Text: SF00235 Text: SF00237 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 236 1 2 1 3 AN ACT 1 4 RELATING TO THE TIME PERIODS THAT UNCLAIMED DEMUTUALIZATION 1 5 PROCEEDS AND WAGES ARE PRESUMED TO BE ABANDONED AND 1 6 PROVIDING AN EFFECTIVE DATE. 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. NEW SECTION. 556.3A UNCLAIMED DEMUTUALIZATION 1 11 PROCEEDS HELD BY INSURANCE COMPANIES. 1 12 1. Property distributable in the course of demutualization 1 13 or related reorganization of an insurance company occurring on 1 14 or after January 1, 2003, that remains unclaimed is deemed 1 15 abandoned two years after the earlier of: 1 16 a. The first date on which the property of an insurance 1 17 company being demutualized or reorganized was distributable. 1 18 b. The date of last contact by the insurance company with 1 19 a policyholder. 1 20 2. Property distributable in the course of demutualization 1 21 or related reorganization of an insurance company occurring 1 22 before January 1, 2003, that remains unclaimed is deemed 1 23 abandoned two years after the first date on which the property 1 24 of an insurance company being demutualized or reorganized was 1 25 distributable. 1 26 Sec. 2. Section 556.9, subsection 1, Code 2003, is amended 1 27 to read as follows: 1 28 1. All intangible personal property, not otherwise covered 1 29 by this chapter, including any income or increment earned on 1 30 the property and deducting any lawful charges, that is held or 1 31 owing in this state in the ordinary course of the holder's 1 32 business and has remained unclaimed by the owner for more than 1 33 three years after it became payable or distributable is 1 34 presumed abandoned. However, unpaid wages, including wages 1 35 represented by payroll checks or other compensation for 2 1 personal services owing in the ordinary course of the holder's 2 2 business that remain unclaimed by the owner for more than one 2 3 year after becoming payable are presumed abandoned. 2 4 Sec. 3. Section 556.11, subsection 4, Code 2003, is 2 5 amended to read as follows: 2 6 4. The report shall be filed annually before November 1 2 7 for the fiscal year ending on the preceding June 30. However, 2 8 the report of unclaimed demutualization proceeds as provided 2 9 in section 556.3A shall be made before May 1 for the preceding 2 10 calendar year. The treasurer of state may postpone the 2 11 reporting date upon written request by any person required to 2 12 file a report. 2 13 Sec. 4. Section 556.12, subsection 1, Code 2003, is 2 14 amended to read as follows: 2 15 1. If a report has been filed with the treasurer of state, 2 16 or property has been paid or delivered to the treasurer of 2 17 state, for the fiscal year ending on June 30 or in the case of 2 18 unclaimed demutualization proceeds, for the preceding calendar 2 19 year as required by section 556.11, the treasurer of state 2 20 shall provide for the publication annually of at least one 2 21 notice not later than the following November 30. Each notice 2 22 shall be published at least once each week for two successive 2 23 weeks in an English language newspaper of general circulation 2 24 in the county in this state in which is located the last known 2 25 address of any person to be named in the notice. If an 2 26 address is not listed or if the address is outside this state, 2 27 the notice shall be published in the county in which the 2 28 holder of the abandoned property has its principal place of 2 29 business within this state. 2 30 Sec. 5. EFFECTIVE DATE. Sections 1, 3, and 4 of this Act, 2 31 being deemed of immediate importance, take effect upon 2 32 enactment. 2 33 2 34 2 35 3 1 MARY E. KRAMER 3 2 President of the Senate 3 3 3 4 3 5 3 6 CHRISTOPHER C. RANTS 3 7 Speaker of the House 3 8 3 9 I hereby certify that this bill originated in the Senate and 3 10 is known as Senate File 236, Eightieth General Assembly. 3 11 3 12 3 13 3 14 MICHAEL E. MARSHALL 3 15 Secretary of the Senate 3 16 Approved , 2003 3 17 3 18 3 19 3 20 THOMAS J. VILSACK 3 21 Governor
Text: SF00235 Text: SF00237 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2003 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jun 19 02:30:01 CDT 2003
URL: /DOCS/GA/80GA/Legislation/SF/00200/SF00236/030416.html
jhf