House Study Bill 723 HOUSE FILE BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON PETERSEN) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to required disclosures in real estate 2 transactions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6444HC 82 5 md/nh/5 PAG LIN 1 1 Section 1. Section 558A.4, subsection 1, Code 2007, is 1 2 amended to read as follows: 1 3 1. The disclosure statement shall include information 1 4 relating to the condition and important characteristics of the 1 5 property and structures located on the property, including 1 6 significant defects in the structural integrity of the 1 7 structure, as provided in rules which shall be adopted by the 1 8 real estate commission pursuant to section 543B.9.The 1 9 disclosure statement shall also include whether the property 1 10 is located in a real estate improvement district and the 1 11 amount of any special assessment against the property under 1 12 chapter 358C.The rules may require the disclosure to include 1 13 information relating to the property's zoning classification; 1 14 the condition of plumbing, heating, or electrical systems; or 1 15 the presence of pests. 1 16 Sec. 2. Section 358C.24, Code 2007, is repealed. 1 17 EXPLANATION 1 18 Code chapter 558A relates to mandatory disclosures in real 1 19 estate transactions. This bill eliminates from the required 1 20 disclosures whether the property is located in a real estate 1 21 improvement district and the amount of any special assessment 1 22 against the property. 1 23 LSB 6444HC 82 1 24 md/nh/5