H.F. 2056 Section 1. NEW SECTION . 679A.20 Limitations of arbitration 1 proceedings. 2 An arbitration proceeding may be brought within the times 3 limited pursuant to chapter 614 and not afterward, except when 4 otherwise specially declared. 5 Sec. 2. APPLICABILITY. This Act applies to all arbitration 6 proceedings commenced on or after the effective date of 7 this Act and any arbitration proceeding that is pending on 8 the effective date of this Act where asserting a statute of 9 limitation is not expressly prohibited by the rules governing 10 the arbitration proceeding. 11 EXPLANATION 12 The inclusion of this explanation does not constitute agreement with 13 the explanation’s substance by the members of the general assembly. 14 This bill establishes statutes of limitations on when an 15 arbitration proceeding can be requested. The bill uses the 16 same limitations provided in Code chapter 614 (limitations of 17 actions). Under current law, there are no time limitations for 18 arbitration proceedings. 19 The bill applies to all arbitration proceedings commenced 20 on or after the effective date of the bill and any arbitration 21 proceeding that is pending on the effective date of the bill 22 where asserting a statute of limitation is not expressly 23 prohibited by the rules governing the arbitration proceeding. 24 -1- LSB 5055YH (4) 89 cm/jh 1/ 1