Iowa Code 252I.7 – Responsibilities of financial institution
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Upon receipt of a notice under section 252I.5, the financial institution shall do all of the following:
1. Immediately encumber funds in all accounts in which the obligor has an interest to the extent of the debt indicated in the notice from child support services.
Terms Used In Iowa Code 252I.7
- Account: means "account" as defined in section 524. See Iowa Code 252I.1
- Child: includes but shall not be limited to a stepchild, foster child, or legally adopted child and means a child actually or apparently under eighteen years of age, and a dependent person eighteen years of age or over who is unable to maintain the person's self and is likely to become a public charge. See Iowa Code 252A.2
- Child support services: means child support services created in section 252B. See Iowa Code 252I.1
- Financial institution: means "financial institution" as defined in 42 U. See Iowa Code 252I.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Institution: means a birthing hospital. See Iowa Code 252A.2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligor: means a person who has been ordered by a court or administrative authority to pay support. See Iowa Code 252I.1
2. No sooner than fifteen days, and no later than twenty days from the date the financial institution receives the notice under section 252I.5, unless notified by child support services of a challenge by the obligor or an account holder of interest, the financial institution shall forward the moneys encumbered to the collection services center with the obligor’s name and social security number, collection services center account number, and any other information required in the notice.
3. The financial institution may assess a fee against the obligor, not to exceed ten dollars, for forwarding of moneys to the collection services center. This fee is in addition to the amount of support due. In the event that there are insufficient moneys to cover the fee and the support amount due, the institution may deduct the fee amount prior to forwarding moneys to the collection services center and the amount credited to the support obligation shall be reduced by the fee amount.