Text: SF00179 Text: SF00181 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 180 1 2 1 3 AN ACT 1 4 RELATING TO THE PROCEDURES FOR HANDLING ABANDONED PROPERTY 1 5 AND PROPERTY PRESUMED TO BE ABANDONED. 1 6 1 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 8 1 9 Section 1. Section 556.11, subsection 2, paragraphs a and 1 10 c, Code 2003, are amended to read as follows: 1 11 a. Except with respect to traveler's checksand, money 1 12 orders, cashier's checks, official checks, or similar 1 13 instruments, the name, if known, and last known address, if 1 14 any, of each person appearing from the records of the holder 1 15 to be the owner of any property of the value oftwenty-five1 16 fifty dollars or more presumed abandoned under this chapter. 1 17 c. The nature and identifying number, if any, or 1 18 description of the property and the amount appearing from the 1 19 records to be due, except that items of value undertwenty-1 20fivefifty dollars each may be reported in aggregate. 1 21 Sec. 2. Section 556.11, subsection 5, Code 2003, is 1 22 amended to read as follows: 1 23 5. If the holder of property presumed abandoned under this 1 24 chapter knows the whereabouts of the owner and if the owner's 1 25 claim has not been barred by the statute of limitations, the 1 26 holder shall, before filing the annual report, communicate 1 27 with the owner and take necessary steps to prevent abandonment 1 28 from being presumed. The holder shall exercise due diligence 1 29 to ascertain the whereabouts of the owner. A holder is not 1 30 required to make a due diligence mailing to owners whose 1 31 property has an aggregate value of less than fifty dollars. 1 32 The treasurer of state may charge a holder that fails to 1 33 timely exercise due diligence, as required in this subsection, 1 34 five dollars for each name and address account reported if 1 35 thirty-five percent of more of the accounts are claimed within 2 1 the twenty-four months immediately following the filing of the 2 2 holder report. 2 3 Sec. 3. Section 556.11, Code 2003, is amended by adding 2 4 the following new subsection after subsection 8: 2 5 NEW SUBSECTION. 9. Other than the notice to owners 2 6 required by subsection 5, published notice required by section 2 7 556.12, subsection 1, and other discretionary means employed 2 8 by the treasurer of state for notifying owners of the 2 9 existence of abandoned property, all information provided in 2 10 reports shall be confidential, unless written consent from the 2 11 person entitled to the property is obtained by the treasurer 2 12 of state, and may be disclosed only to governmental agencies 2 13 for the purposes of returning abandoned property to its owners 2 14 or to those individuals who appear to be the owner of the 2 15 property or otherwise have a valid claim to the property. 2 16 Sec. 4. Section 556.11, unnumbered paragraph 1, Code 2003, 2 17 is amended to read as follows: 2 18 10. All agreements to pay compensation to recover or 2 19 assist in the recovery of property reported under this 2 20 section, made within twenty-four months after the date payment 2 21 or delivery is made under section 556.13 are unenforceable. 2 22 However, such agreements made after twenty-four months from 2 23 the date of payment or delivery are valid if the fee or 2 24 compensation agreed upon is not more than fifteen percent of 2 25 the recoverable property, the agreement is in writing and 2 26 signed by the owner, and the writing discloses the nature and 2 27 value of the property and the name and address of the person 2 28 in possession. A person shall not attempt to collect or 2 29 collect a fee or compensation for discovering property 2 30 presumed abandoned under this chapter unless the person is 2 31 licensed as a private investigation business pursuant to 2 32 chapter 80A. This section does not prevent an owner from 2 33 asserting, at any time, that an agreement to locate property 2 34 is based upon excessive or unjust consideration. This section 2 35 does not apply to an owner who has a bona fide fee contract 3 1 with a practicing attorney and counselor as described in 3 2 chapter 602, article 10. 3 3 Sec. 5. Section 556.12, subsection 2, paragraph c, Code 3 4 2003, is amended by striking the paragraph. 3 5 Sec. 6. Section 556.12, subsections 3, 4, 5, and 6, Code 3 6 2003, are amended to read as follows: 3 7 3. Thestatetreasurer of state is not required to publish 3 8 in such notice any item of less thantwenty-fivefifty dollars 3 9 unless the treasurer deemssuchthe publication to be in the 3 10 public interest. 3 11 4. Within one hundred twenty days from the receipt of the 3 12 report required by section 556.11, thestatetreasurer of 3 13 state shall mail a notice to each person having an address 3 14 listed therein who appears to be entitled to property of the 3 15 value oftwenty-fivefifty dollars or more presumed abandoned 3 16 under this chapter. 3 17 5. The mailed notice shall contain:3 18a. Aa statement that, according to a report filed with 3 19 thestatetreasurer of state, property is being held to which 3 20 the addressee appears entitled. 3 21b. The name and address of the person holding the property3 22and any necessary information regarding changes of name and3 23address of the holder.3 24c. A statement that, if satisfactory proof of claim is not3 25presented by the owner to the holder by the date specified in3 26the published notice, the property will be placed in the3 27custody of the state treasurer to whom all further claims must3 28be directed.3 29 6. This section is not applicable to sums payable on 3 30 traveler's checks,ormoney orders, cashier's checks, official 3 31 checks, or similar instruments presumed abandoned under 3 32 section 556.2. 3 33 Sec. 7. Section 556.17, subsections 1 and 5, Code 2003, 3 34 are amended to read as follows: 3 35 1. All abandoned property other than money delivered to 4 1 thestatetreasurer of state under this chapter which remains 4 2 unclaimed one year after the delivery to the treasurer may be 4 3 sold to the highest bidder at public sale in any city in the 4 4 state that affords in the treasurer's judgment the most 4 5 favorable market for the property involved. Thestate4 6 treasurer of state may decline the highest bid and reoffer the 4 7 property for sale if the treasurer considers the price bid 4 8 insufficient. The treasurer need not offer any property for 4 9 sale if, in the treasurer's opinion, the probable cost of sale 4 10 exceeds the value of the property. The treasurer may order 4 11 destruction of the property when the treasurer has determined 4 12 that the probable cost of offering the property for sale 4 13 exceeds the value of the property. If the treasurer 4 14 determines that the property delivered does not have any 4 15 substantial commercial value, the treasurer may destroy or 4 16 otherwise dispose of the property at any time. An action or 4 17 proceeding may not be maintained against the treasurer or any 4 18 officer or against the holder for or on account of an act the 4 19 treasurer made under this section, except for intentional 4 20 misconduct or malfeasance. 4 21 5. Unless the treasurer of state considers it to be in the 4 22 best interest of the state to do otherwise, all securities 4 23 presumed abandoned under section 556.5 and delivered to the 4 24 treasurer of state must be held for at leastthree yearsone 4 25 year before the treasurer of state may sell them. If the 4 26 treasurer of state sells any securities delivered pursuant to 4 27 section 556.5 before the expiration of thethree-yearone-year 4 28 period, any person making a claim pursuant to this chapter 4 29 before the end of thethree-yearone-year period is entitled 4 30 to either the proceeds of the sale of the securities or the 4 31 market value of the securities at the time the claim is made, 4 32 whichever amount is greater, less any deduction for fees 4 33 pursuant to section 556.18, subsection 2. A person making a 4 34 claim under this chapter after the expiration of this period 4 35 is entitled to receive either the securities delivered to the 5 1 treasurer of state by the holder, if they still remain in the 5 2 hands of the treasurer of state, or the proceeds received from 5 3 the sale, less any amounts deducted pursuant to section 5 4 556.18, subsection 2, but no person has any claim under this 5 5 chapter against the state, the holder, any transfer agent, 5 6 registrar, or other person acting for or on behalf of a holder 5 7 for any appreciation in the value of the property occurring 5 8 after delivery by the holder to the treasurer of state. 5 9 5 10 5 11 5 12 MARY E. KRAMER 5 13 President of the Senate 5 14 5 15 5 16 5 17 CHRISTOPHER C. RANTS 5 18 Speaker of the House 5 19 5 20 I hereby certify that this bill originated in the Senate and 5 21 is known as Senate File 180, Eightieth General Assembly. 5 22 5 23 5 24 5 25 MICHAEL E. MARSHALL 5 26 Secretary of the Senate 5 27 Approved , 2003 5 28 5 29 5 30 5 31 THOMAS J. VILSACK 5 32 Governor
Text: SF00179 Text: SF00181 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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