HF 2036 (LSB 5147YH (10) 90)

HOUSE FILE 2036

BY  COLLINS

A BILL FOR

An Act relating to the disposition of unclaimed property held by banking or financial organizations, and gift certificates known as chamber bucks, and including retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 556.1, Code 2024, is amended by adding the following new subsections:
   NEW SUBSECTION.  2A.  “Chamber buck” means a gift certificate offered for purchase through a local chamber of commerce as part of a chamber buck program that can be redeemed at a participating local business within the area where the chamber of commerce is located.
   NEW SUBSECTION.  2B.  “Chamber buck program” means a program created and administered by a local chamber of commerce that offers chamber bucks for purchase.
    Sec. 2.  Section 556.2, Code 2024, is amended by adding the following new subsection:
   NEW SUBSECTION.  6.  Notwithstanding subsection 1, property held by a banking or financial organization deposited by a person as part of the administration of a chamber buck program shall not be subject to a presumption of abandonment.
    Sec. 3.  Section 556.9, subsection 2, paragraph c, Code 2024, is amended to read as follows:
   c.  For purposes of this section, “gift certificate” means a merchandise certificate or electronic gift card conspicuously designated as a gift certificate or electronic gift card, and generally purchased by a buyer for use by a person other than the buyer.  “Gift certificate” includes a chamber buck.
    Sec. 4.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to July 1, 2014, to all chamber bucks purchased or sold in, and to all chamber buck programs administered in, the state of Iowa.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to the disposition of unclaimed property held in banking or financial organizations, and gift certificates known as chamber bucks.
   The bill defines “chamber buck” to mean a gift certificate offered for purchase through a local chamber of commerce as part of a chamber buck program that can be redeemed at a participating local business within the area where the chamber of commerce is located. “Chamber buck program” is defined as a program created and administered by a local chamber of commerce that offers chamber bucks for purchase.
   The bill provides that property deposited with a banking or financial organization by a person as part of the administration of a chamber buck program shall not be subject to the presumption of abandonment. The bill provides that a chamber buck is subject to Code section 556.9(2).
   The bill applies retroactively to July 1, 2014, for all chamber bucks purchased or sold in, and to all chamber buck programs administered in, the state of Iowa.