Iowa Administrative Code

14.6(1) Prior to accepting an uninsured public deposit, a credit union shall secure the uninsured public deposit in accordance with Iowa Code chapter 12C and these rules. The credit union must: a. Enter into a Security and Custodial Agreement for the Deposit of Public Funds in cr…

14.7(1) An approved custodian shall enter into a Security and Custodial Agreement for the Deposit of Public Funds in credit unions with the public unit and the credit union. 14.7(2) An approved custodian shall accept only collateral which is eligible to be pledged under these rul…

applicable federal deposit insurance is suspended or terminated, the credit union must notify the public unit immediately and shall immediately return all deposits to the public unit with accrued interest.

deposits by a letter of credit shall not be altered by any merger, takeover or acquisition, except to the extent that such duty is assumed by the successor entity. A credit union shall immediately notify the public unit, in writing, of its merger, takeover or acquisition by a suc…

15.1(1) Iowa Code section 12B.10C requires the treasurer of state to adopt rules requiring the inclusion in public funds custodial agreements of any provisions necessary to prevent loss of public funds. As used in this chapter, “public funds custodial agreement” means any public …

funds custodial agreements shall be in writing and shall include the following provisions: 15.2(1) The custodian shall represent and warrant that it lawfully possesses and exercises fiduciary powers under applicable federal laws or the laws of the state of Iowa, unless such custo…

781—15.2(12B) are minimum requirements and are not exclusive. A public unit should determine whether the services performed by the custodian (except for any custodian hired by the treasurer of state pursuant to Iowa Code section 12C.4) pursuant to the public funds custodial agree…

custodial functions and do not purport to address discretionary authority pertaining to the investments which shall be set forth in a separate written contract with the investment manager or advisor.

required provisions contained in rule 781—15.2(12B) into existing public funds custodial agreements. Any new public funds custodial agreement executed after the effective date of these rules shall contain the provisions of rule 781—15.2(12B). [ARC 1464C, IAB 5/14/14, effective 6/…

the Iowa educational savings plan trust. [ARC 4463C, IAB 5/22/19, effective 6/26/19]

such, has the exclusive right to cancel the participation agreement or change the designated beneficiary in accordance with these rules and the applicable program description. 16.10(1) An account owner may transfer the account owner’s current ownership rights in an account to ano…

withdrawals. 16.11(1) The account owner must initiate a withdrawal for qualified or nonqualified withdrawals. The account owner must file the appropriate form with the contractor. 16.11(2) Qualified withdrawals will be paid in one of three ways once the form has been received by …

any account owner may cancel a participation agreement at will. This rule establishes the criteria for nonqualified withdrawals from an account or for the cancellation of a participation agreement. 16.12(1) A nonqualified withdrawal is one in which the funds are used for a purpos…

rollover. 16.13(1) The account owner must initiate a rollover and must file the appropriate form with the contractor. 16.13(2) Qualified rollovers will be paid in one of the following ways once the form has been received by the contractor: a. Directly to the account owner, provid…

administrator under the trust are not subject to garnishment. [ARC 4463C, IAB 5/22/19, effective 6/26/19]

administrator under these rules and with respect to the plan. 16.15(1) An account owner may utilize the appeals process after receipt of the decision from the program administrator. 16.15(2) Failure to submit the appeal request within 30 calendar days of receipt of the decision f…

terms apply to this chapter: “ABLE account” means an account as defined in Section 529A of the Internal Revenue Code. “Account” means an account established and maintained under the Iowa educational savings plan trust for a beneficiary. “Account balance” means the fair market val…

used to administer the Iowa educational savings plan trust. 16.3(1) Each account owner shall submit a participation agreement in order to open an account. The participation agreement shall be signed and dated by the account owner to verify that the account owner agrees to the ter…

16.4(1) Appropriate forms must be completed on paper, online or via telephone (whichever is applicable for the requested actions) to perform the actions listed below. Current forms are available online at ISave529.com for ISave 529 and at www.iowaadvisor529.com for the IAdvisor 5…

16.5(1) The account owner must be an individual, individual’s legal representative, trust, estate, or an organization described in Section 501(c)(3) of the Internal Revenue Code and exempt from taxation under Section 501(a) of the Internal Revenue Code. 16.5(2) An individual acco…

any time after birth and assignment of a social security number. This rule establishes the eligibility criteria for a beneficiary. 16.6(1) A beneficiary may be a resident of any state. 16.6(2) An account owner shall, on signing a participation agreement, provide the contractor a …

16.7(1) The program administrator reserves the right to: a. Freeze an account or suspend account services or do both when a plan has received reasonable notice of a dispute regarding the assets in an account, including notice of a dispute in account ownership or when the plan rea…

and administrative rules of the department of revenue. Participation agreements shall be for the benefit of a specific beneficiary. This rule provides for implementation of this provision. 16.8(1) Account owners are allowed to make contributions at any time during the calendar ye…

rules and regulations of the program administrator. This rule establishes the criteria for substituting one beneficiary for another. Beneficiary changes shall also be subject to the procedures set forth in the applicable program description. 16.9(1) At the time of the substitutio…

treasurer of state for a declaratory order as to the applicability to specified circumstances of a statute, rule, or order within the primary jurisdiction of the department of treasurer of state at Treasurer of State, State Capitol Building, Des Moines, Iowa 50319. A petition is …

declaratory order must contain the date of its issuance, the name of petitioner and all intervenors, the specific statutes, rules, policies, decisions, or orders involved, the particular facts upon which it is based, and the reasons for its conclusion. A declaratory order is effe…

order shall be mailed promptly to the original petitioner and all intervenors.

effect as a final order issued in a contested case proceeding. It is binding on the department of the treasurer of state, the petitioner, and any intervenors (who consent to be bound) and is applicable only in circumstances where the relevant facts and the law involved are indist…

department of the treasurer of state shall give notice of the petition to all persons not served by the petitioner pursuant to 17.6(17A) to whom notice is required by any provision of law. The department of the treasurer of state may also give notice to any other persons.

17.3(1) Persons who qualify under any applicable provision of law as an intervenor and who file a petition for intervention within 25 days of the filing of a petition for declaratory order shall be allowed to intervene in a proceeding for a declaratory order. 17.3(2) Any person w…

The department of the treasurer of state may request a brief from the petitioner, any intervenor, or any other person concerning the questions raised.

to the Department of the Treasurer of State, State Capitol Building, Des Moines, Iowa 50319.

17.6(1) When service required. Except where otherwise provided by law, every petition for declaratory order, petition for intervention, brief, or other paper filed in a proceeding for a declaratory order shall be served upon each of the parties of record to the proceeding, and on…

schedule a brief and informal meeting between the original petitioner, all intervenors, and the treasurer of state, or a member of the staff of the treasurer of state, to discuss the questions raised. The department of the treasurer of state may solicit comments from any person o…

17.8(1) Within the time allowed by 1998 Iowa Acts, chapter 1202, section 13(5), after receipt of a petition for a declaratory order, the treasurer of state or designee shall take action on the petition as required by 1998 Iowa Acts, chapter 1202, section 13(5). 17.8(2) The date o…

17.9(1) The department of the treasurer of state shall not issue a declaratory order where prohibited by 1998 Iowa Acts, chapter 1202, section 13(1), and may refuse to issue a declaratory order on some or all questions raised for the following reasons: 1. The petition does not su…

adopted by the agency are subject to the provisions of Iowa Code chapter 17A, the Iowa administrative procedure Act, and the provisions of this chapter.

18.10(1) Omission of notice and comment. To the extent the agency for good cause finds that public notice and participation are unnecessary, impracticable, or contrary to the public interest in the process of adopting a particular rule, the agency may adopt that rule without publ…

18.11(1) General. When requested by a person, either prior to the adoption of a rule or within 30 days after its publication in the Iowa Administrative Bulletin as an adopted rule, the agency shall issue a concise statement of reasons for the rule. Requests for such a statement m…

18.12(1) Contents. Each rule adopted by the agency shall contain the text of the rule and, in addition: a. The date the agency adopted the rule; b. A brief explanation of the principal reasons for the rule-making action if such reasons are required by 1998 Iowa Acts, chapter 1202…

18.13(1) Requirement. The agency shall maintain an official rule-making record for each rule it proposes by publication in the Iowa Administrative Bulletin of a Notice of Intended Action, or adopts. The rule-making record and materials incorporated by reference must be available …

administrative rules coordinator. The filing must be executed as soon after adoption of the rule as is practicable. At the time of filing, each rule must have attached to it any fiscal impact statement and any concise statement of reasons that was issued with respect to that rule…

18.15(1) Grounds. The agency may make a rule effective after its filing at any stated time prior to 35 days after its indexing and publication in the Iowa Administrative Bulletin if it finds that a statute so provides, the rule confers a benefit or removes a restriction on some s…

18.16(1) Compilation, indexing, public inspection. The agency shall maintain an official, current, and dated compilation that is indexed by subject, containing all of its general statements of policy within the scope of Iowa Code section 17A.2(10)“a,” “c,” “f,” “g,” “h,” “k.” Eac…

18.17(1) Any interested person, association, agency, or political subdivision may submit a written request to the administrative rules coordinator requesting the agency to conduct a formal review of a specified rule. Upon approval of that request by the administrative rules coord…

seeking information by other methods, the agency may, before publication of a Notice of Intended Action under Iowa Code section 17A.4(1)“a,” solicit comments from the public on a subject matter of possible rule making by the agency by causing notice to be published in the Iowa Ad…

18.3(1) Docket maintained. The agency shall maintain a current public rule-making docket. 18.3(2) Anticipated rule making. The rule-making docket shall list each anticipated rule-making proceeding. A rule-making proceeding is deemed “anticipated” from the time a draft of proposed…

18.4(1) Contents. At least 35 days before the adoption of a rule the agency shall cause Notice of Intended Action to be published in the Iowa Administrative Bulletin. The Notice of Intended Action shall include: a. A brief explanation of the purpose of the proposed rule; b. The s…

18.5(1) Written comments. For at least 20 days after publication of the Notice of Intended Action, persons may submit argument, data, and views, in writing, on the proposed rule. Such written submissions should identify the proposed rule to which they relate and should be submitt…

18.6(1) Definition of small business. A “small business” is defined in 1998 Iowa Acts, chapter 1202, section 10(7). 18.6(2) Mailing list. Small businesses or organizations of small businesses may be registered on the agency’s small business impact list by making a written applica…