Text: HSB00691 Text: HSB00693 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 556.9, Code 2001, is amended to read as 1 2 follows: 1 3 556.9 MISCELLANEOUS PERSONAL PROPERTY HELD FOR ANOTHER 1 4 PERSON – GIFT CERTIFICATES. 1 5 1. All intangible personal property, not otherwise covered 1 6 by this chapter, including any income or incrementthereon1 7 earned on the property and deducting any lawful charges, that 1 8 is held or owing in this state in the ordinary course of the 1 9 holder's business and has remained unclaimed by the owner for 1 10 more than three years after it became payable or distributable 1 11 is presumed abandoned. 1 12 2. An issuer of a gift certificate shall not deduct from 1 13 the face value of the gift certificate any charge imposed due 1 14 to the failure of the owner of the gift certificate to present 1 15 the gift certificate in a timely manner, unless a valid and 1 16 enforceable written contract exists between the issuer and the 1 17 owner of the gift certificate pursuant to which the issuer 1 18 regularly imposes such charges and does not regularly reverse 1 19 or otherwise cancel them. For purposes of this subsection, 1 20 "gift certificate" means a merchandise certificate 1 21 conspicuously designated as a gift certificate, and generally 1 22 purchased by a buyer for use by a person other than the buyer. 1 23 EXPLANATION 1 24 This bill amends Code section 556.9, regarding certain 1 25 unclaimed property. 1 26 Current Code language provides that intangible personal 1 27 property, including any income earned on the property and 1 28 deducting any lawful charges, is presumed abandoned if 1 29 unclaimed after more than three years. The bill provides that 1 30 an issuer of a gift certificate shall not deduct any charges 1 31 from the face value of the gift certificate for the gift 1 32 certificate remaining outstanding, unless an enforceable 1 33 written contract exists between the issuer and the owner 1 34 pursuant to which the issuer regularly imposes such charges 1 35 and does not cancel them. 2 1 The bill also defines "gift certificate". 2 2 LSB 6821HC 79 2 3 jj/cf/24
Text: HSB00691 Text: HSB00693 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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