Text: HF02161 Text: HF02163 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 556.11, subsections 9 and 10, Code 1 2 Supplement 2003, are amended to read as follows: 1 3 9. Other than the notice to owners required by subsection 1 4 5, published notice required by section 556.12, subsection 1, 1 5 and other discretionary means employed by the treasurer of 1 6 state for notifying owners of the existence of abandoned 1 7 property, all information provided in reports shall be 1 8 confidential, unless written consent from the person entitled 1 9 to the property is obtained by the treasurer of state, and may1 10 or unless written request is filed with the treasurer of state 1 11 by a person licensed as a private investigation business 1 12 located in Iowa pursuant to chapter 80A, excluding a person 1 13 with a temporary permit received under section 80A.18. 1 14 Information in reports may also be disclosedonlyto 1 15 governmental agencies for the purposes of returning abandoned 1 16 property to its owners or to those individuals who appear to 1 17 be the owner of the property or otherwise have a valid claim 1 18 to the property. 1 19 10. All agreements to pay compensation to recover or 1 20 assist in the recovery of property reported under this 1 21 section, made within twenty-four months after the date payment 1 22 or delivery is made under section 556.13, are unenforceable. 1 23 However, such agreements made after twenty-four months from 1 24 the date of payment or delivery are valid if the fee or 1 25 compensation agreed upon is not more thanfifteentwenty 1 26 percent of the recoverable property, the agreement is in 1 27 writing and signed by the owner, and the writing discloses the 1 28 nature and value of the property and the name and address of 1 29 the person in possession. A person shall not attempt to 1 30 collect or collect a fee or compensation for discovering 1 31 property presumed abandoned under this chapter unless the 1 32 person is licensed as a private investigation business located 1 33 in Iowa pursuant to chapter 80A, excluding a person with a 1 34 temporary permit received under section 80A.18. This section 1 35 does not prevent an owner from asserting, at any time, that an 2 1 agreement to locate property is based upon excessive or unjust 2 2 consideration. This section does not apply to an owner who 2 3 has a bona fide fee contract with a practicing attorney and 2 4 counselor as described in chapter 602, article 10. 2 5 EXPLANATION 2 6 This bill permits licensed private investigation businesses 2 7 located in Iowa to have access to information provided in 2 8 reports of businesses or other entities that hold valuables 2 9 that may be considered abandoned. In addition, the amount of 2 10 the fee that may be charged by an Iowa private investigation 2 11 business is increased from 15 to 20 percent of the recoverable 2 12 property. 2 13 LSB 5787HH 80 2 14 mg/pj/5
Text: HF02161 Text: HF02163 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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