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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