252I.7 - RESPONSIBILITIES OF FINANCIAL INSTITUTION. - Iowa Statutes

252I.7 RESPONSIBILITIES OF FINANCIAL INSTITUTION. Upon receipt of a notice under section 252I.5, the financial institution shall do all of the following: 1. Immediately encumber funds in all accounts in which the obligor has an interest to the extent of the debt indicated in the notice from the unit. 2. No sooner than fifteen days, and no later than twenty days from the date the financial institution receives the notice under section 252I.5, unless notified by the unit of a challenge by the obligor or an account holder of interest, the financial institution shall forward the moneys encumbered to the collection services center with the obligor's name and social security number, collection services center account number, and any other information required in the notice. 3. The financial institution may assess a fee against the obligor, not to exceed ten dollars, for forwarding of moneys to the collection services center. This fee is in addition to the amount of support due. In the event that there are insufficient moneys to cover the fee and the support amount due, the institution may deduct the fee amount prior to forwarding moneys to the collection services center and the amount credited to the support obligation shall be reduced by the fee amount.          Section History: Recent Form 94 Acts, ch 1101, §7 Referred to in § 252I.8