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Senate Study Bill 286

Conference Committee Text

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 1 of
  1  4 each year as of for the fiscal year ending on the preceding
  1  5 June 30 next preceding, but the report of life insurance
  1  6 corporations shall be filed before May 1 of each year as of
  1  7 December 31 next preceding.  The state treasurer 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 for
  1 13 filing of the report The treasurer of state shall publish
  1 14 annually at least one notice not later than November 30 of a
  1 15 report for the fiscal year ending on the preceding June 30
  1 16 required by section 556.11, the state treasurer shall cause or
  1 17 not later than the date that the property has been paid or
  1 18 delivered to the treasurer of state.  Each notice to shall be
  1 19 published at least once each week for two successive weeks in
  1 20 an English language newspaper of general circulation in the
  1 21 county in this state in which is located the last known
  1 22 address of any person to be named in the notice.  If no an
  1 23 address is not listed or if the address is outside this state,
  1 24 the notice shall be published in the county in which the
  1 25 holder of the abandoned property has its principal place of
  1 26 business within this state.
  1 27    Sec. 3.  Section 556.22, Code 1995, is amended to read as
  1 28 follows:
  1 29    556.22  ELECTION TO TAKE PAYMENT OR DELIVERY ELECTIONS 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.  The state treasurer 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, the state treasurer 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 proceeding, except for life insurance companies which must
  2 21 file before May 1 of each year as of December 31 next
  2 22 preceding.  This bill provides that life insurance companies
  2 23 must file 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 notice must be filed not
  2 30 later than November 30 of the year next following the year in
  2 31 which the report is filed or the date that property has been
  2 32 paid or delivered to the treasurer of state.
  2 33    Finally, the bill amends section 556.22 to provide that the
  2 34 treasurer of state may elect to allow a holder of property to
  2 35 file a report or to deliver or pay property to the treasurer
  3  1 of state, before the property is presumed abandoned, upon
  3  2 consent of the treasurer of state and according to terms and
  3  3 conditions prescribed by the treasurer of state.  
  3  4 LSB 2454XC 76
  3  5 da/cf/24
     
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