Bill Text: IA HF2366 | 2023-2024 | 90th General Assembly | Enrolled
Bill Title: A bill for an act relating to probate law, including charitable organizations as named beneficiaries. (Formerly HF 649, HF 515.) Effective date: 07/01/2024.
Spectrum: Committee Bill
Status: (Passed) 2024-05-03 - Signed by Governor. H.J. 937. [HF2366 Detail]
Download: Iowa-2023-HF2366-Enrolled.html
House
File
2366
-
Enrolled
House
File
2366
AN
ACT
RELATING
TO
PROBATE
LAW,
INCLUDING
CHARITABLE
ORGANIZATIONS
AS
NAMED
BENEFICIARIES.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
NEW
SECTION
.
633.358
Charitable
organization
beneficiary
affidavit
and
third-party
protection.
1.
For
the
purposes
of
this
section,
“beneficiary
designation”
means
the
provision
in
an
instrument
designating
a
beneficiary,
other
than
in
a
will
or
an
instrument
creating
a
trust,
and
may
also
mean
the
instrument
itself,
including
but
not
limited
to
any
of
the
following:
a.
An
annuity
or
insurance
policy.
b.
An
account
with
a
designation
for
payment
on
death.
c.
A
security
registered
in
beneficiary
form.
d.
A
pension,
profit-sharing,
retirement,
or
other
employment-related
benefit
plan.
e.
Any
other
nonprobate
transfer
at
death.
2.
If
a
charitable
organization,
as
defined
in
section
15E.311,
is
a
beneficiary
of
an
interest
in
property
created
by
beneficiary
designation,
that
charitable
organization
may
present
an
affidavit
to
the
holder
of
the
property
or
to
any
person
with
information
about
the
property
for
the
purpose
of
obtaining
the
property
or
information
regarding
the
property.
The
affidavit
shall
state
all
of
the
following:
a.
The
decedent’s
name
and
last
known
address.
b.
A
general
description
of
the
property
to
the
extent
House
File
2366,
p.
2
known.
c.
The
charitable
organization’s
name,
address,
and
primary
contact
information.
d.
The
charitable
organization
is
a
charitable
organization
as
defined
in
section
15E.311.
e.
A
request
that
the
property
be
paid
or
transferred
to
the
charitable
organization
or
that
information
about
the
property
be
given
to
the
charitable
organization.
f.
No
one
other
than
the
charitable
organization
has
a
right
to
the
interest
in
the
property
listed
in
the
affidavit.
g.
The
affidavit
has
been
signed
by
a
duly
authorized
representative
of
the
charitable
organization
under
penalty
of
perjury
before
a
notary
public
as
provided
in
chapter
9B.
h.
The
information
in
the
affidavit
is
true
and
correct.
3.
The
affidavit
shall
be
accompanied
by
all
of
the
following:
a.
A
copy
of
the
charitable
organization’s
determination
letter
from
the
internal
revenue
service
recognizing
its
tax-exempt
status.
b.
A
copy
of
the
charitable
organization’s
certificate
of
existence
issued
by
the
secretary
of
state
as
conclusive
evidence
that
the
domestic
or
foreign
corporation
is
in
good
standing.
c.
A
statement
that
on
information
or
belief
of
the
affiant,
the
property
owner
is
deceased
supported
by
a
death
certificate
of
the
decedent,
or
probate
notice
published
by
the
personal
representative
of
the
decedent’s
estate,
or
proof
of
payment
of
the
decedent’s
funeral
expenses,
or
the
decedent’s
obituary
as
verification
of
the
decedent’s
death.
d.
A
corporate
resolution
or
similar
statement
of
authority
of
the
affiant
to
act
on
behalf
of
the
charitable
organization.
e.
Federal
internal
revenue
service
form
W-9
completed
by
an
authorized
representative
of
the
charitable
organization.
4.
The
holder
of
the
property
shall
not
request
any
additional
personal
information
from
any
individual
employed
by,
or
serving
on
the
board
of
the
charitable
organization,
including
but
not
limited
to
any
of
the
following:
a.
Social
security
number
or
driver’s
license
number.
b.
Contact
information.
House
File
2366,
p.
3
c.
Personal
financial
information.
5.
If
the
requirements
of
this
section
are
satisfied,
all
of
the
following
apply:
a.
The
decedent’s
property
shall
be
paid,
delivered,
or
transferred
to
or
for
the
benefit
of
the
charitable
organization
if
the
affidavit
has
requested
the
transfer
of
ownership
of
the
property
to
the
charitable
organization.
b.
A
transfer
agent
of
a
security
described
in
the
affidavit
shall
change
registered
ownership
on
the
books
of
the
corporation
from
the
decedent
to
or
for
the
benefit
of
the
charitable
organization
if
the
affidavit
has
requested
the
transfer
of
ownership
of
the
property
to
the
charitable
organization.
c.
The
information
requested
in
the
affidavit
shall
be
delivered
to
the
organization.
6.
The
holder
of
the
property
and
any
person
who
in
good
faith
delivers
the
property
or
information
requested
in
reliance
on
information
a
charitable
organization
provides
under
this
section,
who
has
no
knowledge
that
representations
contained
in
the
affidavit
are
incorrect,
shall
not
be
liable
to
any
person
for
so
acting
and
may
assume
without
inquiry
the
existence
of
the
facts
contained
in
the
affidavit.
The
time
to
verify
a
charitable
organization’s
authority
shall
not
exceed
thirty
days
from
the
date
of
delivery
of
the
affidavit.
Any
right
or
title
acquired
from
the
charitable
organization
in
consideration
of
the
provision
of
property
or
information
under
this
section
is
not
invalid
in
consequence
of
misapplication
by
the
charitable
organization.
A
transaction
and
a
lien
created
by
a
transaction
entered
into
by
the
charitable
organization
and
anyone
acting
in
reliance
on
the
affidavit
under
this
section
is
enforceable
against
the
property
the
charitable
organization
has
requested.
7.
If
the
holder
of
the
property
refuses
to
provide
the
requested
property
or
information
within
thirty
days
after
receiving
the
affidavit,
the
charitable
organization
may
bring
an
action
against
the
holder
of
the
property
to
recover
the
property
or
receive
the
information
or
to
compel
the
delivery
of
the
property.
An
action
brought
under
this
section
must
be
brought
within
one
year
after
the
date
of
the
act
or
failure
to
House
File
2366,
p.
4
act.
If
the
court
finds
that
the
holder
of
the
property
acted
unreasonably
in
failing
to
deliver
the
property
or
information
as
requested
in
the
affidavit,
the
court
may
award
to
the
charitable
organization
any
or
all
of
the
following:
a.
Damages
sustained
by
the
charitable
organization.
b.
Costs
of
the
action.
c.
A
penalty
in
an
amount
determined
by
the
court
between
five
hundred
dollars
and
ten
thousand
dollars.
d.
Reasonable
attorney
fees
based
on
the
value
of
the
time
reasonably
expended
by
the
attorney
and
not
by
the
amount
of
the
recovery
on
behalf
of
the
charitable
organization.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
AMY
SINCLAIR
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
2366,
Ninetieth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2024
______________________________
KIM
REYNOLDS
Governor
