Senate
File
2300
-
Introduced
SENATE
FILE
2300
BY
COMMITTEE
ON
STATE
GOVERNMENT
(SUCCESSOR
TO
SSB
3124)
A
BILL
FOR
An
Act
relating
to
the
transfer
of
real
estate
held
in
a
trust,
1
and
including
applicability
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
6292SV
(2)
88
ko/jh
S.F.
2300
Section
1.
Section
558A.1,
subsection
5,
paragraph
c,
Code
1
2020,
is
amended
to
read
as
follows:
2
c.
A
transfer
by
a
fiduciary
in
the
course
of
the
3
administration
of
a
decedent’s
estate,
guardianship,
4
conservatorship,
or
trust.
This
exemption
shall
not
apply
5
to
a
transfer
of
real
estate
held
in
a
trust
in
which
the
6
trustee
or
settlor
of
the
trust
is
a
living,
natural
person
7
and
is
a
former
owner
of
the
real
estate
and
was
an
occupant
8
in
possession
of
the
real
estate
at
any
time
within
the
twelve
9
consecutive
months
immediately
preceding
the
date
of
transfer
10
of
the
real
estate.
11
Sec.
2.
APPLICABILITY.
This
Act
applies
to
the
transfer
of
12
real
estate
held
in
a
trust
on
or
after
July
1,
2020.
13
EXPLANATION
14
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
15
the
explanation’s
substance
by
the
members
of
the
general
assembly.
16
This
bill
relates
to
the
transfer
of
real
estate
held
in
a
17
trust.
Under
current
law,
a
trustee
of
a
trust
is
exempt
from
18
providing
a
written
disclosure
statement
to
a
transferee
as
19
part
of
a
transfer
of
real
estate.
The
bill
eliminates
that
20
exemption
for
a
trust
in
which
the
trustee
or
settlor
of
the
21
trust
is
a
living,
natural
person
and
is
a
former
owner
of
22
the
real
estate
and
was
an
occupant
in
possession
of
the
real
23
estate
at
any
time
within
the
12
consecutive
months
immediately
24
preceding
the
date
of
transfer
of
the
real
estate.
The
bill
25
applies
to
the
transfer
of
real
estate
held
in
a
trust
on
or
26
after
July
1,
2020.
27
-1-
LSB
6292SV
(2)
88
ko/jh
1/
1