Senate Study Bill 3064 - Introduced SENATE/HOUSE FILE _____ BY (PROPOSED SECRETARY OF STATE BILL) A BILL FOR An Act requiring the inclusion of specified information in 1 reports submitted biennially by designated entities to the 2 secretary of state. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5282XD (4) 85 rn/nh

S.F. _____ H.F. _____ Section 1. NEW SECTION . 9.8 Biennial reports —— responsible 1 party identification. 2 1. a. In addition to any other information required for 3 inclusion in a biennial report delivered to the secretary of 4 state for filing pursuant to section 10B.4, 10B.7, 28E.8, 5 488.210, 489.209, 490.1622, 496C.21, 497.22, 498.24, 499.49, 6 501.103, 501.713, 501A.231, or 504.1613, the person or entity 7 filing the report shall identify the name and address of 8 the responsible party for the entity subject to the report, 9 and either the responsible party’s social security number, 10 individual taxpayer identification number, or employer 11 identification number. 12 b. For purposes of this section, “ responsible party” means 13 the individual who has a level of control over, or entitlement 14 to, the funds or assets in the entity that, as a practical 15 matter, enables the individual, directly or indirectly, to 16 control, manage, or direct the entity and the disposition of 17 its funds and assets. 18 2. A responsible party’s social security number, individual 19 taxpayer identification number, or employer identification 20 number submitted in a biennial report as provided in this 21 section shall be considered a confidential record under chapter 22 22. However, such information shall be subject to disclosure 23 upon request from a law enforcement agency. 24 Sec. 2. Section 10B.4, subsection 2, Code 2014, is amended 25 by adding the following new paragraph: 26 NEW PARAGRAPH . h. Identification of the entity’s 27 responsible party as required pursuant to section 9.8. 28 Sec. 3. Section 10B.7, Code 2014, is amended by adding the 29 following new subsection: 30 NEW SUBSECTION . 6. Identification of the lessee’s 31 responsible party as required pursuant to section 9.8. 32 Sec. 4. Section 22.7, Code 2014, is amended by adding the 33 following new subsection: 34 NEW SUBSECTION . 68. A responsible party’s social security 35 -1- LSB 5282XD (4) 85 rn/nh 1/ 3

S.F. _____ H.F. _____ number, individual taxpayer identification number, or employer 1 identification number submitted in a biennial report as 2 provided in section 9.8. However, such information shall be 3 subject to disclosure upon request from a law enforcement 4 agency. 5 Sec. 5. Section 488.210, subsection 1, Code 2014, is amended 6 by adding the following new paragraph: 7 NEW PARAGRAPH . e. Identification of the entity’s 8 responsible party as required pursuant to section 9.8. 9 Sec. 6. Section 489.209, subsection 1, Code 2014, is amended 10 by adding the following new paragraph: 11 NEW PARAGRAPH . e. Identification of the entity’s 12 responsible party as required pursuant to section 9.8. 13 Sec. 7. Section 490.1622, subsection 1, Code 2014, is 14 amended by adding the following new paragraph: 15 NEW PARAGRAPH . e. Identification of the entity’s 16 responsible party as required pursuant to section 9.8. 17 Sec. 8. Section 496C.21, subsection 1, Code 2014, is amended 18 by adding the following new paragraph: 19 NEW PARAGRAPH . e. Identification of the entity’s 20 responsible party as required pursuant to section 9.8. 21 Sec. 9. Section 501.103, subsection 3, Code 2014, is amended 22 by adding the following new paragraph: 23 NEW PARAGRAPH . d. Identification of the cooperatives’s 24 responsible party as required pursuant to section 9.8. 25 Sec. 10. Section 501.713, subsection 1, Code 2014, is 26 amended by adding the following new paragraph: 27 NEW PARAGRAPH . e. Identification of the cooperatives’s 28 responsible party as required pursuant to section 9.8. 29 Sec. 11. Section 501A.231, subsection 1, Code 2014, is 30 amended by adding the following new paragraph: 31 NEW PARAGRAPH . e. Identification of the cooperatives’s 32 responsible party as required pursuant to section 9.8. 33 Sec. 12. Section 504.1613, subsection 1, Code 2014, is 34 amended by adding the following new paragraph: 35 -2- LSB 5282XD (4) 85 rn/nh 2/ 3

S.F. _____ H.F. _____ NEW PARAGRAPH . f. Identification of the entity’s 1 responsible party as required pursuant to section 9.8. 2 EXPLANATION 3 The inclusion of this explanation does not constitute agreement with 4 the explanation’s substance by the members of the general assembly. 5 This bill relates to biennial reports that are required to be 6 submitted by designated entities to the secretary of state’s 7 office for filing by that office. 8 The bill provides that in addition to information currently 9 required for inclusion in the reports, the entity must also 10 identify the name and address of its responsible party and 11 either the responsible party’s social security number, 12 individual taxpayer identification number, or employer 13 identification number. The bill defines “responsible party” 14 to mean the individual who has a level of control over, 15 or entitlement to, the funds or assets in the entity that, 16 as a practical matter, enables the individual, directly or 17 indirectly, to control, manage, or direct the entity and the 18 disposition of its funds and assets. The bill provides that 19 the responsible party’s social security number, individual 20 taxpayer identification number, or employer identification 21 number shall be considered a confidential record under Code 22 chapter 22, but that this information shall be subject to 23 disclosure upon request from a law enforcement agency. 24 The bill makes conforming changes to Code sections requiring 25 submission of the biennial reports. 26 -3- LSB 5282XD (4) 85 rn/nh 3/ 3