508F.5  Failure to comply with requirements.
  1.  The failure of a charitable organization to comply with the requirements of sections 508F.3 and 508F.4 does not prevent a charitable gift annuity that otherwise meets the requirements of this chapter from constituting a qualified charitable gift annuity.
  2.  The commissioner shall enforce performance of the requirements of sections 508F.3 and 508F.4. The commissioner may do any of the following:
  a.  Send a letter by restricted certified mail to the charitable organization demanding that the charitable organization comply with this chapter.
  b.  Establish and impose civil penalties on the charitable organization in an amount not to exceed one thousand dollars for each qualified charitable gift annuity issued until the charitable organization complies with the requirements of this chapter.
2001 Acts, ch 28, §6