House File 3 - Introduced
HOUSE FILE
BY ELGIN
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act relating to activities of licensed private investigation
2 businesses in regard to abandoned property.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
4 TLSB 1489HH 81
5 mg/pj/5
PAG LIN
1 1 Section 1. Section 556.11, subsections 9 and 10, Code
1 2 2005, 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 may
1 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 disclosed only to
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 than fifteen twenty
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 1489HH 81
2 14 mg/pj/5