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House File 247 - EnrolledAn Actrelating to communication methods regarding the
disposition of unclaimed property and including
applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 556.1, Code 2023, is amended by adding
the following new subsection:
NEW SUBSECTION. 3A. “Electronic messaging” means
communication conducted through electronic mail, text message,
or other electronic means, including but not limited to an
online banking website application.
Sec. 2. Section 556.2, subsection 5, paragraphs a and b,
Code 2023, are amended to read as follows:
a. A banking organization or financial organization shall
send to the owner of each account, to which none of the actions
specified in subsection 1, paragraphs “a” through “e” or
subsection 2, paragraphs “a” through “e” have occurred during
the preceding three calendar years, a notice by certified
mail or through electronic messaging stating in substance the
following:
According to our records, we have had no contact with you
regarding (describe account) for more than three years. Under
Iowa law, if there is a period of three years without contact,
we may be required to transfer this account to the custody of
the treasurer of state of Iowa as unclaimed property. You
may prevent this by taking some action, such as a deposit or
withdrawal, or by contacting us through electronic messaging,
which indicates your interest in this account, or by signing
this form and returning it to us.
I desire to keep the above account open and active.
.........
Your signature
b. The notice required under this section shall be mailed
sent within thirty days of the lapse of the three-year period
in which there is no activity. The cost of the certified mail
of the notice required in this section may be deducted from the
account by the banking or financial organization.
Sec. 3. APPLICABILITY. This Act applies to electronic
messaging sent or received on or after the effective date of
this Act.
-1-______________________________
PAT GRASSLEYSpeaker of the House______________________________
AMY SINCLAIRPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 247, Ninetieth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the HouseApproved _______________, 2023______________________________
KIM REYNOLDSGovernores/rn
disposition of unclaimed property and including
applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 556.1, Code 2023, is amended by adding
the following new subsection:
NEW SUBSECTION. 3A. “Electronic messaging” means
communication conducted through electronic mail, text message,
or other electronic means, including but not limited to an
online banking website application.
Sec. 2. Section 556.2, subsection 5, paragraphs a and b,
Code 2023, are amended to read as follows:
a. A banking organization or financial organization shall
send to the owner of each account, to which none of the actions
specified in subsection 1, paragraphs “a” through “e” or
subsection 2, paragraphs “a” through “e” have occurred during
the preceding three calendar years, a notice by certified
mail or through electronic messaging stating in substance the
following:
According to our records, we have had no contact with you
regarding (describe account) for more than three years. Under
Iowa law, if there is a period of three years without contact,
we may be required to transfer this account to the custody of
the treasurer of state of Iowa as unclaimed property. You
may prevent this by taking some action, such as a deposit or
withdrawal, or by contacting us through electronic messaging,
which indicates your interest in this account, or by signing
this form and returning it to us.
I desire to keep the above account open and active.
.........
Your signature
b. The notice required under this section shall be mailed
sent within thirty days of the lapse of the three-year period
in which there is no activity. The cost of the certified mail
of the notice required in this section may be deducted from the
account by the banking or financial organization.
Sec. 3. APPLICABILITY. This Act applies to electronic
messaging sent or received on or after the effective date of
this Act.
-1-______________________________
PAT GRASSLEYSpeaker of the House______________________________
AMY SINCLAIRPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 247, Ninetieth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the HouseApproved _______________, 2023______________________________
KIM REYNOLDSGovernores/rn