Senate File 320 - Enrolled




                                             SENATE FILE 320

                             AN ACT
 RELATING TO CHARITABLE TRUSTS BY PROVIDING FOR FILING DOCUMENTS
    WITH THE ATTORNEY GENERAL AND PROVIDING FOR THE ATTORNEY
    GENERAL'S INVESTIGATIVE AUTHORITY.

 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  633A.5107  FILING REQUIREMENTS.
    1.  The provisions of this section apply to the following
 charitable trusts administered in this state with assets in
 excess of twenty=five thousand dollars:
    a.  A nonprofit entity as defined in section 501(c)(3) of
 the Internal Revenue Code, as defined in section 422.3.
    b.  A charitable remainder trust as defined in section
 664(d) of the Internal Revenue Code, as defined in section
 422.3.
    c.  A charitable lead trust as defined in sections
 2055(e)(2)(b) and 2522(c)(2)(b) of the Internal Revenue Code,
 as defined in section 422.3.
    2.  a.  Within sixty days from the creation of a charitable
 trust, as described in subsection 1, the trustee shall
 register the charitable trust with the attorney general.  The
 trustee shall register the charitable trust on a form provided
 by the attorney general.  The trustee shall also submit a copy
 of the trust instrument to the attorney general as required by
 the attorney general.
    b.  The trustee of a charitable trust, as described in
 subsection 1, shall annually file a copy of the charitable
 trust's annual report with the attorney general.  The annual
 report may be the same report submitted to the persons
 specified in section 633A.4213, the charitable trust's most
 recent annual federal tax filings, or an annual report
 completed on a form provided by the attorney general.
    c.  The attorney general may require that documents be
 filed electronically, including forms, trust instruments, and
 reports.  In addition, the attorney general may require the
 use of electronic signatures as defined in section 554D.103.
    3.  Any document provided to the office of the attorney
 general in connection with a charitable remainder trust or a
 charitable lead trust, as described in subsection 1, shall not
 be considered a public record pursuant to chapter 22.  The
 attorney general shall keep the identities and interest of the
 noncharitable beneficiaries confidential except to the extent
 that disclosure is required by a court.
    4.  The attorney general is authorized to adopt
 administrative rules in accordance with the provisions of
 chapter 17A for the administration and enforcement of this
 chapter.
    5.  For a charitable trust described in subsection 1,
 created prior to the effective date of this Act and still in
 existence, the trustee shall register the trust with and
 submit a current copy of the trust instrument and financial
 report to the attorney general not later than one hundred
 thirty=five days after the close of the trust's next fiscal
 year following the effective date of this Act.  The trustee
 shall comply with the remainder of this Act as if the
 charitable trust were created on or after the effective date
 of this Act.
    Sec. 2.  NEW SECTION.  633A.5108  ROLE OF THE ATTORNEY
 GENERAL.
    The attorney general may investigate a charitable trust to
 determine whether the charitable trust is being administered
 in accordance with law and the terms and purposes of the
 trust.  The attorney general may apply to a district court for
 such orders that are reasonable and necessary to carry out the
 terms and purposes of the trust and to ensure the trust is
 being administered in accordance with applicable law.
 Limitation of action provisions contained in section 633A.4504
 apply.
    Sec. 3.  Section 633.303, Code 2009, is repealed.


                                                             
                               JOHN P. KIBBIE
                               President of the Senate


                                                             
                               PATRICK J. MURPHY
                               Speaker of the House

    I hereby certify that this bill originated in the Senate and
 is known as Senate File 320, Eighty=third General Assembly.


                                                             
                               MICHAEL E. MARSHALL
                               Secretary of the Senate
 Approved                , 2009


                                
 CHESTER J. CULVER
 Governor

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