House File 247 - Enrolled
House File 247
AN ACT
RELATING TO COMMUNICATION METHODS REGARDING THE DISPOSITION OF
UNCLAIMED PROPERTY AND INCLUDING APPLICABILITY PROVISIONS.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 556.1, Code 2023, is amended by adding
2 the following new subsection:
3 NEW SUBSECTION. 3A. “Electronic messaging” means
4 communication conducted through electronic mail, text message,
5 or other electronic means, including but not limited to an
6 online banking website application.
7 Sec. 2. Section 556.2, subsection 5, paragraphs a and b,
8 Code 2023, are amended to read as follows:
9 a. A banking organization or financial organization shall
10 send to the owner of each account, to which none of the actions
11 specified in subsection 1, paragraphs “a” through “e” or
12 subsection 2, paragraphs “a” through “e” have occurred during
13 the preceding three calendar years, a notice by certified
14 mail or through electronic messaging stating in substance the
15 following:
16 According to our records, we have had no contact with you
17 regarding (describe account) for more than three years. Under
18 Iowa law, if there is a period of three years without contact,
19 we may be required to transfer this account to the custody of
20 the treasurer of state of Iowa as unclaimed property. You
21 may prevent this by taking some action, such as a deposit or
22 withdrawal, or by contacting us through electronic messaging,
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23 which indicates your interest in this account, or by signing
24 this form and returning it to us.
25 I desire to keep the above account open and active.
26 .........
27 Your signature
28 b. The notice required under this section shall be mailed
29 sent within thirty days of the lapse of the three-year period
30 in which there is no activity. The cost of the certified mail
31 of the notice required in this section may be deducted from the
32 account by the banking or financial organization.
33 Sec. 3. APPLICABILITY. This Act applies to electronic
34 messaging sent or received on or after the effective date of
35 this Act.
______________________________ ______________________________
PAT GRASSLEY AMY SINCLAIR
Speaker of the House President of the Senate
I hereby certify that this bill originated in the House and
is known as House File 247, Ninetieth General Assembly.
______________________________
MEGHAN NELSON
Chief Clerk of the House
Approved _______________, 2023 ______________________________
KIM REYNOLDS
Governor


Statutes affected:
Introduced: 556.1
Enrolled: 556.1