Text: HF00498 Text: HF00500 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 556.11, subsection 4, Code 1995, is 1 2 amended to read as follows: 1 3 4. The report shall be filed annually before November 1of1 4each year as offor the fiscal year ending on the preceding 1 5 June 30next preceding, but the report of life insurance1 6corporations shall be filed before May 1 of each year as of1 7December 31 next preceding. Thestatetreasurer of state may 1 8 postpone the reporting date upon written request by any person 1 9 required to file a report. 1 10 Sec. 2. Section 556.12, subsection 1, Code 1995, is 1 11 amended to read as follows: 1 12 1.Within one hundred twenty days from the final date for1 13filing of the reportIf a report has been filed with the 1 14 treasurer of state, or property has been paid or delivered to 1 15 the treasurer of state, for the fiscal year ending on June 30 1 16 as required by section 556.11, thestatetreasurer of state 1 17 shallcauseprovide for the publication annually of at least 1 18 one notice not later than the following November 30. Each 1 19 noticetoshall be published at least once each week for two 1 20 successive weeks in an English language newspaper of general 1 21 circulation in the county in this state in which is located 1 22 the last known address of any person to be named in the 1 23 notice. Ifnoan address is not listed or if the address is 1 24 outside this state, the notice shall be published in the 1 25 county in which the holder of the abandoned property has its 1 26 principal place of business within this state. 1 27 Sec. 3. Section 556.22, Code 1995, is amended to read as 1 28 follows: 1 29 556.22ELECTION TO TAKE PAYMENT OR DELIVERYELECTIONS BY 1 30 THE TREASURER OF STATE. 1 31 1. The treasurer of state may elect to allow a holder to 1 32 file a report as provided in section 556.11, or to deliver or 1 33 pay property to the treasurer, before the property is presumed 1 34 abandoned, upon consent of the treasurer and according to 1 35 terms and conditions prescribed by the treasurer. 2 1 2. Thestatetreasurer of state, after receiving reports 2 2 of property deemed abandoned pursuant to this chapter, may 2 3 decline to receive any property reported which the treasurer 2 4 deems to have a value less than the cost of giving notice and 2 5 holding sale, or the treasurer may, if the treasurer deems it 2 6 desirable because of the small sum involved, postpone taking 2 7 possession until a sufficient sum accumulates. Unless the 2 8 holder of the property is notified to the contrary within one 2 9 hundred twenty days after filing the report required under 2 10 section 556.11, thestatetreasurer shall be deemed to have 2 11 elected to receive the custody of the property. 2 12 EXPLANATION 2 13 This bill amends chapter 556, which provides for the 2 14 disposition of abandoned property by the treasurer of state. 2 15 The chapter provides that persons holding funds or other 2 16 tangible or intangible property, presumed abandoned under this 2 17 chapter, must report to the treasurer of state. Section 2 18 556.11 provides for the filing of reports of abandoned 2 19 property before November 1 of each year as of the June 30 next 2 20 preceding, except for life insurance companies which must file 2 21 before May 1 of each year as of December 31 next preceding. 2 22 This bill provides that life insurance companies must file 2 23 like other persons. 2 24 Section 556.12 currently provides that within 120 days from 2 25 the filing date, the treasurer of state must provide notice to 2 26 be published in a newspaper of general circulation in the 2 27 county in which is located the last known address of any 2 28 person to be named in the notice. This bill eliminates the 2 29 120-day requirement and provides that if a report has been 2 30 filed with the treasurer of state, a property has been paid or 2 31 delivered to the treasurer of state for the fiscal year ending 2 32 on June 30, the treasurer must provide for the publication of 2 33 a notice not later than the following November 30. 2 34 Finally, the bill amends section 556.22 to provide that the 2 35 treasurer of state may elect to allow a holder of property to 3 1 file a report or to deliver or pay property to the treasurer 3 2 of state, before the property is presumed abandoned, upon 3 3 consent of the treasurer of state and according to terms and 3 4 conditions prescribed by the treasurer of state. 3 5 LSB 2454HV 76 3 6 da/cf/24
Text: HF00498 Text: HF00500 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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