Iowa Code 523A.205 – Financial institution annual reporting requirements
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Terms Used In Iowa Code 523A.205
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- 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
- 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
- year: means twelve consecutive months. See Iowa Code 4.1
523A.205 Financial institution annual reporting requirements.
1. A financial institution shall file with the commissioner not later than March 1 of each
year an annual report on a form prescribed by the commissioner showing all funds deposited by a seller under a trust agreement during the previous year. Each report shall contain all information requested.
2. All records maintained by the commissioner under this section shall be confidential pursuant to § 22.7, subsection 58, and shall not be made available for inspection or copying except upon approval of the commissioner or the attorney general, or except when sought by the financial institution 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.
2001 Acts, ch 118, §23; 2007 Acts, ch 175, §53; 2015 Acts, ch 128, §29, 30, 50, 51
Referred to in §22.7(58)
1. A financial institution shall file with the commissioner not later than March 1 of each
year an annual report on a form prescribed by the commissioner showing all funds deposited by a seller under a trust agreement during the previous year. Each report shall contain all information requested.
2. All records maintained by the commissioner under this section shall be confidential pursuant to § 22.7, subsection 58, and shall not be made available for inspection or copying except upon approval of the commissioner or the attorney general, or except when sought by the financial institution 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.
2001 Acts, ch 118, §23; 2007 Acts, ch 175, §53; 2015 Acts, ch 128, §29, 30, 50, 51
Referred to in §22.7(58)