Saturday, May 10, 2008
Governor Culver Signs Legislation To Protect Iowa Consumers
Governor has now taken action on 48 bills since the end of session
(DES MOINES) – Today, Governor Chet Culver signed three pieces of legislation designed to protect Iowa consumers.
“As Iowans face growing concerns about the national economy, it is imperative that we take steps now to protect Iowa consumers,” said Governor Culver. “That is why I am proud to sign these bills today. With these steps, we are once again sending a message that predatory business practices in Iowa will not be tolerated.”
The three consumer protection bills signed by the Governor today are:
- House File 2556 is the annual omnibus bill for the Iowa Division of Banking. Included in the legislation are several changes to code chapters administered by the Division designed to address issues that have arisen as the country deals with issues presented by the sub-prime mortgage crises and the resulting credit crunch.
- Senate File 2392 limits a type of insurance transaction known as stranger-originated life insurance, or STOLI, which typically affects older consumers. Under a STOLI transaction, individual policy holders do not put any of their own money into a life insurance policy, but instead receives a life settlement and the policy is paid by a third party who receives the funds upon the individuals death. This bill provides disclosure and transparency to help consumers when they decide they want to institute a life settlement, and requires a five year waiting before engaging in a STOLI transaction. The Iowa Insurance Division will protect consumers by providing guidelines for disclosure requirements to life insurance companies, appropriate transparency, and reporting requirements.
- Senate File 2308 provides consumer protection for security breaches and mandates that the consumer must be notified. The bill requires any person who owns or licenses computerized data will give notice of the breach of security. The notification must be made in the most expeditious manner available and without unreasonable delay. The bill also identifies acceptable ways to render notice to the consumer.
OTHER BILLS SIGNED BY THE GOVERNOR TODAY:
- Senate File 2406 relates to appointments by members of the general assembly to statutory boards, commissions, councils, and committees, abolishing certain related entities, and including effective date and applicability provisions.
- House File 2673 is an Act relating to the inheritance tax on any interest in a qualified tuition plan. The bill exempts from the state inheritance tax the value of any interest in an Iowa educational savings plan that is established pursuant to Code chapter 12D and any other section 529 of the Internal Revenue Code plans. The exemption applies to such plans in existence on or after July 1, 1998.
- House File 2647 appropriates a total of $148.2 million from the General Fund to the Judicial Branch. The Judicial Branch has 2,003.10 FTE positions that are not limited in this Bill. This is a decrease of $200,000 and no change in FTE positions compared to the estimated FY 2008 General Fund appropriations. The Bill also appropriates $2.5 million from the Jury Witness Fee Revolving Fund to the Judicial Retirement Fund and $1.7 million from the Court Technology and Modernization Fund to the Judicial Retirement Fund.
- House File 2177 requires deer transportation tags to be affixed to the antlers on an antlered deer that had been taken pursuant to a deer hunting license.
- House File 2367 requires the Absentee Ballot and Voters Precinct Board to record a separate tally of absentee ballots by resident precinct for general elections, and requires the tally to be available for public inspection.
- House File 2612 amends a number of provisions relating to natural resources regulated by the Department of Natural Resources and under the jurisdiction of the Natural Resource Commission (NRC) which provide land and outdoor recreation.
- House File 2672 creates a new water use permit fund and makes appropriations.
- House File 2685directs the Environmental Protection Commission (EPC) to adopt rules for water well drilling and to convene an advisory committee.
- House File 2674 provides that the annual $35,000 appropriation to the Department of Management’s Office of Grants Enterprise Management, for grant identification and writing assistance to state agencies, is extended through the fiscal year beginning July 1, 2009.
- Senate File 2418 directs the Department of Human Services to provide educational materials related to federal and state income earned tax credits to each household receiving a benefit from Department of Human Services programs. It requires a mailing in each January for this purpose.
- House File 2663 deals with the Uniform Limited Liability Company Act (ULLCA). The bill revises the current “Iowa Limited Liability Company Act” codified in Code Chapter 490A, and places it in new Code Chapter 489. Chapter 489, the “Revised Uniform Limited Liability Company Act” (RULLCA) will entirely replace Chapter 490A by January 1, 2011.
- Senate File 2132 deals with changes regarding notices for the disposition of seized property.