351—4.54 (68A) Committee dissolution; disposition of property; resolution of loans or debts. A committee shall not dissolve until all loans and debts are paid, forgiven, or transferred, and the remaining funds in the committee’s campaign account are distributed according to Iowa Code sections 68A.302 and 68A.303 and rule 351—4.25(68A,68B). In the case of a candidate’s committee, the disposition of all campaign property with a residual value of $100 or more must be accomplished before dissolution.
	 4.54(1) Manner of disposition—candidates’ committees. A candidate’s committee shall dispose of campaign property with a residual value of $100 or more through a sale of the property at fair market value, with proceeds treated as any other campaign funds, or through donation of the property as set out in Iowa Code section 68A.303(1). The candidate’s committee shall disclose on the committee’s campaign report the manner of disposition.
	 4.54(2) Resolution of loans and debts. The loans and debts of a committee may be transferred, assumed, or forgiven except that a loan or debt owed to a financial institution, insurance company, or corporation may not be forgiven unless the committee is a ballot issue committee. The committee shall disclose on the committee’s campaign report the transfer, assumption, or forgiveness of a loan or debt on the appropriate reporting schedules.
	 4.54(3) Settlement of disputed loans and debts. A dispute concerning a loan or debt may be resolved for less than the original amount if the committee discloses on the committee’s campaign report the resolution of the dispute. If the dispute is between a candidate’s committee and a financial institution, insurance company, or corporation, the candidate’s committee shall submit a written statement to the board describing the loan or debt, the controversy, and the steps taken to settle or collect the loan or debt. The board will review the statement and determine whether to permit the candidate’s committee to report the loan or debt as discharged.
	 4.54(4) Unavailable creditor. If the committee cannot locate a person to whom it owes a loan or debt, the committee shall provide the board with a written statement describing the steps the committee has taken to locate the creditor and shall request direction from the board as to what additional steps, if any, should be taken. If a candidate’s committee owes a loan or debt to a financial institution, insurance company, or corporation, resolution of the matter shall include payment to a charitable organization or the general fund of the state of Iowa.
This rule is intended to implement Iowa Code section 68A.402B.