Bill Text: IA SSB3124 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to the transfer of real estate held in a trust, and including applicability provisions.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2020-02-17 - Committee report approving bill, renumbered as SF 2300. [SSB3124 Detail]
Download: Iowa-2019-SSB3124-Introduced.html
Senate
Study
Bill
3124
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
STATE
GOVERNMENT
BILL
BY
CHAIRPERSON
SMITH)
A
BILL
FOR
An
Act
relating
to
the
transfer
of
real
estate
held
in
a
trust,
1
and
including
applicability
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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S.F.
_____
Section
1.
Section
558A.1,
subsection
5,
paragraph
c,
Code
1
2020,
is
amended
to
read
as
follows:
2
c.
A
transfer
by
a
fiduciary
in
the
course
of
the
3
administration
of
a
decedent’s
estate,
guardianship,
4
conservatorship,
or
trust.
This
exemption
shall
not
apply
to
a
5
transfer
of
real
estate
held
in
a
trust
in
which
the
trustee,
6
settlor,
or
beneficiary
of
the
trust
is
alive
and
is
a
former
7
owner
of
the
real
estate,
or
was
an
occupant
in
possession
8
of
the
real
estate
at
any
time
within
the
twelve
consecutive
9
months
immediately
preceding
the
date
of
transfer
of
the
real
10
estate.
11
Sec.
2.
APPLICABILITY.
This
Act
applies
to
the
transfer
of
12
real
estate
held
in
a
trust
on
or
after
July
1,
2020.
13
EXPLANATION
14
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
15
the
explanation’s
substance
by
the
members
of
the
general
assembly.
16
This
bill
relates
to
the
transfer
of
real
estate
held
in
17
a
trust.
Under
current
law,
a
trustee
of
a
trust
is
exempt
18
from
providing
a
written
disclosure
statement
to
a
transferee
19
as
part
of
a
transfer
of
real
estate.
The
bill
eliminates
20
that
exemption
for
a
trust
in
which
the
trustee,
settlor,
or
21
beneficiary
of
the
trust
is
alive
and
is
a
former
owner
of
22
the
real
estate
or
was
an
occupant
in
possession
of
the
real
23
estate
at
any
time
within
the
12
consecutive
months
immediately
24
preceding
the
date
of
transfer
of
the
real
estate.
The
bill
25
applies
to
the
transfer
of
real
estate
held
in
a
trust
on
or
26
after
July
1,
2020.
27
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