IA SF2058

Pipeline companies seeking eminent domain rights must disclose in permit applications the names and home addresses of all investors who own a beneficial interest greater than $1 in the project, whether directly or through a business association.

Investor disclosures must categorize each investor's planned monetary investment within specified ranges: $1-$9,999; $10,000-$49,999; $50,000-$99,999; $100,000-$499,999; $500,000-$999,999; or $1 million and over.

Pipeline companies failing to accurately and fully comply with disclosure requirements face a civil penalty of at least $1 million assessed by the utilities commission.

Iowa residents may bring a cause of action against both the pipeline company and the commission for all damages caused by disclosure violations.

The requirements take effect upon enactment and apply retroactively to pipeline construction applications submitted on or after July 1, 2019.