Text: HSB00752 Text: HSB00754 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 556.1, subsection 9, Code 1999, is
1 2 amended by adding the following new unnumbered paragraphs:
1 3 NEW UNNUMBERED PARAGRAPH. "Property" does not include
1 4 credits, advance payments, overpayments, refunds, and credit
1 5 memoranda shown on the books and records of a business
1 6 association with respect to another business association
1 7 unless the balance is property described in section 556.2 held
1 8 by a banking organization or financial organization.
1 9 NEW UNNUMBERED PARAGRAPH. "Property" does not include gift
1 10 certificates, electronic gift cards, or unrefunded or
1 11 unclaimed layaway deposits.
1 12 Sec. 2. Section 556.11, Code 1999, is amended by adding
1 13 the following new subsection:
1 14 NEW SUBSECTION. 8. a. A holder required to file a report
1 15 under this section shall maintain its records containing the
1 16 information required to be included in the report until the
1 17 holder files the report and for three years after the date of
1 18 filing, unless a shorter time is provided in paragraph "b" or
1 19 by rule of the treasurer of state.
1 20 b. A business association that sells, issues, or provides
1 21 to others for sale or issue in this state, travelers checks,
1 22 money orders, or similar written instruments other than third-
1 23 party bank checks, on which the business association is
1 24 directly liable, shall maintain a record of the instruments
1 25 while they remain outstanding, indicating the state and date
1 26 of issue, for three years after the date the property becomes
1 27 reportable.
1 28 Sec. 3. Section 556.23, Code 1999, is amended by adding
1 29 the following new unnumbered paragraph:
1 30 NEW UNNUMBERED PARAGRAPH. The treasurer of state may
1 31 contract with an independent auditor to conduct the
1 32 examination allowed under this section on behalf of the
1 33 treasurer of state in accordance with rules adopted by the
1 34 treasurer. The rules shall, at a minimum, contain the
1 35 procedures and conduct of the independent auditor in making
2 1 the examination, the method for payment, the requirement for
2 2 confidentiality, procedures for appeals by the person whose
2 3 records are examined, and conflict of issue provisions.
2 4 EXPLANATION
2 5 The bill makes three changes in the state's disposition of
2 6 unclaimed property law. The bill provides that under the
2 7 definition of "property" which is subject to the chapter,
2 8 "property" does not include credits, advance payments,
2 9 overpayments, refunds, and credit memoranda shown on the books
2 10 of a business association with respect to another business
2 11 association unless this type of property is held by a bank or
2 12 financial institution. In addition, "property" does not
2 13 include gift certificates, electronic gift cards, or
2 14 unrefunded or unclaimed layaway deposits.
2 15 The bill requires a holder of abandoned property to keep
2 16 records of the property for up to three years after the holder
2 17 has filed the required report with the treasurer of state.
2 18 The bill provides for the hiring of an independent auditor
2 19 to examine records on behalf of the treasurer of state. The
2 20 treasurer shall adopt rules setting out the procedures and
2 21 conduct of the independent auditor in making the examination,
2 22 requiring confidentiality, conflict of issue provisions, and
2 23 appeals by the person whose records are examined.
2 24 LSB 5686HC 78
2 25 mg/cf/24.1
Text: HSB00752 Text: HSB00754 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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