§ 523A.502A — Sales agent annual reporting requirements

Iowa § 523A.502A

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 523A: CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES

Text

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
19 CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES, §523A.505
imposed pursuant to this section is five hundred dollars. The fee shall be collected by the
commissioner and deposited pursuant to section 505.7.