8A.503 - RULES -- DEPOSIT OF DEPARTMENTAL MONEYS.
8A.503 RULES -- DEPOSIT OF DEPARTMENTAL MONEYS.
The director shall prescribe by rule the manner and methods by
which all departments and agencies of the state who collect money for
and on behalf of the state shall cause the money to be deposited with
the treasurer of state or in a depository designated by the treasurer
of state. All such moneys collected shall be deposited at such times
and in such depositories to permit the state of Iowa to deposit the
funds in a manner consistent with the state's investment policies.
All such moneys shall be promptly deposited, as directed, even though
the individual amount remitted may not be correct. If any individual
amount remitted is in excess of the amount required, the department
or agency receiving the same shall refund the excess amount. If the
individual amount remitted is insufficient, the person, firm, or
corporation concerned shall be immediately billed for the amount of
the deficiency. Section History: Recent Form
2003 Acts, ch 145, §85