Senate Amendment to House File 2296 H-8173 Amend House File 2296, as passed by the House, as 1 follows: 2 1. By striking everything after the enacting clause 3 and inserting: 4 < Section 1. Section 556.9, Code 2014, is amended to 5 read as follows: 6 556.9 Miscellaneous personal property held for 7 another person —— wages —— gift certificates. 8 1. a. All intangible personal property, not 9 otherwise covered by this chapter , including any income 10 or increment earned on the property and deducting any 11 lawful charges, that is held or owing in this state in 12 the ordinary course of the holder’s business and has 13 remained unclaimed by the owner for more than three 14 years after it became payable or distributable is 15 presumed abandoned. However, unpaid 16 b. Unpaid wages, including wages represented by 17 payroll checks or other compensation for personal 18 services owing in the ordinary course of the holder’s 19 business that remain unclaimed by the owner for more 20 than one year after becoming payable are presumed 21 abandoned. 22 c. Except as provided in subsection 2, funds 23 represented by a gift certificate balance that has 24 not been presented within five years from the date 25 of issuance of the gift certificate are presumed 26 abandoned. 27 2. a. An issuer of a gift certificate shall not 28 deduct from the face value of the gift certificate any 29 charge imposed due to the failure of the owner of the 30 gift certificate to present the gift certificate in a 31 timely manner, unless a valid and enforceable written 32 contract exists between the issuer and the owner of the 33 gift certificate pursuant to which the issuer regularly 34 imposes such charges and does not regularly reverse or 35 otherwise cancel them. 36 b. Notwithstanding the time limitation in 37 subsection 1, a gift certificate redeemable for 38 merchandise only that is not subject to an expiration 39 date and that is not subject to a deduction from 40 the face value of the gift certificate for failure 41 of the owner of the gift certificate to present the 42 gift certificate in a timely manner, or subject to 43 any other charge or service fee, which card remains 44 unpresented, shall continue in force and be eligible 45 for presentation for an indefinite period of time, and 46 shall not be subject to a presumption of abandonment. 47 c. For purposes of this subsection section , 48 “gift certificate” means a merchandise certificate or 49 electronic gift card conspicuously designated as a gift 50 -1- HF2296.3528.S (1) 85 jh 1/ 2 #1.
certificate or electronic gift card, and generally 1 purchased by a buyer for use by a person other than the 2 buyer. 3 Sec. ___. APPLICABILITY. Section 556.9, subsection 4 2, paragraph b, as enacted in this Act, applies to gift 5 certificates redeemable for merchandise only that are 6 sold after July 1, 2014. > 7 2. Title page, line 2, after < certificates > by 8 inserting < , and providing applicability provisions > 9 -2- HF2296.3528.S (1) 85 jh 2/ 2