Text: HF00133                           Text: HF00135
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 134

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 16.100, subsection 1, Code 1999, is
  1  2 amended to read as follows:
  1  3    1.  A housing improvement fund is created within the
  1  4 authority.  Interest on rental deposits shall be deposited in
  1  5 the housing improvement fund as required by section 562A.12.
  1  6 The moneys in the housing improvement fund are annually
  1  7 appropriated to the authority which shall allocate the
  1  8 available funds among and within the programs authorized by
  1  9 this section.  Notwithstanding section 8.33, unencumbered or
  1 10 unobligated moneys remaining in the fund on June 30 of any
  1 11 fiscal year shall not revert to any other fund but shall be
  1 12 available for expenditure for subsequent fiscal years.
  1 13 Notwithstanding section 12C.7, interest or earnings on moneys
  1 14 in the fund or appropriated to the fund shall be credited to
  1 15 the fund.  The authority may expend up to four percent of the
  1 16 moneys appropriated for the programs in this section for
  1 17 administrative costs of the authority for those programs.  The
  1 18 authority may provide financial assistance to a housing
  1 19 sponsor or an individual in the form of loans, guarantees,
  1 20 grants, interest subsidies, or by other means for the programs
  1 21 authorized by this section.
  1 22    Sec. 2.  Section 562A.12, subsection 2, Code 1999, is
  1 23 amended to read as follows:
  1 24    2.  All rental deposits shall be held by the landlord for
  1 25 the tenant, who is a party to the agreement, in a bank or
  1 26 savings and loan association or credit union which is insured
  1 27 by an agency of the federal government.  Rental deposits shall
  1 28 not be commingled with the personal funds of the landlord.
  1 29 Notwithstanding the provisions of chapter 543B, all rental
  1 30 deposits may shall be held in a trust account, which may be a
  1 31 common trust account and which may shall be an interest
  1 32 bearing account.  Any interest earned by a for-profit landlord
  1 33 on a rental deposit during the first five years of a tenancy
  1 34 related to a property with four or more dwelling units shall
  1 35 be the property of the landlord annually deposited by the
  2  1 landlord in the housing improvement fund created in section
  2  2 16.100.  
  2  3                           EXPLANATION
  2  4    This bill requires a landlord who collects rental deposits
  2  5 to hold these deposits in a trust account which may be a
  2  6 common trust account and which shall be an interest bearing
  2  7 account.  The bill provides that all interest earned on the
  2  8 rental deposits by a landlord with respect to properties with
  2  9 four or more dwelling units shall be annually deposited in the
  2 10 housing improvement fund created within the Iowa finance
  2 11 authority.  
  2 12 LSB 1800HH 78
  2 13 tm/sc/14
     

Text: HF00133                           Text: HF00135
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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