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Senate File 422 - IntroducedA Bill ForAn Act 1relating to communication methods regarding the
2disposition of unclaimed property and including
3applicability provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 556.1, Code 2023, is amended by adding
2the following new subsection:
3 NEW SUBSECTION. 3A. “Electronic messaging” means
4communication conducted through electronic mail, text message,
5or other electronic means, including but not limited to an
6online banking website application.
7 Sec. 2. Section 556.2, subsection 5, paragraphs a and b,
8Code 2023, are amended to read as follows:
9a. A banking organization or financial organization shall
10send to the owner of each account, to which none of the actions
11specified in subsection 1, paragraphs “a” through “e” or
12subsection 2, paragraphs “a” through “e” have occurred during
13the preceding three calendar years, a notice by certified
14 mail or through electronic messaging stating in substance the
15following:
16According to our records, we have had no contact with you
17regarding (describe account) for more than three years. Under
18Iowa law, if there is a period of three years without contact,
19we may be required to transfer this account to the custody of
20the treasurer of state of Iowa as unclaimed property. You
21may prevent this by taking some action, such as a deposit or
22withdrawal, or by contacting us through electronic messaging,
23 which indicates your interest in this account, or by signing
24this form and returning it to us.
25I desire to keep the above account open and active.
26.........
27Your signature
28b. The notice required under this section shall be mailed
29 sent within thirty days of the lapse of the three-year period
30in which there is no activity. The cost of the certified mail
31of the notice required in this section may be deducted from the
32account by the banking or financial organization.
33 Sec. 3. APPLICABILITY. This Act applies to electronic
34messaging sent or received on or after the effective date of
35this Act.
-1-1EXPLANATION
2The inclusion of this explanation does not constitute agreement with
3the explanation’s substance by the members of the general assembly.
4This bill relates to electronic communication regarding
5property that is assumed to be abandoned for purposes of
6property held by a bank, financial institution, or business
7association.
8The bill defines “electronic messaging” to mean
9electronic mail, text messaging, or other electronic means of
10communication, including an online banking website application.
11The bill provides that methods of communication between
12an owner of specified forms of property and a banking or
13financial organization or by a business association that can,
14if certain circumstances are met, prevent the property from
15being considered abandoned include electronic messaging along
16with correspondence in writing.
17The bill applies to electronic messaging sent or received on
18or after the effective date of the bill.
-2-es/rn
2disposition of unclaimed property and including
3applicability provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 556.1, Code 2023, is amended by adding
2the following new subsection:
3 NEW SUBSECTION. 3A. “Electronic messaging” means
4communication conducted through electronic mail, text message,
5or other electronic means, including but not limited to an
6online banking website application.
7 Sec. 2. Section 556.2, subsection 5, paragraphs a and b,
8Code 2023, are amended to read as follows:
9a. A banking organization or financial organization shall
10send to the owner of each account, to which none of the actions
11specified in subsection 1, paragraphs “a” through “e” or
12subsection 2, paragraphs “a” through “e” have occurred during
13the preceding three calendar years, a notice by certified
14 mail or through electronic messaging stating in substance the
15following:
16According to our records, we have had no contact with you
17regarding (describe account) for more than three years. Under
18Iowa law, if there is a period of three years without contact,
19we may be required to transfer this account to the custody of
20the treasurer of state of Iowa as unclaimed property. You
21may prevent this by taking some action, such as a deposit or
22withdrawal, or by contacting us through electronic messaging,
23 which indicates your interest in this account, or by signing
24this form and returning it to us.
25I desire to keep the above account open and active.
26.........
27Your signature
28b. The notice required under this section shall be mailed
29 sent within thirty days of the lapse of the three-year period
30in which there is no activity. The cost of the certified mail
31of the notice required in this section may be deducted from the
32account by the banking or financial organization.
33 Sec. 3. APPLICABILITY. This Act applies to electronic
34messaging sent or received on or after the effective date of
35this Act.
-1-1EXPLANATION
2The inclusion of this explanation does not constitute agreement with
3the explanation’s substance by the members of the general assembly.
4This bill relates to electronic communication regarding
5property that is assumed to be abandoned for purposes of
6property held by a bank, financial institution, or business
7association.
8The bill defines “electronic messaging” to mean
9electronic mail, text messaging, or other electronic means of
10communication, including an online banking website application.
11The bill provides that methods of communication between
12an owner of specified forms of property and a banking or
13financial organization or by a business association that can,
14if certain circumstances are met, prevent the property from
15being considered abandoned include electronic messaging along
16with correspondence in writing.
17The bill applies to electronic messaging sent or received on
18or after the effective date of the bill.
-2-es/rn