House Journal: Page 1332: Monday, April 23, 2001
37 commissioner, an establishment shall file an
38 authorization for the commissioner or a designee to
39 investigate, audit, and verify all funds, accounts,
40 safe deposit boxes, and other evidence of
41 establishment trust funds held by or in a financial
42 institution.
43 7. Forms may be obtained at cost from the
44 commissioner upon request. The commissioner may
45 accept annual reports submitted in an electronic
46 format, including but not limited to computer
47 diskettes.
48 8. Notwithstanding chapter 22, all records
49 maintained by the commissioner under this section
50 shall be confidential and shall not be made available
Page 12
1 for inspection or copying except upon approval of the
2 commissioner or the attorney general.
3 Sec. . NEW SECTION. 523A.205 FINANCIAL
4 INSTITUTION ANNUAL REPORTING REQUIREMENTS.
5 1. A financial institution shall file with the
6 commissioner not later than March 1 of each year an
7 annual report on a form prescribed by the commissioner
8 showing all funds deposited by an establishment under
9 a trust agreement during the previous year. Each
10 report shall contain all information requested.
11 2. Forms may be obtained from the commissioner
12 upon request. The commissioner may accept annual
13 reports submitted in an electronic format, including
14 but not limited to computer diskettes.
15 3. Notwithstanding chapter 22, all records
16 maintained by the commissioner under this section
17 shall be confidential and shall not be made available
18 for inspection or copying except upon approval of the
19 commissioner or the attorney general.
20 Sec. . NEW SECTION. 523A.206 AUDITS.
21 1. The commissioner may make audits of the
22 establishment and of the records of a seller, at the
23 times and in the scope the commissioner determines.
24 The audits may be made without prior notice to the
25 seller. The commissioner may copy all records the
26 commissioner feels are necessary to conduct the audit.
27 The commissioner may require an audit of a seller or
28 other person by a certified public accountant to
29 verify compliance with this chapter, implementing
30 rules, or orders.
31 2. A seller or other person shall pay for the
32 audit unless the commissioner waives this requirement.
33 The cost of an audit involving multiple sellers or
34 other persons shall be prorated among them upon any
35 reasonable basis as determined by the commissioner.
© 2001 Cornell College and
League of Women Voters of Iowa
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