House
File
2088
-
Introduced
HOUSE
FILE
2088
BY
HEIN
,
MOORE
,
BYRNES
,
GRASSLEY
,
COSTELLO
,
STANERSON
,
KAUFMANN
,
PETTENGILL
,
SALMON
,
HEATON
,
FISHER
,
and
R.
TAYLOR
A
BILL
FOR
An
Act
relating
to
disposition
of
unclaimed
property
provisions
1
applicable
to
gift
certificates.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5824HH
(3)
85
rn/sc
H.F.
2088
Section
1.
Section
556.9,
subsection
2,
Code
2014,
is
1
amended
to
read
as
follows:
2
2.
a.
An
issuer
of
a
gift
certificate
shall
not
deduct
3
from
the
face
value
of
the
gift
certificate
any
charge
imposed
4
due
to
the
failure
of
the
owner
of
the
gift
certificate
to
5
present
the
gift
certificate
in
a
timely
manner,
unless
a
valid
6
and
enforceable
written
contract
exists
between
the
issuer
and
7
the
owner
of
the
gift
certificate
pursuant
to
which
the
issuer
8
regularly
imposes
such
charges
and
does
not
regularly
reverse
9
or
otherwise
cancel
them.
10
b.
Notwithstanding
the
time
limitation
in
subsection
1,
11
a
gift
certificate
that
is
not
subject
to
an
expiration
date
12
and
that
is
not
subject
to
a
deduction
from
the
face
value
13
of
the
gift
certificate
for
failure
of
the
owner
of
the
gift
14
certificate
to
present
the
gift
certificate
in
a
timely
manner,
15
or
subject
to
any
other
charge
or
service
fee,
which
card
16
remains
unpresented,
shall
continue
in
force
and
be
eligible
17
for
presentation
for
an
indefinite
period
of
time,
and
shall
18
not
be
subject
to
a
presumption
of
abandonment.
19
c.
For
purposes
of
this
subsection
,
“gift
certificate”
means
20
a
merchandise
certificate
or
electronic
gift
card
conspicuously
21
designated
as
a
gift
certificate
or
electronic
gift
card,
and
22
generally
purchased
by
a
buyer
for
use
by
a
person
other
than
23
the
buyer.
24
EXPLANATION
25
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
26
the
explanation’s
substance
by
the
members
of
the
general
assembly.
27
This
bill
modifies
unclaimed
property
provisions
that
apply
28
to
gift
certificates.
29
Current
law
includes
gift
certificates
within
the
definition
30
of
“property”
subject
to
the
disposition
of
unclaimed
property
31
provisions
of
Code
chapter
556.
The
bill
provides
that,
32
notwithstanding
provisions
in
Code
section
556.2
specifying
33
that
intangible
personal
property
that
remains
unclaimed
by
34
the
owner
for
more
than
three
years
after
it
became
payable
or
35
-1-
LSB
5824HH
(3)
85
rn/sc
1/
2
H.F.
2088
distributable
is
presumed
abandoned,
a
gift
certificate
that
1
is
not
subject
to
an
expiration
date
or
subject
to
any
form
2
of
late
payment
charge
or
other
charge
or
service
fee
remains
3
eligible
for
presentation
for
an
indefinite
period
of
time,
and
4
shall
not
be
presumed
abandoned.
5
-2-
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5824HH
(3)
85
rn/sc
2/
2