§ 527.7 — Records maintained

Iowa § 527.7

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 527: ELECTRONIC TRANSFER OF FUNDS

Text

1. Alltransactionsengagedinthroughasatelliteterminalshallberecordedinaformfrom
which it will be possible to produce a humanly readable record of any transaction, and these
recordings shall be retained by the utilizing financial institutions for the periods required by
law.
2. The machine receipt provided to a satellite account transaction card user by a satellite
terminal shall be admissible as evidence in any legal action or proceeding and shall constitute
prima facie proof of the transaction evidence by that receipt.
3. A financial institution shall provide each of its satellite account holders with a periodic
account statement that shall contain a brief description of all satellite terminal transactions
sufficient to enable the account holder to identify any transaction and to relate it to machine
receipts provided by satellite terminals.
4. When a periodic account statement includes both satellite terminal transactions and
other nonsatellite terminal transactions, all satellite terminal transactions shall be indicated
as such, and shall be accompanied by the description required by subsection 3.
5. The administrator may provide by rule for the recording and maintenance, by any
financial institution utilizing a satellite terminal, of amounts involved in a transaction
engaged in through the satellite terminal which are of a known tax consequence to
the customer initiating the transaction. For the purpose of this subsection, “known tax
consequences” means and includes but shall not be limited to the following:
a. Anamountdirectlyorindirectlyreceivedfromacustomerandappliedtoaloanaccount
of the customer which represents interest paid by the customer to the financial institution.
b. In any transaction where the total amount involved is deducted from funds in a
customer’s account and is simultaneously paid either directly or indirectly by the financial
institution to the account of a third party, any portion of the transaction amount which
represents a sales or other tax imposed upon or included within the transaction and collected
by that third party from the customer, or any portion of the transaction amount which
represents interest paid to the third party by the customer.
c. Any other transaction which the administrator determines to have direct tax
consequences to the customer. The administrator also may provide for the periodic
distribution to customers of summaries of transactions having known tax consequences.

Legislative History

[C77, 79, 81, §527.7]