Bill Text: IA SF320 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act requiring notice of topsoil removal in real estate disclosure statements and making penalties applicable.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-02-23 - Subcommittee: Feenstra, Lykam, and Zaun. S.J. 403. [SF320 Detail]
Download: Iowa-2017-SF320-Introduced.html
Senate File 320 - Introduced SENATE FILE BY CHELGREN A BILL FOR 1 An Act requiring notice of topsoil removal in real estate 2 disclosure statements and making penalties applicable. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 2512XS (1) 87 gh/sc PAG LIN 1 1 Section 1. Section 558A.4, subsection 1, Code 2017, is 1 2 amended by adding the following new paragraph: 1 3 NEW PARAGRAPH. 0b. The disclosure statement shall indicate 1 4 whether topsoil has been removed from any part of the property 1 5 during the last twenty years, as provided in rules which shall 1 6 be adopted by the real estate commission pursuant to section 1 7 543B.9. However, information relating to topsoil removal shall 1 8 not be required in a disclosure statement for the transfer of 1 9 agricultural land as defined in section 6A.21. For purposes of 1 10 this paragraph, "topsoil" means the natural medium located at 1 11 the land surface with favorable characteristics for the growth 1 12 of vegetation. 1 13 EXPLANATION 1 14 The inclusion of this explanation does not constitute agreement with 1 15 the explanation's substance by the members of the general assembly. 1 16 Pursuant to current Code chapter 558A, a person interested 1 17 in transferring real property must deliver a written disclosure 1 18 statement to a person interested in being transferred the real 1 19 property. Current law requires the disclosure statement to 1 20 include information relating to the condition and important 1 21 characteristics of the property. 1 22 This bill requires that the disclosure statement also 1 23 indicate whether topsoil, as defined in the bill, has been 1 24 removed from the property in the last 20 years. The bill 1 25 exempts disclosure statements prepared for the transfer of 1 26 agricultural land from the requirement. 1 27 Pursuant to Code section 558A.6, a transferor of real 1 28 property who violates the disclosure statement requirements 1 29 shall be liable for the amount of actual damages suffered by 1 30 the transferee, unless the transferor had no actual knowledge 1 31 of the inaccuracy or exercised ordinary care in obtaining 1 32 the information. In addition, Code section 714.8 provides 1 33 that a contract seller who intentionally provides inaccurate 1 34 information on a disclosure statement is guilty of a fraudulent 1 35 practice. LSB 2512XS (1) 87 gh/sc
