House File 247 - Introduced HOUSE FILE 247 BY COMMITTEE ON COMMERCE (SUCCESSOR TO HSB 33) A BILL FOR An Act relating to communication methods regarding the 1 disposition of unclaimed property and including 2 applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1031HV (2) 90 es/rn
H.F. 247 Section 1. Section 556.1, Code 2023, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 3A. “Electronic messaging” means 3 communication conducted through electronic mail, text message, 4 or other electronic means, including but not limited to an 5 online banking website application. 6 Sec. 2. Section 556.2, subsection 5, paragraphs a and b, 7 Code 2023, are amended to read as follows: 8 a. A banking organization or financial organization shall 9 send to the owner of each account, to which none of the actions 10 specified in subsection 1, paragraphs “a” through “e” or 11 subsection 2, paragraphs “a” through “e” have occurred during 12 the preceding three calendar years, a notice by certified 13 mail or through electronic messaging stating in substance the 14 following: 15 According to our records, we have had no contact with you 16 regarding (describe account) for more than three years. Under 17 Iowa law, if there is a period of three years without contact, 18 we may be required to transfer this account to the custody of 19 the treasurer of state of Iowa as unclaimed property. You 20 may prevent this by taking some action, such as a deposit or 21 withdrawal, or by contacting us through electronic messaging, 22 which indicates your interest in this account , or by signing 23 this form and returning it to us. 24 I desire to keep the above account open and active. 25 ......... 26 Your signature 27 b. The notice required under this section shall be mailed 28 sent within thirty days of the lapse of the three-year period 29 in which there is no activity. The cost of the certified mail 30 of the notice required in this section may be deducted from the 31 account by the banking or financial organization. 32 Sec. 3. APPLICABILITY. This Act applies to electronic 33 messaging sent or received on or after the effective date of 34 this Act. 35 -1- LSB 1031HV (2) 90 es/rn 1/ 2
H.F. 247 EXPLANATION 1 The inclusion of this explanation does not constitute agreement with 2 the explanation’s substance by the members of the general assembly. 3 This bill relates to electronic communication regarding 4 property that is assumed to be abandoned for purposes of 5 property held by a bank, financial institution, or business 6 association. 7 The bill defines “electronic messaging” to mean 8 electronic mail, text messaging, or other electronic means of 9 communication, including an online banking website application. 10 The bill provides that methods of communication between 11 an owner of specified forms of property and a banking or 12 financial organization or by a business association that can, 13 if certain circumstances are met, prevent the property from 14 being considered abandoned include electronic messaging along 15 with correspondence in writing. 16 The bill applies to electronic messaging sent or received on 17 or after the effective date of the bill. 18 -2- LSB 1031HV (2) 90 es/rn 2/ 2