523A.502A Sales agent annual reporting requirements.
1. No later than April 15, a sales agent shall file an annual report with the commissioner on a form prescribed by the commissioner describing each purchase agreement sold by the sales agent during the year. An annual report must be filed whether or not a sales agent sold any purchase agreements during the year and whether or not a sales agent is still an agent of a preneed seller or is still licensed by the commissioner.
2. All records maintained by the commissioner under this section shall be confidential pursuant to section 22.7, subsection 58, and shall not be made available for inspection or copying except upon the approval of the commissioner or the attorney general, or except when sought by the sales agent to whom the records relate. Such records shall be privileged and confidential in any judicial or administrative proceeding except any of the following:
a. An action commenced by the commissioner.
b. An administrative proceeding brought by the insurance division.
c. An action or proceeding which arises out of the criminal provisions of the laws of this state or of the United States.
d. An action brought by the insurance division or the attorney general to recover moneys for embezzlement, misappropriation, or misuse of trust funds.
3. The commissioner may impose a late fee of five dollars for each day after April 15 that a sales agent fails to file the sales agent’s annual report. The maximum late fee that may be imposed pursuant to this section is five hundred dollars. The fee shall be collected by the commissioner and deposited pursuant to section 505.7.
2007 Acts, ch 175, §18; 2009 Acts, ch 102, §2, 3; 2009 Acts, ch 181, §94; 2010 Acts, ch 1121, §26; 2015 Acts, ch 128, §40, 41, 50, 51; 2021 Acts, ch 181, §38, 39
Referred to in §22.7(58), 523A.502, 523A.807
Subsection 1 amended
NEW subsection 3
Structure Iowa Code
Chapter 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES
Section 523A.101 - Short title.
Section 523A.102 - Definitions.
Section 523A.201 - Establishment of trust funds.
Section 523A.202 - Trust fund deposit requirements.
Section 523A.203 - Financial institution trustees — qualification and investment requirements.
Section 523A.204 - Preneed seller annual reporting requirements.
Section 523A.205 - Financial institution annual reporting requirements.
Section 523A.206 - Examinations — authority and scope.
Section 523A.207 - Report by certified public accountants — penalties — waiver — confidentiality.
Section 523A.301 - Definition.
Section 523A.302 - Identification of merchandise and service provider.
Section 523A.303 - Disbursement of remaining funds.
Section 523A.401 - Purchase agreements funded by insurance proceeds.
Section 523A.402 - Purchase agreements funded by annuity proceeds.
Section 523A.403 - Purchase agreements funded by certificates of deposit.
Section 523A.404 - Merchandise delivered to the purchaser or warehoused.
Section 523A.405 - Bond in lieu of trust fund.
Section 523A.501 - Preneed sellers — licenses.
Section 523A.502 - Sales agents — licenses.
Section 523A.502A - Sales agent annual reporting requirements.
Section 523A.503 - Denial, suspension, revocation, and surrender of licenses.
Section 523A.504 - Appointment of sales agents — fee.
Section 523A.601 - Disclosures.
Section 523A.603 - Security and notice requirements.
Section 523A.604 - Purchase agreements — numbering.
Section 523A.701 - Misleading filings.
Section 523A.702 - Misrepresentations of government approval.
Section 523A.703 - Fraudulent practices.
Section 523A.704 - Violations.
Section 523A.801 - Administration.
Section 523A.802A - Service of process made on the commissioner as the agent for service of process.
Section 523A.803 - Investigations and subpoenas.
Section 523A.805 - Cease and desist orders — injunctions.
Section 523A.806 - Court action for failure to cooperate.
Section 523A.807 - Prosecution for violations of law.
Section 523A.808 - Cooperation with other agencies.
Section 523A.809 - Rules, forms, and orders.
Section 523A.810 - Date of filing — interpretive opinions.
Section 523A.810A - Electronic filing.
Section 523A.811 - Receiverships.
Section 523A.812 - Insurance division regulatory fund.
Section 523A.813 - License revocation — recommendation by commissioner to board of mortuary science.