Text: HF02383 Text: HF02385 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 509A.12, Code 1999, is amended to read
1 2 as follows:
1 3 509A.12 DEFERRED COMPENSATION PROGRAM FOR GOVERNMENTAL
1 4 EMPLOYEES.
1 5 A governing body, county board of supervisors, or other
1 6 public entity, to the extent allowed by law, may establish a
1 7 deferred compensation program under this section. The
1 8 contributions made on behalf of an employee who chooses to
1 9 participate in the program shall be invested at the direction
1 10 of the employee in a life insurance contract, annuity
1 11 contract, mutual fund, security, or any other deferred payment
1 12 contract offered as an investment option under the program.
1 13 The contract acquired for an employee shall be in accordance
1 14 with the plan document and shall be acquired from a company,
1 15 or a salesperson for that company, that is authorized to do
1 16 business in this state. When the state of Iowa acquires an
1 17 investment product pursuant to the plan document the state
1 18 does not become a shareholder, stockholder, or owner of a
1 19 corporation in violation of Article VIII, section 3, of the
1 20 Constitution of the State of Iowa or any other provision of
1 21 law.
1 22 This section is in addition to any benefit program provided
1 23 by law for employees of the state or its political
1 24 subdivisions.
1 25 A deferred compensation program established under this
1 26 section shall provide that information on investment options
1 27 selected and amounts deferred by an employee who participates
1 28 in the program shall be considered a confidential public
1 29 record pursuant to chapter 22.
1 30 Sec. 2. Section 714.16, subsection 2, Code 1999, is
1 31 amended by adding the following new paragraph:
1 32 NEW PARAGRAPH. n. It is an unlawful practice for a
1 33 financial institution, as defined in section 421.17A, to
1 34 disclose personal financial information obtained from a person
1 35 unless the disclosure is required by law or otherwise
2 1 necessary to perform the duties of the financial institution
2 2 relating to the purpose for which the information was obtained
2 3 from a person unless the person consents, in writing, to the
2 4 disclosure. For purposes of this paragraph, "personal
2 5 financial information" includes financial information obtained
2 6 by a financial institution from a person including, but not
2 7 limited to, the person's name, salary information, social
2 8 security number, telephone number, accounts with financial
2 9 institutions, credit card numbers and credit card limits, and
2 10 account balances.
2 11 EXPLANATION
2 12 This bill concerns the disclosure of personal financial
2 13 information to others.
2 14 Code section 509A.12, concerning deferred compensation
2 15 programs for government employees, is amended to provide that
2 16 information on investment options selected by participants and
2 17 amounts deferred by participants shall be considered a
2 18 confidential public record pursuant to Code chapter 22.
2 19 Code section 714.16, concerning consumer frauds, is amended
2 20 to provide that it shall be an unlawful practice for a
2 21 financial institution to disclose personal financial
2 22 information obtained from a person unless the disclosure is
2 23 required by law or necessary, or the person consents to the
2 24 disclosure in writing. The enforcement procedures and
2 25 applicable civil penalties relating to consumer frauds under
2 26 Code section 714.16 apply to a violation of this portion of
2 27 the bill.
2 28 LSB 5416HH 78
2 29 ec/cf/24
Text: HF02383 Text: HF02385 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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