Bill Text: IA HSB33 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to communication methods regarding the disposition of unclaimed property and including applicability provisions.(See HF 247.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2023-02-09 - Committee report approving bill, renumbered as HF 247. [HSB33 Detail]
Download: Iowa-2023-HSB33-Introduced.html
House
Study
Bill
33
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
LUNDGREN)
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
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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
1,
paragraph
b,
Code
2023,
7
is
amended
to
read
as
follows:
8
b.
Corresponded
in
writing
or
through
electronic
messaging
9
with
the
banking
organization
concerning
the
deposit.
10
Sec.
3.
Section
556.2,
subsection
1,
paragraph
d,
11
subparagraphs
(1)
and
(2),
Code
2023,
are
amended
to
read
as
12
follows:
13
(1)
Communicated
in
writing
or
through
electronic
messaging
14
with
the
bank.
15
(2)
Otherwise
indicated
an
interest
as
evidenced
by
a
16
memorandum
or
other
record
on
file
prepared
by
an
employee
of
17
the
bank
and
if
the
bank
communicates
in
writing
or
through
18
electronic
messaging
with
the
owner
with
regard
to
the
property
19
that
would
otherwise
be
abandoned
under
this
subsection
at
the
20
physical
address
,
electronic
mail
address,
or
phone
number
on
21
file
with
the
banking
organization
to
which
communications
22
regarding
the
other
relationship
are
regularly
sent
,
including
23
electronic
messaging
.
24
Sec.
4.
Section
556.2,
subsection
1,
paragraph
e,
Code
2023,
25
is
amended
to
read
as
follows:
26
e.
Been
sent
any
written
correspondence,
notice,
or
27
information
by
first
class
mail
regarding
the
deposit
by
28
the
banking
organization
on
or
after
July
1,
1992,
if
the
29
correspondence,
notice,
or
information
requests
an
address
30
correction
on
the
face
of
the
envelope,
and
is
not
returned
31
to
the
bank
organization
for
nondelivery,
and
if
the
bank
32
organization
maintains
a
record
of
all
returned
mail
,
or
33
been
sent
any
correspondence,
notice,
or
information
through
34
electronic
messaging,
and
is
not
returned
electronically
to
35
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the
banking
organization
for
nondelivery,
and
if
the
bank
1
organization
maintains
a
record
of
all
returned
electronic
2
messaging
.
3
Sec.
5.
Section
556.2,
subsection
2,
paragraph
b,
Code
2023,
4
is
amended
to
read
as
follows:
5
b.
Corresponded
in
writing
or
through
electronic
messaging
6
with
the
financial
organization
concerning
the
funds
or
7
deposit.
8
Sec.
6.
Section
556.2,
subsection
2,
paragraph
d,
9
subparagraphs
(1)
and
(2),
Code
2023,
are
amended
to
read
as
10
follows:
11
(1)
Communicated
in
writing
or
through
electronic
messaging
12
with
the
financial
organization.
13
(2)
Otherwise
indicated
an
interest
as
evidenced
by
a
14
memorandum
or
other
record
on
file
prepared
by
an
employee
of
15
the
financial
organization
and
if
the
financial
organization
16
communicates
in
writing
or
through
electronic
messaging
with
17
the
owner
with
regard
to
the
property
that
would
otherwise
18
be
abandoned
under
this
subsection
at
the
physical
address
19
or
electronic
mail
address
or
phone
number
on
file
with
the
20
financial
organization
to
which
communications
regarding
the
21
other
relationship
are
regularly
sent
,
or
messages
sent
through
22
other
electronic
means
.
23
Sec.
7.
Section
556.2,
subsection
2,
paragraph
e,
Code
2023,
24
is
amended
to
read
as
follows:
25
e.
Been
sent
any
written
correspondence,
notice,
or
26
information
by
first
class
mail
regarding
the
funds
or
deposits
27
by
the
financial
organization
on
or
after
July
1,
1992,
if
the
28
correspondence,
notice,
or
information
requests
an
address
29
correction
on
the
face
of
the
envelope,
and
is
not
returned
30
to
the
financial
organization
for
nondelivery,
and
if
the
31
financial
organization
maintains
a
record
of
all
returned
mail
,
32
or
been
sent
any
correspondence,
notice,
or
information
through
33
electronic
messaging,
and
is
not
returned
electronically
to
the
34
financial
organization
for
nondelivery,
and
if
the
financial
35
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organization
maintains
a
record
of
all
returned
electronic
1
messaging
.
2
Sec.
8.
Section
556.2,
subsection
3,
Code
2023,
is
amended
3
to
read
as
follows:
4
3.
Any
property
described
in
subsections
1
and
2
which
is
5
automatically
renewable
is
matured
for
purposes
of
subsections
6
1
and
2
upon
the
expiration
of
its
initial
time
period,
but
in
7
the
case
of
any
renewal
to
which
the
owner
consents
at
or
about
8
the
time
of
renewal
by
communicating
in
writing
or
through
9
electronic
messaging
with
the
banking
or
financial
organization
10
or
otherwise
indicating
consent
as
evidenced
by
a
memorandum
11
or
other
record
on
file
prepared
by
an
employee
of
the
12
organization,
the
property
is
matured
upon
the
expiration
of
13
the
last
time
provided
for
which
consent
was
given.
However,
14
consent
to
renewal
is
deemed
to
have
been
given
if
the
owner
is
15
sent
written
notice
of
the
renewal
by
first
class
mail
which
16
requests
an
address
correction
on
the
face
of
the
envelope,
17
the
notice
is
not
returned
for
nondelivery,
and
the
banking
18
or
financial
organization
maintains
a
record
of
all
returned
19
mail
,
or
if
the
owner
is
sent
written
notice
of
the
renewal
20
through
electronic
messaging
and
the
banking
or
financial
21
organization
maintains
a
record
of
all
returned
electronic
22
messaging
and
the
notice
is
not
returned
to
the
banking
or
23
financial
organization
.
If
at
the
time
period
for
delivery
24
in
section
556.13
,
a
penalty
or
forfeiture
in
the
payment
of
25
interest
would
result
from
the
delivery
of
the
property,
the
26
time
period
for
delivery
is
extended
until
the
time
when
no
27
penalty
or
forfeiture
would
result.
28
Sec.
9.
Section
556.2,
subsection
5,
paragraphs
a
and
b,
29
Code
2023,
are
amended
to
read
as
follows:
30
a.
A
banking
organization
or
financial
organization
shall
31
send
to
the
owner
of
each
account,
to
which
none
of
the
actions
32
specified
in
subsection
1,
paragraphs
“a”
through
“e”
or
33
subsection
2,
paragraphs
“a”
through
“e”
have
occurred
during
34
the
preceding
three
calendar
years,
a
notice
by
certified
35
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mail
or
through
electronic
messaging
stating
in
substance
the
1
following:
2
According
to
our
records,
we
have
had
no
contact
with
you
3
regarding
(describe
account)
for
more
than
three
years.
Under
4
Iowa
law,
if
there
is
a
period
of
three
years
without
contact,
5
we
may
be
required
to
transfer
this
account
to
the
custody
of
6
the
treasurer
of
state
of
Iowa
as
unclaimed
property.
You
7
may
prevent
this
by
taking
some
action,
such
as
a
deposit
or
8
withdrawal,
or
by
contacting
us
through
electronic
messaging,
9
which
indicates
your
interest
in
this
account
,
or
by
signing
10
this
form
and
returning
it
to
us.
11
I
desire
to
keep
the
above
account
open
and
active.
12
.........
13
Your
signature
14
b.
The
notice
required
under
this
section
shall
be
mailed
15
sent
within
thirty
days
of
the
lapse
of
the
three-year
period
16
in
which
there
is
no
activity.
The
cost
of
the
certified
mail
17
of
the
notice
required
in
this
section
may
be
deducted
from
the
18
account
by
the
banking
or
financial
organization.
19
Sec.
10.
APPLICABILITY.
This
Act
applies
to
electronic
20
messaging
sent
or
received
on
or
after
the
effective
date
of
21
this
Act.
22
EXPLANATION
23
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
24
the
explanation’s
substance
by
the
members
of
the
general
assembly.
25
This
bill
relates
to
electronic
communication
regarding
26
property
that
is
assumed
to
be
abandoned
for
purposes
of
27
property
held
by
a
bank,
financial
institution,
or
business
28
association.
29
The
bill
defines
“electronic
messaging”
to
mean
30
electronic
mail,
text
messaging,
or
other
electronic
means
of
31
communication,
including
an
online
banking
website
application.
32
The
bill
provides
that
methods
of
communication
between
33
an
owner
of
specified
forms
of
property
and
a
banking
or
34
financial
organization
or
by
a
business
association
that
can,
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if
certain
circumstances
are
met,
prevent
the
property
from
1
being
considered
abandoned
include
electronic
messaging
along
2
with
correspondence
in
writing.
The
bill
also
provides
that
3
consent
for
renewal
of
previously
held
property
between
an
4
owner
and
a
banking
or
financial
organization
or
a
business
5
association
can
be
considered
effective
if
notice
was
sent
by
6
electronic
messaging
and
the
notice
is
not
returned
to
the
bank
7
for
nondelivery.
8
The
bill
applies
to
electronic
messaging
sent
or
received
on
9
or
after
the
effective
date
of
the
bill.
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