Bill Text: IA SF2169 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the disposition of unclaimed property held by banking or financial organizations, and gift certificates known as chamber bucks, and including retroactive applicability provisions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-02-07 - Subcommittee Meeting: 02/13/2024 11:00AM Senate Lounge. [SF2169 Detail]
Download: Iowa-2023-SF2169-Introduced.html
Senate
File
2169
-
Introduced
SENATE
FILE
2169
BY
REICHMAN
(COMPANION
TO
HF
2036
BY
COLLINS)
A
BILL
FOR
An
Act
relating
to
the
disposition
of
unclaimed
property
held
1
by
banking
or
financial
organizations,
and
gift
certificates
2
known
as
chamber
bucks,
and
including
retroactive
3
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
TLSB
5147XS
(1)
90
cm/ko
S.F.
2169
Section
1.
Section
556.1,
Code
2024,
is
amended
by
adding
1
the
following
new
subsections:
2
NEW
SUBSECTION
.
2A.
“Chamber
buck”
means
a
gift
certificate
3
offered
for
purchase
through
a
local
chamber
of
commerce
as
4
part
of
a
chamber
buck
program
that
can
be
redeemed
at
a
5
participating
local
business
within
the
area
where
the
chamber
6
of
commerce
is
located.
7
NEW
SUBSECTION
.
2B.
“Chamber
buck
program”
means
a
program
8
created
and
administered
by
a
local
chamber
of
commerce
that
9
offers
chamber
bucks
for
purchase.
10
Sec.
2.
Section
556.2,
Code
2024,
is
amended
by
adding
the
11
following
new
subsection:
12
NEW
SUBSECTION
.
6.
Notwithstanding
subsection
1,
property
13
held
by
a
banking
or
financial
organization
deposited
by
a
14
person
as
part
of
the
administration
of
a
chamber
buck
program
15
shall
not
be
subject
to
a
presumption
of
abandonment.
16
Sec.
3.
Section
556.9,
subsection
2,
paragraph
c,
Code
2024,
17
is
amended
to
read
as
follows:
18
c.
For
purposes
of
this
section
,
“gift
certificate”
means
a
19
merchandise
certificate
or
electronic
gift
card
conspicuously
20
designated
as
a
gift
certificate
or
electronic
gift
card,
and
21
generally
purchased
by
a
buyer
for
use
by
a
person
other
than
22
the
buyer.
“Gift
certificate”
includes
a
chamber
buck.
23
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
24
retroactively
to
July
1,
2014,
to
all
chamber
bucks
purchased
25
or
sold
in,
and
to
all
chamber
buck
programs
administered
in,
26
the
state
of
Iowa.
27
EXPLANATION
28
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
29
the
explanation’s
substance
by
the
members
of
the
general
assembly.
30
This
bill
relates
to
the
disposition
of
unclaimed
property
31
held
in
banking
or
financial
organizations,
and
gift
32
certificates
known
as
chamber
bucks.
33
The
bill
defines
“chamber
buck”
to
mean
a
gift
certificate
34
offered
for
purchase
through
a
local
chamber
of
commerce
as
35
-1-
LSB
5147XS
(1)
90
cm/ko
1/
2
S.F.
2169
part
of
a
chamber
buck
program
that
can
be
redeemed
at
a
1
participating
local
business
within
the
area
where
the
chamber
2
of
commerce
is
located.
“Chamber
buck
program”
is
defined
as
a
3
program
created
and
administered
by
a
local
chamber
of
commerce
4
that
offers
chamber
bucks
for
purchase.
5
The
bill
provides
that
property
deposited
with
a
banking
6
or
financial
organization
by
a
person
as
part
of
the
7
administration
of
a
chamber
buck
program
shall
not
be
subject
8
to
the
presumption
of
abandonment.
The
bill
provides
that
a
9
chamber
buck
is
subject
to
Code
section
556.9(2).
10
The
bill
applies
retroactively
to
July
1,
2014,
for
all
11
chamber
bucks
purchased
or
sold
in,
and
to
all
chamber
buck
12
programs
administered
in,
the
state
of
Iowa.
13
-2-
LSB
5147XS
(1)
90
cm/ko
2/
2
