody to the treasurer and to the
					pledging bank evidencing the substitution for or the addition of pledged
					collateral under the Master Custodial Agreement for the Deposit of Public Funds
					in Banks.
(4) If a pledged security
					matures, then the principal amount of the cash shall be held in trust by the
					approved custodian for the treasurer until the pledging bank completes, signs,
					and submits a Certificate and Approval for Withdrawal, Substitution or Addition
					of Collateral form to the approved custodian to release the cash. Any
					withdrawal of cash is conditional upon the pledging bank's correct calculation
					that its total collateral market value amount, after the current withdrawal of
					cash, is equal to or exceeds its current total excess public funds.
(5) Any request by a pledging bank to an
					approved custodian for the withdrawal or substitution of pledged collateral is
					conditional upon the approved custodian's receiving proper delivery
					instructions from the pledging bank for the pledged collateral being released.
					Furthermore, the release of pledged collateral in a transaction in which
					substituted collateral is to be pledged in lieu of pledged collateral which is
					being withdrawn is conditional upon the approved custodian's receiving the
					substituted collateral before releasing the pledged collateral.
(6) Under no circumstance shall the treasurer
					be liable for any loss incurred to a pledging bank for failing to release
					pledged collateral. The treasurer is not liable for any loss incurred by a
					pledging bank as a result of the pledging bank's failure to substitute new
					collateral for any pledged collateral which matures.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.8 - Eligible Collateral Provisions

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Pledged collateral shall be one or more
					of those securities or other items of collateral specified in
					781-13.2 (12C),
					definition of "eligible collateral," and shall be acceptable to the
					treasurer.
(2) The acceptance of a
					security or other items as collateral by the approved custodian does not
					prevent the treasurer from requiring substitution of such security or other
					items at a later time as a result of statutory amendment or other changes or
					circumstances which affect the valuation, marketability, liquidity, ownership,
					or perfectibility.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.9 - Suspension or Termination of Approved Custodian Designation

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An approved custodian may request in
					writing that the treasurer remove its designation as an approved custodian.
					Following such a written request, the Master Custodial Agreement for the
					Deposit of Public Funds in Banks shall terminate pursuant to the terms of those
					agreements provided; however, no such agreement shall terminate until the
					pledging bank(s) has secured the services of another approved custodian and all
					pledged collateral has been properly withdrawn and placed in safekeeping with
					the successor custodian.
(2) If the
					treasurer determines that an approved custodian has violated any provisions of
					Iowa Code chapter 12C, or any other documents or agreements as prescribed by
					the treasurer, or has failed to fulfill its duties or otherwise committed a
					breach or default as set out in the Master Custodial Agreement for the Deposit
					of Public Funds in Banks, the treasurer may immediately suspend or terminate an
					approved custodian's designation as an approved custodian. The treasurer shall
					provide the suspended or terminated approved custodian with written notice of
					its suspension or termination. Upon suspension or termination, each pledging
					bank utilizing the services of the suspended or terminated approved custodian
					shall immediately secure the services of another approved custodian, and all
					pledged collateral shall be immediately withdrawn and placed in safekeeping
					with the successor approved custodian.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.10 - Sale or Merger of an Approved Custodian

Current through Register Vol. 47, No. 3, July 24, 2024
If a pledging bank acquires control, direct or indirect, or
						ownership of its approved custodian, or the approved custodian acquires
						control, direct or indirect, or ownership of a pledging bank for which it is
						holding pledged collateral, or if a holding company will become owner of both
						the approved custodian and the pledging bank, the approved custodian shall
						immediately notify the treasurer in writing. Each pledging bank that utilizes
						the services of the approved custodian over which it has acquired control or
						that is now controlled by the approved custodian shall immediately secure the
						services of another approved custodian, and all pledged collateral shall be
						immediately withdrawn and placed in safekeeping with the successor approved
						custodian.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.11 - Suspension or Termination

Current through Register Vol. 47, No. 3, July 24, 2024
(1) If the
					treasurer determines that a pledging bank has violated any provisions of Iowa
					Code chapter 12C, or any other documents or agreements as prescribed by the
					treasurer, or has failed to fulfill its duties or otherwise committed a breach
					or default as set out in the Pledge and Security Agreement or the Securities
					Account Control Agreement, or applicable federal deposit insurance coverage is
					suspended or terminated, the treasurer may immediately suspend or terminate a
					pledging bank's ability to accept uninsured public funds. The treasurer shall
					provide the suspended or terminated bank and the superintendent with written
					notice of its suspension or termination. Upon suspension or termination, all
					uninsured public funds held by the suspended or terminated pledging bank in
					excess of federal deposit insurance coverage shall be immediately remitted,
					with interest, to the applicable public unit(s).
(2) Public units having public funds on
					deposit at a terminated or suspended pledging bank shall be notified of the
					termination or suspension of a pledging bank by notices included in the monthly
					rate-setting notice posted on the treasurer's Web site.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.12 - Sale or Merger of a Pledging Bank

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
					The responsibility of a pledging bank to pledge collateral for the security of
					the uninsured public funds in banks shall not be altered by any merger,
					takeover, or acquisition, except to the extent that such duty is assumed by the
					successor entity. No assets shall be released to the successor entity until
					collateral of an equal value is substituted or all excess public funds are
					withdrawn from the successor entity.
(2) A pledging bank shall notify the
					treasurer and the approved custodian, in writing, of its merger, takeover or
					acquisition by a successor entity prior to the effective date of such an
					event.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.13 - Procedures Upon Default or Closing of a Bank

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The acceptance of public funds by a bank
					constitutes agreement by the bank to pledge collateral as required by Iowa Code
					section
					12C.22,
					consent by the bank to the disposition of the collateral, consent by the bank
					to assessments by the treasurer, and agreement by the bank to provide accurate
					information and to otherwise comply with the requirements of Iowa Code chapter
					12C and this chapter
(2) The
					treasurer may liquidate the eligible collateral pledged by a pledging bank,
					including, without limitation, drawing on any Letter of Credit pledged as
					collateral to the treasurer by a pledging bank, if the treasurer verifies that
					any of the following have occurred:
a. A
					public unit notifies the treasurer, or the treasurer determines that said
					pledging bank has failed to pay a check, draft or warrant drawn by a public
					officer
b. A pledging bank has
					acted contrary to or otherwise breached a term or condition of any agreement
					which it has entered into with a public unit, the treasurer or an approved
					custodian.
c. The pledging bank has
					failed to pay an assessment ordered by the treasurer as required in Iowa Code
					chapter 12C, or has, as determined by the treasurer, otherwise violated these
					rules or Iowa Code chapter 12C.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.14 - Fees of the Treasurer

Current through Register Vol. 47, No. 3, July 24, 2024
The treasurer shall be entitled to reimbursement of all of the
						treasurer's actual and necessary costs and expenses incurred in the
						administration of Iowa Code chapter 12C and these rules including, but not
						limited to, legal expenses and administrative expenses. Such costs and expenses
						shall be reimbursed by withdrawal from the state sinking fund for public
						deposits in banks wherein a balance, acceptable to the treasurer and sufficient
						to meet legal and administrative expenses, shall be maintained. In the event at
						any time funds in the state sinking fund for public deposits in banks are not
						sufficient to pay any such reimbursement, the treasurer may make an assessment
						in the manner provided by Iowa Code section
						12C.23A,
						subsection (3d), provided that no such assessment shall exceed the anticipated
						costs and expenses in the administration of Iowa Code chapter 12C and these
						rules for a period greater than one year after the assessment is
						made.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.1 - Scope and Transition

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code chapter 12C grants authority to the treasurer of
						state to establish administrative rules and procedures to implement a system
						for securing deposits of public funds in banks, savings and loans and credit
						unions. This chapter contains rules which shall apply to the system for
						securing deposits of public funds in credit unions. Rules pertaining to
						securing public funds in savings and loans or federal savings banks are
						contained in 781-Chapter 3. Rules pertaining to the securing of public funds in
						banks are contained in 781-Chapter 13.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.4 - Uninsured Public Deposits in Credit Unions

Current through Register Vol. 47, No. 3, July 24, 2024
Uninsured public deposits in a credit union shall be secured by
						a letter of credit and a deposit agreement between the public unit and the
						credit union. (The credit union will only be allowed to aggregate funds
						deposited by the same public unit. Prior to accepting an uninsured public
						deposit, a credit union must secure the deposit according to requirements
						contained in this chapter)
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.5 - Securing Uninsured Public Deposits in Credit Unions Using a Letter of Credit

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A credit
					union shall secure the uninsured public time deposits of a public unit with a
					letter of credit as defined in these rules and Iowa Code section
					12C.16.
(2) The public unit shall have in its
					possession, prior to or simultaneously at the time of deposit of uninsured
					public deposits, a letter of credit issued by the U.S. Central Credit Union or
					by the Federal Home Loan Bank of Des Moines, Iowa, to the public unit in an
					amount that is not less than 110 percent of the amount of public funds deposits
					to be secured thereby. The letter of credit shall have an expiration date which
					is at least ten business days later than the maturity date of the time
					deposit.
(3) The public unit shall
					keep the letter of credit in a vault or a safe-deposit box in a financial
					institution other than the credit union until such time as the letter of credit
					expires or is presented for payment to the U.S. Central Credit Union or to the
					Federal Home Loan Bank of Des Moines, Iowa.
(4) In the event that the public unit decides
					to extend the maturity of its deposit after the issuance of the letter of
					credit, the public unit shall obtain a new letter of credit. The new letter of
					credit must be obtained by the public unit prior to the original maturity date
					of the deposit.
(5) If the credit
					rating of the U.S. Central Credit Union or the Federal Home Loan Bank of Des
					Moines, Iowa is lowered to a rating not within the two highest classifications
					of prime as established by at least one of the standard rating services
					approved by the superintendent of banking by rule pursuant to Iowa Code chapter
					17A, then the U.S. Central Credit Union or the Federal Home Loan Bank of Des
					Moines, Iowa, shall immediately notify each credit union which is securing
					uninsured public deposits by use of a letter of credit issued by the U.S.
					Central Credit Union or the Federal Home Loan Bank of Des Moines, Iowa, and the
					treasurer. Each credit union, upon notification of the U.S. Central Credit
					Union or the Federal Home Loan Bank of Des Moines, Iowa, downgrade, shall
					immediately return the deposits, with interest accrued to that date, to the
					public units which are secured by a letter of credit.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.6 - Securing Public Funds in a Credit Union With a Pledge of Eligible Collateral

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Prior to
					accepting an uninsured public deposit, a credit union shall secure the
					uninsured public deposit in accordance with Iowa Code chapter 12C and these
					rules. The credit union must:
a. Enter into a
					Security and Custodial Agreement for the Deposit of Public Funds in credit
					unions with the public unit and the approved custodian.
b. Enter into a deposit agreement with the
					public unit.
c. Deliver to the
					approved custodian eligible collateral with a market value of not less than 110
					percent of the uninsured public deposits.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.7 - Duties of the Approved Custodian

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
					An approved custodian shall enter into a Security and Custodial Agreement for
					the Deposit of Public Funds in credit unions with the public unit and the
					credit union.
(2) An approved
					custodian shall accept only collateral which is eligible to be pledged under
					these rules.
(3) An approved
					custodian shall segregate all collateral, maintaining open, notorious,
					continuous, active and exclusive possession of the collateral for the benefit
					of the public unit.
(4) An approved
					custodian shall permit the withdrawal or substitution or addition of pledged
					securities only upon receipt of a Certification and Approval Form for the
					Withdrawal, Substitution or Addition of Pledged Securities, which contains the
					signatures of authorized persons representing the credit union and the public
					unit. Receipt of the authorization by facsimile transmission shall be adequate
					documentation to allow the approved custodian to release or accept pledged
					securities. The approved custodian shall implement procedures for documenting
					signatures of authorized persons of a credit union and the public
					unit.
(5) An approved custodian
					shall issue a Joint Receipt of Custody to the public unit and the credit union
					each time a credit union substitutes new securities for pledged securities or a
					credit union pledges additional pledged securities.
(6) An approved custodian shall establish a
					fee schedule for its services. Any and all such fees shall be the
					responsibility of, and be paid by, the respective credit union.
(7) In the event that the public unit
					notifies an approved custodian of the default of a credit union, it shall
					thereafter act only upon the public unit's instructions with regard to any
					pledged securities.
(8) An approved
					custodian shall, no later than the twentieth day of each month, provide a
					written report to those public units for which it serves as approved custodian.
					The following items shall be provided in the report.
a. The name of the credit union which has
					pledged securities to secure the uninsured public funds of the public
					unit.
b. An inventory of all
					pledged securities as of the last day of the preceding month which provides a
					description of the pledged securities and the par amount, maturity date, and
					market value of each.
c. The total
					par value and market value of all pledged securities as of the last day of the
					preceding month.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.8 - Termination of Credit Union's Federal Insurance

Current through Register Vol. 47, No. 3, July 24, 2024
In the event that a credit union's applicable federal deposit
						insurance is suspended or terminated, the credit union must notify the public
						unit immediately and shall immediately return all deposits to the public unit
						with accrued interest.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.9 - Sale or Merger of a Credit Union

Current through Register Vol. 47, No. 3, July 24, 2024
The responsibility of a credit union to secure public deposits
						by a letter of credit shall not be altered by any merger, takeover or
						acquisition, except to the extent that such duty is assumed by the successor
						entity. A credit union shall immediately notify the public unit, in writing, of
						its merger, takeover or acquisition by a successor entity.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 14 - Deposit and Security of Public Funds in Credit Unions › Rule 781-14.10 - Procedure Upon Default

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
					acceptance of public funds by a credit union constitutes consent by the credit
					union to assessments to cover losses of public funds in other credit unions by
					the treasurer in accordance with Iowa Code section
					12C.23
					and the rules contained in this chapter
(2) The treasurer, upon notification from a
					public unit that a public unit has not been completely repaid its principal and
					interest for a deposit and that funds are not available from a letter of credit
					securing such deposit, shall assess all credit unions in the state with public
					deposits as provided in Iowa Code section
					12C.23.
(3) A credit union and any security given for
					the public funds in its possession are liable for payment if the credit union
					fails to pay a check, draft, or warrant drawn by the public officer or to
					account for a check, draft, warrant, order or certificates of deposit, or any
					public funds entrusted to it if, in failing to pay, the credit union acts
					contrary to the terms of an agreement between the credit union and the public
					body treasurer or, if the credit union fails to pay an assessment by the
					treasurer of state, when due.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 15 - Required Public Funds Custodial Agreement Provisions › Rule 781-15.1 - Scope

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Iowa Code
					section
					12B.10C
					requires the treasurer of state to adopt rules requiring the inclusion in
					public funds custodial agreements of any provisions necessary to prevent loss
					of public funds. As used in this chapter, "public funds custodial agreement"
					means any public funds custodial agreement as defined in Iowa Code section
					12B.10C.
(2)This chapter shall apply to any public
					unit, as defined in 781-Chapter 13, which uses a public funds custodial
					agreement for or relating to the investment of public funds. As used in this
					chapter, "public funds" means public funds as defined in Iowa Code section
					12C.1(2).
(3) A public unit may only enter into a
					public funds custodial agreement if the custodian is the trust or safekeeping
					department of a national or state bank located in the state of Iowa that
					lawfully possesses and exercises fiduciary powers under applicable federal laws
					or the laws of the state of Iowa. Notwithstanding the foregoing, the treasurer
					of state may exercise its discretion under Iowa Code section
					12C.4 to
					enter into public funds custodial agreements with a custodian located outside
					the state of Iowa. Each public unit that enters into a public funds custodial
					agreement shall require the inclusion in the public funds custodial agreement
					those provisions contained in rule
					781-15.2
					(12B) of this chapter or substantially equivalent provisions.
(4) Public funds that are invested under the
					provisions of a resolution or indenture for the issuance of bonds, notes,
					certificates, warrants, or other evidences of indebtedness are not subject to
					this chapter.
(5) This chapter does
					not apply to those entities described in Iowa Code section
					12B.10C(4)
					 or to any other entities that may otherwise
					be exempted by law. This chapter does not apply to public funds custodial
					agreements entered into by the treasurer of state when such agreements are on
					behalf of the aforementioned entities.
(6) This chapter does not apply to custodial
					agreements between an open-end management investment company registered with
					the federal Securities and Exchange Commission under the federal Investment
					Company Act of 1940, 15 U.S.C. Sec. 80(a) and a custodian bank.
(7)This chapter does not apply to any
					custodial agreements entered into by a public unit or the treasurer of state
					for the purposes of securing public funds deposits under Iowa Code chapter
					12C.
(8) This chapter does not
					apply to Treasury Direct accounts established by a public unit with a federal
					reserve bank for the purpose of making direct purchases of United States
					Treasury bills, notes or bonds.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 15 - Required Public Funds Custodial Agreement Provisions › Rule 781-15.3 - Optional Provisions Which Public Units Should Consider

Current through Register Vol. 47, No. 3, July 24, 2024
The provisions set forth in rule
						781-15.2
						(12B) are minimum requirements and are not exclusive. A public unit should
						determine whether the services performed by the custodian (except for any
						custodian hired by the treasurer of state pursuant to Iowa Code section
						12C.4) 
						pursuant to the public funds custodial agreement will be performed in the
						safekeeping department or the trust department and, based upon the advice of
						its counsel, should also consider other appropriate or more favorable
						provisions that may customarily be included in a public funds custodial
						agreement. Such things include, but are not limited to: additional
						representations and warranties; agreements or covenants pertaining to insurance
						and fidelity bond of the custodian and its employees; permitted use of
						subcustodians; adequate description of fees and expenses and billing
						procedures; the requirement of additional reports, including advices of
						transactions; conditions to the effectiveness of the public funds custodial
						agreement regarding deliveries of related documents and certificates; a higher
						standard of care; the ability of the public unit to terminate the public funds
						custodial agreement on a short-term basis without cause; and indemnification
						and default provisions, including recovery of attorneys'
						fees.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 15 - Required Public Funds Custodial Agreement Provisions › Rule 781-15.4 - Custodial Functions

Current through Register Vol. 47, No. 3, July 24, 2024
The required provisions contained in rule 15.2(12B) address
						only custodial functions and do not purport to address discretionary authority
						pertaining to the investments which shall be set forth in a separate written
						contract with the investment manager or advisor.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 15 - Required Public Funds Custodial Agreement Provisions › Rule 781-15.5 - Implementation Deadline

Current through Register Vol. 47, No. 3, July 24, 2024
Public units shall have until July 1,2015, to incorporate the
						required provisions contained in rule
						781-15.2
						(12B) into existing public funds custodial agreements. Any new public funds
						custodial agreement executed after the effective date of these rules shall
						contain the provisions of rule
						781-15.2
						(12B).
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.3 - Participation Agreement and Program Description

Current through Register Vol. 47, No. 3, July 24, 2024
The following material shall be used to administer the Iowa
						educational savings plan trust.
(1)
					Each participant shall submit a participation agreement in order to open an
					account. The participation agreement shall be signed and dated by the
					participant to verify that the participant agrees to the terms and conditions
					of the program. For online applications, participants must confirm that they
					have read the terms and conditions prior to submitting the
					application.
(2) Each plan will
					have a program description setting forth the terms of the plan and describing
					the investments, procedures and fees applicable to that plan. Each program
					description shall also set forth the privacy policy adopted by the program
					administrator for that plan. Persons interested in a plan should consult the
					program description. A program description may be changed at any time by the
					program administrator, and any such change may impact the rights of
					participants and beneficiaries under the plan.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.4 - Forms

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
					 Appropriate forms must be completed on paper, online or via
					telephone (whichever is applicable for the requested actions) to perform the
					actions listed below. Current forms are available online at
www.collegesavingsiowa.com
for
					college savings Iowa and at
www.iowaadvisor529.com
for the Iowa
					advisor 529 plan. Actions which require the completion of an appropriate form
					include the following:
a. Participation.
(1) Open or close an account.
(2) Reserved.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.5 - Participant Eligibility

Current through Register Vol. 47, No. 3, July 24, 2024
Participants must meet the following requirements:
(1) The participant must be an individual,
					individual's legal representative, trust, estate, or an organization described
					in Section 501(c)(3) of the Internal Revenue Code and exempt from taxation
					under Section 501(a) of the Internal Revenue Code.
(2) An individual participant must be at
					least 18 years old and a United States citizen or resident alien with a valid
					social security number or tax identification number.
(3) A participant shall execute a
					participation agreement that specifies the plan selected by the participant and
					the terms and conditions under which the participant shall participate in the
					trust.
(4) A participant shall, on
					signing a participation agreement, provide the plan with the participant's
					social security number or tax identification number and the other information
					required on the participant agreement.
(5) Participants which are trusts must submit
					evidence that the individual trustee is so authorized and agrees to the terms
					and conditions of the participation agreement and must provide the information
					requested by the program administrator. Participants which are described in
					Section 501(c)(3) of the Internal Revenue Code must provide their tax
					identification number and any other information requested by the program
					administrator.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.6 - Beneficiary Eligibility

Current through Register Vol. 47, No. 3, July 24, 2024
A beneficiary of a participation agreement may be designated at
						any time after birth and assignment of a social security number. This rule
						establishes the eligibility criteria for a beneficiary.
(1) A beneficiary may be a resident of any
					state.
(2) A participant shall, on
					signing a participation agreement, provide the contractor a valid social
					security number for the beneficiary.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.7 - Program Administrator Rights and Responsibilities

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
					The program administrator reserves the right to:
a. Freeze an account or suspend account
					services or do both when a plan has received reasonable notice of a dispute
					regarding the assets in an account, including notice of a dispute in account
					ownership or when the plan reasonably believes a fraudulent transaction may
					occur or has occurred;
b. Freeze an
					account or suspend account services or do both upon the notification to the
					plan of the death of a participant until the plan receives required
					documentation in good order and reasonably believes that it is lawful to
					transfer the account ownership to the successor participant;
c. Redeem an account, without the
					participant's permission, in cases of threatening conduct or suspicious,
					fraudulent, or illegal activity; and
d. Reject a contribution for any reason,
					including contributions that the plan believes are not in the best interests of
					the plan, a portfolio, or the participants.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.8 - Contributions

Current through Register Vol. 47, No. 3, July 24, 2024
Contributions are deductible in accordance with Iowa income tax
						laws and administrative rules of the department of revenue. Participation
						agreements shall be for the benefit of a specific beneficiary. This rule
						provides for implementation of this provision.
(1) Participants are allowed to make
					contributions at any time during the calendar year provided that each
					contribution is made in accordance with the minimum contribution and other
					requirements set forth in the program description.
(2) The program administrator shall
					actuarially determine the account balance limit. No additional contributions
					may be made on behalf of a beneficiary if the total of the account balances of
					all accounts held for the beneficiary exceeds the applicable account balance
					limit.
(3) The program
					administrator shall determine the adjusted maximum annual amount that a
					participant may contribute and deduct from Iowa income taxes pursuant to Iowa
					Code chapter 422 on behalf of a beneficiary for the calendar year by applying
					the applicable inflation adjustment. The adjusted annual maximum amount shall
					be communicated to participants in the plans and to the public in any
					reasonable manner determined by the program administrator.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.9 - Substitution or Change of Beneficiary

Current through Register Vol. 47, No. 3, July 24, 2024
Beneficiaries may be changed subject to the rules and
						regulations of the program administrator. This rule establishes the criteria
						for substituting one beneficiary for another. Beneficiary changes shall also be
						subject to the procedures set forth in the applicable program
						description.
(1) At the time of the
					substitution, the substitute beneficiary must be an eligible beneficiary
					pursuant to rule 781-16.6 (12D) and must be a
					member of the family of the beneficiary being replaced.
(2) A participant may request that a
					beneficiary be substituted by submitting the appropriate form to the
					contractor.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.10 - Change of Participant or Account Owner

Current through Register Vol. 47, No. 3, July 24, 2024
The participant is the owner of the account and, as such, has
						the exclusive right to cancel the participation agreement or change the
						designated beneficiary in accordance with these rules and the applicable
						program description.
(1) A participant
					may transfer the participant's current ownership rights in an account to
					another eligible individual, an individual's legal representative, a trust, an
					estate, or an organization described in Section 501(c)(3) of the Internal
					Revenue Code and exempt from taxation under Section 501(a) of the Internal
					Revenue Code or to a beneficiary. To do so, the participant shall complete the
					appropriate form.
(2) A participant
					may also designate a successor on the participation agreement. A participant
					may change the designated successor by completing the appropriate form. The
					designated successor shall succeed to the ownership of the account in the event
					of the death of the participant. Upon the death of the participant, the
					successor participant must notify the plan by submitting a completed
					participant agreement form and a certified copy of the death certificate. The
					change in ownership of the account will become effective for the successor
					participant once this paperwork has been received and processed.
(3) In the event a participant or other
					account owner dies and has not designated a successor to the account, the
					following criteria will be used.
a. The
					designated beneficiary, if 18 years of age or older, shall become the owner of
					the account as well as remain the beneficiary upon filing the appropriate
					forms.
b. If the designated
					beneficiary is under the age of 18, account ownership will be transferred to a
					surviving parent or other legal guardian of the beneficiary upon the filing of
					the appropriate forms.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.11 - Qualified Withdrawals

Current through Register Vol. 47, No. 3, July 24, 2024
This rule establishes the procedures for the payment of
						qualified withdrawals.
(1) The
					participant must initiate a withdrawal for qualified or nonqualified
					withdrawals. The participant must file the appropriate form with the
					contractor.
(2) Qualified
					withdrawals will be paid in one of three ways once the form has been received
					by the contractor:
a. Directly to the eligible
					educational institution or K-12 institution only.
b. Directly to the participant.
c. Directly to the beneficiary at eligible
					educational institutions only.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.12 - Nonqualified Withdrawals and Cancellation

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code section
						12D.5
						provides that any participant may cancel a participation agreement at will.
						This rule establishes the criteria for nonqualified withdrawals from an account
						or for the cancellation of a participation agreement.
(1) A nonqualified withdrawal is one in which
					the funds are used for a purpose other than the payment of or reimbursement for
					qualified educational expenses. A participant may at any time make a
					nonqualified withdrawal of a portion of the amount in an account or cancel a
					participation agreement, without cause, by submitting to the contractor the
					appropriate form. A nonqualified withdrawal will be paid only to the
					participant.
(2) If the
					participation agreement is canceled, the participant is entitled to the amount
					in the account, subject to any applicable fees and expenses. The balance shall
					be mailed or otherwise sent to the participant after receipt by the contractor
					of the appropriate form.
(3) Funds
					that are distributed to a participant in a nonqualified withdrawal pursuant to
					this rule shall be reported to the IRS on a 1099-Q in the tax year in which
					such withdrawal is made. The participant will receive the 1099-Q for any
					nonqualified withdrawals. The individual receiving the 1099-Q must determine
					whether the withdrawal was qualified or nonqualified. Nonqualified withdrawals
					may be subject to state and federal taxes and penalties.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.13 - Rollover

Current through Register Vol. 47, No. 3, July 24, 2024
The Iowa state income tax treatment of a qualified rollover
						from an account shall be as set forth in Iowa Code chapter 422. A rollover
						which is not a qualified rollover shall be treated as a nonqualified
						withdrawal.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 16 - Iowa Educational Savings Plan Trust › Rule 781-16.15 - Appeal of Decisions

Current through Register Vol. 47, No. 3, July 24, 2024
An account owner may appeal any decision of the program
						administrator under these rules and with respect to the plan.
(1) An account owner may utilize the appeals
					process after receipt of the decision from the program administrator.
(2) Failure to submit the appeal request
					within 30 calendar days of receipt of the decision from the program
					administrator shall constitute an acceptance of the decision.
(3) The account owner shall submit to the
					program administrator a written request for an appeal along with all supporting
					documentation.
(4) The program
					administrator shall contact the account owner and schedule an appeal meeting
					within 30 calendar days of receipt of the account owner's appeal
					request.
(5) An appeal review shall
					be conducted at which time the account owner shall present evidence supporting
					the account owner's basis for the appeal.
(6) Based on the evidence and additional
					information presented during the appeal, the program administrator will render
					a final decision. Such final decision will be written and sent to the account
					owner within 30 calendar days of the appeal meeting.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 17 - Declaratory Orders › Rule 781-17.1 - Petition for Declaratory Order

Current through Register Vol. 47, No. 3, July 24, 2024
Any person may file a petition with the department of the
						treasurer of state for a declaratory order as to the applicability to specified
						circumstances of a statute, rule, or order within the primary jurisdiction of
						the department of treasurer of state at Treasurer of State, State Capitol
						Building, Des Moines, Iowa 50319. A petition is deemed filed when it is
						received by that office. The department of the treasurer of state shall provide
						the petitioner with a file-stamped copy of the petition if the petitioner
						provides the agency an extra copy for this purpose. The petition must be
						typewritten or legibly handwritten in ink and must substantially conform to the
						following form:
TREASURER OF STATE
Petition by (Name of Petitioner) for a Declaratory Order on
						(Cite provisions of law involved).
}
PETITION FOR INTERVENTION
The petition must provide the following information:
1. A clear and concise statement of all
					relevant facts on which the order is requested.
2. A citation and the relevant language of
					the specific statutes, rules, policies, decisions, or orders, whose
					applicability is questioned, and any other relevant law.
3. The questions petitioner wants answered,
					stated clearly and concisely.
4.
					The answers to the questions desired by the petitioner and a summary of the
					reasons urged by the petitioner in support of those answers.
5. The reasons for requesting the declaratory
					order and disclosure of the petitioner's interest in the outcome.
6. A statement indicating whether the
					petitioner is currently a party to another proceeding involving the questions
					at issue and whether, to the petitioner's knowledge, those questions have been
					decided by, are pending determination by, or are under investigation by, any
					governmental entity.
7. The names
					and addresses of other persons, or a description of any class of persons, known
					by petitioner to be affected by, or interested in, the questions presented in
					the petition.
8. Any request by
					petitioner for a meeting provided for by 17.7(17A).
The petition must be dated and signed by the petitioner or the
						petitioner's representative. It must also include the name, mailing address,
						and telephone number of the petitioner and petitioner's representative and a
						statement indicating the person to whom communications concerning the petition
						should be directed.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 17 - Declaratory Orders › Rule 781-17.2 - Notice of Petition

Current through Register Vol. 47, No. 3, July 24, 2024
Within 15 days after receipt of a petition for a declaratory
						order, the department of the treasurer of state shall give notice of the
						petition to all persons not served by the petitioner pursuant to 17.6(17A) to
						whom notice is required by any provision of law. The department of the
						treasurer of state may also give notice to any other persons.