Iowa Code 507E.3A – Fraudulent sales practices — penalties
Current as of: 2024 | Check for updates
|
Other versions
Attorney's Note
Under the Iowa Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class C felony | up to 10 years | between $1,370 and $13,660 |
| Class D felony | up to 5 years | between $1,025 and $10,245 |
Terms Used In Iowa Code 507E.3A
- 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
- Fraud: Intentional deception resulting in injury to another.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
507E.3A Fraudulent sales practices — penalties.
1. A person commits the offense of fraudulent sales practices if the person, with the intent to defraud another person in connection with any sale, solicitation, or negotiation of insurance in this state, willfully does any of the following:
a. Employs any deception, device, scheme, or artifice to defraud.
b. Misrepresents, conceals, or suppresses any material fact.
c. Engages in any act, practice, or course of business which operates as a fraud or deceit upon any person.
2. A person who violates subsection 1 commits a class “”D”” felony.
3. Notwithstanding subsection 2, a person commits a class “”C”” felony if the person violates subsection 1, and such violation results in a loss of more than ten thousand dollars.
2016 Acts, ch 1122, §5; 2017 Acts, ch 29, §143
Referred to in §910.1
1. A person commits the offense of fraudulent sales practices if the person, with the intent to defraud another person in connection with any sale, solicitation, or negotiation of insurance in this state, willfully does any of the following:
a. Employs any deception, device, scheme, or artifice to defraud.
b. Misrepresents, conceals, or suppresses any material fact.
c. Engages in any act, practice, or course of business which operates as a fraud or deceit upon any person.
2. A person who violates subsection 1 commits a class “”D”” felony.
3. Notwithstanding subsection 2, a person commits a class “”C”” felony if the person violates subsection 1, and such violation results in a loss of more than ten thousand dollars.
2016 Acts, ch 1122, §5; 2017 Acts, ch 29, §143
Referred to in §910.1