House
File
648
-
Enrolled
House
File
648
AN
ACT
PROVIDING
FOR
THE
EXPUNGEMENT
OF
INFORMATION
REGARDING
INVESTMENT
ADVISERS
AND
INVESTMENT
ADVISER
REPRESENTATIVES
AUTHORIZED
TO
DO
BUSINESS
IN
THIS
STATE.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
NEW
SECTION
.
502.511
Investment
advisers
and
investment
adviser
representatives
——
expungement
of
certain
reported
information.
1.
An
investment
adviser
authorized
to
do
business
in
this
state
under
this
chapter,
including
as
provided
in
section
House
File
648,
p.
2
502.403,
or
an
investment
adviser
representative
authorized
to
do
business
in
this
state
under
this
chapter,
including
as
provided
in
section
502.404,
may
petition
the
district
court
sitting
in
equity
to
expunge
information
in
a
record
in
the
investment
adviser
registration
depository
as
provided
in
this
section.
2.
The
commissioner
of
insurance,
or
the
investment
adviser
that
reported
the
information
in
the
record
in
the
investment
adviser
registration
depository,
may
be
named
as
a
respondent
or
as
respondents
in
the
proceeding
to
expunge
the
information.
3.
The
district
court
may
grant
relief
by
ordering
the
expungement
of
the
information
in
the
record,
and
all
references
to
such
information
in
other
records,
in
the
investment
adviser
registration
depository,
if
all
of
the
following
apply:
a.
The
information
makes
an
allegation
about
the
investment
adviser
or
investment
adviser
representative.
b.
The
investment
adviser
filing
the
petition
to
expunge
the
information
was
doing
business
in
this
state,
or
the
investment
adviser
representative
filing
the
petition
to
expunge
the
information
was
a
resident
of
this
state
as
provided
in
section
422.4,
when
either
of
the
following
occurred:
(1)
The
information
was
first
included
in
the
record.
(2)
The
petition
was
filed
in
district
court.
c.
The
information
arises
out
of
a
dispute
involving
the
client
of
an
investment
adviser
and
the
investment
adviser
or
investment
adviser
representative.
d.
Any
of
the
following
apply:
(1)
The
petitioner
was
not
involved
in
the
event
that
resulted
in
the
creation
of
the
record.
(2)
The
information
in
the
record
is
erroneous
or
impossible
to
be
true.
(3)
The
information
in
the
record
is
false.
(4)
A
decision
in
an
administrative,
judicial,
or
arbitration
proceeding
found
that
the
petitioner
did
not
act
in
a
manner
described
by
the
record.
(5)
The
court
determines
that
equitable
principles
require
that
such
relief
be
granted.
House
File
648,
p.
3
4.
Notwithstanding
section
614.1,
a
petition
may
be
filed
and
relief
granted
as
provided
in
this
section
at
any
time.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
AMY
SINCLAIR
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
648,
Ninetieth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2023
______________________________
KIM
REYNOLDS
Governor