1. 1. A qualified organization that issues qualified charitable gift annuities shall notify the department of commerce and insurance in writing by the later of ninety days after August 28, 2001, or the date on which it enters into the organization's first qualified charitable gift annuity agreement. The notice must:

   1. (1) Be signed by an officer or director of the organization;
   2. (2) Identify the organization; and

   3. (3) Certify that:

      1. (a) The organization is a qualified organization; and
      2. (b) The annuities issued by the organization are qualified charitable gift annuities.
2. 2. The organization shall be required to submit additional information if necessary to determine appropriate penalties that may be applicable pursuant to section 352.520.

(L. 1996 S.B. 768 § 2, A.L. 2001 H.B. 664)