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January 2008, ARRC Digest

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January 2008, ARRC Digest A IOWA GENERAL ASSEMBLY R R C Administrative Rules Review Committee STATEHOUSE * ROOM 116 * DES MOINES, IOWA 50319 * (515) 281-3084/3355/4800 FAX (515) 281-4424 * E-MAIL [email protected]; [email protected] THE RULES DIGEST Scheduled for committee review Reference January, 2008 XXX IAB No. 14(12/05/07) Monday, Jan. 7, 2008 in Senate Committee Room #116 XXX IAB No. 15 (12/19/07) XXX IAB No. 16 (01/05/08) HIGHLIGHTS IN THIS ISSUE: IOWA EDUCATIONAL SAVINGS PLAN, Treasurer..........................................................................................1 NONDISCRIMINATION; ANTIHARASSMENT & ANTIBULLYING POLICY, Education Department...........2 OPEN ENROLLMENT, Education Department..................................................................................................3 PHARMACY BENEFIT MANAGERS..................................................................................................................4 _____ TREASURER Treasurer sets an account balance limit in 9:10 compliance with federal law. Iowa Educational Savings Plan, IAB Vol. XXX, No. 16, Payments from the plan may be made either to ARC 6506B, NOTICE. the beneficiary or an institution of high education. This program began in 1998 as a trust investment Non-qualifying uses of the fund are subject to plan located within the Treasurer's office, it allows federal and state taxation. Qualifying uses can Iowans to pool savings for future college expenses. include: tuition, fees, books, supplies, equipment This is the first update in five years. The program and reasonable room and board expenses. was created in Code Chapter 12D. It is based on section 529 of the Internal Revenue Code. These The proposed rules add language to address so-called 529 plans are also known as "qualified online applications. They also require that each tuition plans". All fifty states have some version of plan have a program description setting forth the this program. This is NOT a pre-paid tuition terms of the plan and describing the investments program, which generally allows college savers to and procedures applicable to that plan. The purchase units or credits at participating colleges program description may be changed at any time by and universities for future tuition. This savings the program administrator and any such change programs does not establish a lock on college costs. may impact the rights of participants and beneficiaries under the plan. The rules specify Each participant enters into an agreement to what actions require the completion of an agree to invest a specific amount of money in the appropriate form. trust for a specific period of time for the benefit of a named beneficiary. The participant is not be The proposed rules do not change the participant required to make an annual contribution on behalf eligibility criteria. They do make some changes to of a beneficiary. That contribution may be the rules governing beneficiary eligibility. The deducted for Iowa income tax purposes the rules would no longer require a beneficiary to be maximum contribution is adjusted each year by the under 18 years of age at the time the participation Treasurer, based on the inflation rate The agreement is executed. THE RULES DIGEST -2- The current rules allow participation agreements The purchase of a debt cancellation product to require participants to invest a specific amount must be voluntary, it cannot be a condition of the in the trust for a specific period of time, not to loan. The credit union must obtain from the exceed 2,000 dollars per beneficiary per year. The borrower a written election to purchase the product proposed rules remove that 2,000 dollar maximum. and written acknowledgment of the disclosures The proposed rules allow participants to make required in by the rules. This includes: contributions at any time during the calendar year • Disclosure that the product is optional; provided that each contribution is made in • An explanation of debt suspension agreement; accordance with the requirements of the program • The amount of fee; description. • Lump sum or installment payment of fee; . • Policy of refund of the fee; The proposal removes language stating that • Cancellation rights; participant's account balance shall be refunded, less • Eligibility requirements. endowment fund earnings, and less a refund A verbal, "short term" disclosure is required at penalty, in the event an account balance remains in the time the credit union first offers the debt the account for a 30-day period following the cancellation product to the borrower. The credit beneficiary's thirtieth birthday. union must make a "long–form disclosure" in Under the proposed rules, benefits will be paid in writing before the borrower completes the purchase one of three ways after the request is received by of the contract or agreement. The borrower must the program administrator: Paid directly to the provide a written affirmative election to purchase institution of higher learning; paid directly to the the product and written acknowledgment of receipt participant for qualified or non-qualified expenses; of the disclosures. or paid directly to the beneficiary for qualified IOWA FINANCE AUTHORITY expenses. The proposed rules also provide 9:30 procedures and criteria for canceling a participation Water pollution control works and drinking water facilities agreement at will. financing, IAB Vol. XXX No. 14, ARC 6508B, FILED CREDIT UNION DIVISION EMERGENCY, ARC 6509B, NOTICE. 9:20 The Iowa Finance Authority has adopted an Debt cancellation products, IAB Vol. XXX No. 14, ARC amendment to its rules pertaining to water 6430B, NOTICE. pollution control works and drinking water This proposal is a re-notice from July. 2007 Iowa facilities financing. The previous rules did not Acts, Senate File 557, codified in Iowa Code allow prepayment of loan principal within the first Supplement section 533.315(9)“b”, authorizes the ten years of the loan term, other than those division to offer debt cancellation products. A debt repayments resulting from a loan agreement cancellation product is an agreement between a adjustment based on final costs. The authority financial institution and a borrower modifying loan believes such a restriction is burdensome. terms under which the institution agrees to suspend Accordingly, the authority has removed that or cancel all or part of the borrower’s obligation to provision from the rules and adopted language repay a loan. A debt cancellation product may which allows a loan to be prepaid, in whole or in involve an optional member paid fee which part, on any date with the prior written consent of provides protection for such unforeseen events as the authority. death, disability, involuntary unemployment, total EDUCATION DEPARTMENT loss of a vehicle1, and other contingencies. To the 10:50 consumer debt cancellation may appear similar to Nondiscrimination; antiharassment and antibullying policy, credit life or disability insurance, but debt IAB Vol. XXX No. 14, ARC 6472B, Filed. cancellation is not an insurance product and it is Iowa's Civil Rights Act was amended in 2007 regulated by the credit union division as part of the Acts, Senate File 427 by adding sexual orientation loan process; the authority for these products is and gender identity to the list of protected classes codified within the general loan provisions. (Iowa Code §216.9(1)), which also includes: race, THE RULES DIGEST -3- creed, color, sex, national origin, religion, or identity" were added to the preamble. Second, a disability. Accordingly, education programs are reference to the enabling statute was corrected. prohibited from discrimination on the basis of these Third, the following sentence was added to subrule characteristics. This revision adds these protections 12.3(13), paragraph "b": "The local board policy to department's accreditation standards. Those must set forth all 17 of the above enumerated traits standards require all schools to provide equal or characteristics, but does not need to be limited to opportunity in programs to students in a protected the 17 enumerated traits or characteristics." class. This proposal also creates a protected class * * * which is not set out in the Civil Rights Act: socio- Open enrollment, IAB Vol. XXX No. 13, ARC 6480B, economic status. That particular status is protected Notice. against bullying or other harassment in 2007 Acts The department proposes these amendments in Senate File 61. response to the June 28, 2007 decision of the The revised accreditation standards also require United States Supreme Court, which held student each school district to maintain a policy which attendance assignments may not be based solely or prohibits harassment and bullying. The Act primarily on race; see: Parents Involved in mandates that local districts establish a policy by Community Schools v. Seattle School District, 05- September 1, 2007 prohibiting harassment and 908, 551 U.S. __ (2007). The proposed rules bullying in schools, on school property, and at any amend the definition of "minority student" and school function, or school-sponsored activity establish definitions for "diversity plan", "voluntary regardless of its location. The prohibition applies to diversity plan", and "eligible district". Rather than employees, students and volunteers. The phrase defining “minority student” solely in terms of race, "harassment and bullying" includes any electronic, the amendments allow eligible districts to define written, verbal, or physical action toward a student the
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