Iowa Code 502.801 – Definitions
Current as of: 2023 | Check for updates
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For purposes of this article, unless the context otherwise requires:
1. “Eligible adult” means any of the following:
a. A person sixty-five years of age or older.
b. A dependent adult as defined in section 235B.2.
Terms Used In Iowa Code 502.801
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Dependent: A person dependent for support upon another.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Fraud: Intentional deception resulting in injury to another.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. “Financial exploitation” means any act or omission taken by a person to wrongfully and knowingly deprive an eligible adult of money, assets, or property, or to obtain control over or otherwise use, convert, or divert the benefits, property, resources, or assets of the eligible adult by intimidation, deception, coercion, fraud, extortion, or undue influence.
3. “Permissible third party” means any of the following:
a. A person the eligible adult previously designated to receive the notification described in section 502.804.
b. A person otherwise permitted to receive the notification described in section 502.804 by any state or federal law or any rule issued by the financial industry regulatory authority.
4. “Qualified individual” means any of the following:
a. An agent who has received training pursuant to section 502.808.
b. An investment adviser representative who has received training pursuant to section 502.808.
c. A person who has received training pursuant to section 502.808 and who serves in a supervisory, compliance, senior investor protection, or legal capacity for any of the following:
(1) A broker-dealer.
(2) An investment adviser.