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House File 2036 - IntroducedA Bill ForAn Act 1relating to the disposition of unclaimed property held
2by banking or financial organizations, and gift certificates
3known as chamber bucks, and including retroactive
4applicability provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 556.1, Code 2024, is amended by adding
2the following new subsections:
3 NEW SUBSECTION. 2A. “Chamber buck” means a gift certificate
4offered for purchase through a local chamber of commerce as
5part of a chamber buck program that can be redeemed at a
6participating local business within the area where the chamber
7of commerce is located.
8 NEW SUBSECTION. 2B. “Chamber buck program” means a program
9created and administered by a local chamber of commerce that
10offers chamber bucks for purchase.
11 Sec. 2. Section 556.2, Code 2024, is amended by adding the
12following new subsection:
13 NEW SUBSECTION. 6. Notwithstanding subsection 1, property
14held by a banking or financial organization deposited by a
15person as part of the administration of a chamber buck program
16shall not be subject to a presumption of abandonment.
17 Sec. 3. Section 556.9, subsection 2, paragraph c, Code 2024,
18is amended to read as follows:
19c. For purposes of this section, “gift certificate” means a
20merchandise certificate or electronic gift card conspicuously
21designated as a gift certificate or electronic gift card, and
22generally purchased by a buyer for use by a person other than
23the buyer. “Gift certificate” includes a chamber buck.
24 Sec. 4. RETROACTIVE APPLICABILITY. This Act applies
25retroactively to July 1, 2014, to all chamber bucks purchased
26or sold in, and to all chamber buck programs administered in,
27the state of Iowa.
28EXPLANATION
29The inclusion of this explanation does not constitute agreement with
30the explanation’s substance by the members of the general assembly.
31This bill relates to the disposition of unclaimed property
32held in banking or financial organizations, and gift
33certificates known as chamber bucks.
34The bill defines “chamber buck” to mean a gift certificate
35offered for purchase through a local chamber of commerce as
-1-1part of a chamber buck program that can be redeemed at a
2participating local business within the area where the chamber
3of commerce is located. “Chamber buck program” is defined as a
4program created and administered by a local chamber of commerce
5that offers chamber bucks for purchase.
6The bill provides that property deposited with a banking
7or financial organization by a person as part of the
8administration of a chamber buck program shall not be subject
9to the presumption of abandonment. The bill provides that a
10chamber buck is subject to Code section 556.9(2).
11The bill applies retroactively to July 1, 2014, for all
12chamber bucks purchased or sold in, and to all chamber buck
13programs administered in, the state of Iowa.
-2-cm/ko
2by banking or financial organizations, and gift certificates
3known as chamber bucks, and including retroactive
4applicability provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 556.1, Code 2024, is amended by adding
2the following new subsections:
3 NEW SUBSECTION. 2A. “Chamber buck” means a gift certificate
4offered for purchase through a local chamber of commerce as
5part of a chamber buck program that can be redeemed at a
6participating local business within the area where the chamber
7of commerce is located.
8 NEW SUBSECTION. 2B. “Chamber buck program” means a program
9created and administered by a local chamber of commerce that
10offers chamber bucks for purchase.
11 Sec. 2. Section 556.2, Code 2024, is amended by adding the
12following new subsection:
13 NEW SUBSECTION. 6. Notwithstanding subsection 1, property
14held by a banking or financial organization deposited by a
15person as part of the administration of a chamber buck program
16shall not be subject to a presumption of abandonment.
17 Sec. 3. Section 556.9, subsection 2, paragraph c, Code 2024,
18is amended to read as follows:
19c. For purposes of this section, “gift certificate” means a
20merchandise certificate or electronic gift card conspicuously
21designated as a gift certificate or electronic gift card, and
22generally purchased by a buyer for use by a person other than
23the buyer. “Gift certificate” includes a chamber buck.
24 Sec. 4. RETROACTIVE APPLICABILITY. This Act applies
25retroactively to July 1, 2014, to all chamber bucks purchased
26or sold in, and to all chamber buck programs administered in,
27the state of Iowa.
28EXPLANATION
29The inclusion of this explanation does not constitute agreement with
30the explanation’s substance by the members of the general assembly.
31This bill relates to the disposition of unclaimed property
32held in banking or financial organizations, and gift
33certificates known as chamber bucks.
34The bill defines “chamber buck” to mean a gift certificate
35offered for purchase through a local chamber of commerce as
-1-1part of a chamber buck program that can be redeemed at a
2participating local business within the area where the chamber
3of commerce is located. “Chamber buck program” is defined as a
4program created and administered by a local chamber of commerce
5that offers chamber bucks for purchase.
6The bill provides that property deposited with a banking
7or financial organization by a person as part of the
8administration of a chamber buck program shall not be subject
9to the presumption of abandonment. The bill provides that a
10chamber buck is subject to Code section 556.9(2).
11The bill applies retroactively to July 1, 2014, for all
12chamber bucks purchased or sold in, and to all chamber buck
13programs administered in, the state of Iowa.
-2-cm/ko