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Can I collect financial information from participants in Iowa? What are the requirements?
To collect financial information from participants in Iowa, you must comply with the requirements set forth in the Iowa educational savings plan trust program description [3.1] and the Iowa personal financial disclosure statement filing requirements and procedures [1.2].
According to [3.1], each participant must submit a participation agreement in order to open an account. The participation agreement shall be signed and dated by the participant to verify that the participant agrees to the terms and conditions of the program. For online applications, participants must confirm that they have read the terms and conditions prior to submitting the application. Each plan will have a program description setting forth the terms of the plan and describing the investments, procedures, and fees applicable to that plan. Each program description shall also set forth the privacy policy adopted by the program administrator for that plan. Persons interested in a plan should consult the program description.
Regarding personal financial disclosure statements, [1.2] states that all persons who are required to file a personal financial disclosure statement (Form PFD) with the board pursuant to Iowa Code section 68B.35(2) shall file the statements with the board on or before April 30 of each year following a year during which the person holds a designated position, without regard to the length of time the position was occupied by the person. Form PFD shall be filed with the board electronically using the board’s Web site at Information shall be filed on Form PFD as designated by the board and shall cover the calendar year immediately preceding the year due.
Therefore, to collect financial information from participants in Iowa, you must provide a program description that sets forth the terms of the plan and describing the investments, procedures, and fees applicable to that plan, as well as a privacy policy adopted by the program administrator for that plan. Additionally, if you are required to file a personal financial disclosure statement, you must file the statement with the board on or before April 30 of each year following a year during which you hold a designated position, without regard to the length of time the position was occupied by you.
Source(s):
Jurisdiction
Iowa