House Journal: Page 1331: Monday, April 23, 2001
38 shall note on the annual report any information not
39 reasonably available to the establishment as an
40 exception or variance. Account balances within twelve
41 months of the date of the filing of the annual report
42 shall be accepted if the actual date of the account
43 balances is noted.
44 4. In lieu of the annual report form described in
45 subsection 1, the commissioner may authorize an
46 establishment to file a short form annual report on a
47 form prescribed by the commissioner. The short form
48 annual report may incorporate by reference information
49 readily available to the establishment. The
50 commissioner may certify and decertify establishments
Page 11
1 authorized to file the short form based upon:
2 a. The establishment's recordkeeping system.
3 b. The number of purchase agreements which the
4 establishment has sold that are subject to regulation
5 under chapter 523A.
6 c. The availability and accessibility of
7 information at the establishment for purchase
8 agreements subject to regulation.
9 d. Whether the establishment places one hundred
10 percent of funds received pursuant to its purchase
11 agreements in trust.
12 e. The findings of the commissioner concerning
13 audits and consumer complaints.
14 The commissioner shall retain the authority to
15 require establishments permitted to file the short
16 form annual report to provide all of the information
17 required in the annual report form required by
18 subsection 1 for audit purposes or otherwise.
19 5. An establishment filing an annual report shall
20 pay a filing fee of ten dollars per purchase agreement
21 sold during the year covered by the report. The fee
22 does not apply to any of the following:
23 a. A purchase agreement where the beneficiary dies
24 in the same year the agreement was sold.
25 b. Any modifications or additions, such as
26 payments, for an existing purchase agreement sold in a
27 previous year.
28 c. An additional agreement purchased and already
29 reported to the commissioner by the purchaser.
30 d. A purchase agreement canceled or revoked in the
31 same year it was sold.
32 All purchase agreement changes for which a filing
33 fee is not required must be reported to the
34 commissioner on the annual report for the year
35 covered.
36 6. As part of the annual filing with the
© 2001 Cornell College and
League of Women Voters of Iowa
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