508F.5 - FAILURE TO COMPLY WITH REQUIREMENTS.

        508F.5  FAILURE TO COMPLY WITH REQUIREMENTS.         1.  The failure of a charitable organization to comply with the      requirements of sections 508F.3 and 508F.4 does not prevent a      charitable gift annuity that otherwise meets the requirements of this      chapter from constituting a qualified charitable gift annuity.         2.  The commissioner shall enforce performance of the requirements      of sections 508F.3 and 508F.4.  The commissioner may do any of the      following:         a.  Send a letter by restricted certified mail to the      charitable organization demanding that the charitable organization      comply with this chapter.         b.  Establish and impose civil penalties on the charitable      organization in an amount not to exceed one thousand dollars for each      qualified charitable gift annuity issued until the charitable      organization complies with the requirements of this chapter.  
         Section History: Recent Form
         2001 Acts, ch 28, §6         Referred to in § 508F.4