Senate
File
422
-
Introduced
SENATE
FILE
422
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
SSB
1055)
(COMPANION
TO
HF
247
BY
COMMITTEE
ON
COMMERCE)
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
1031SV
(2)
90
es/rn
S.F.
422
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
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1031SV
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2
S.F.
422
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
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2