Bills › 89th General Assembly
Relating to communication methods regarding the disposition of unclaimed property and including applicability provisions
Sponsored by the Senate Commerce Committee
Topics:Business & economy
Same legislation: SSB 3127
Where it is now
- Done: IntroducedFebruary 9, 2022
- Done: SubcommitteeFebruary 9, 2022
- Done: Senate committeeFebruary 16, 2022
- Stopped: Passes the SenateDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Banks and businesses can now use email or text messages to contact people about their property instead of only using paper mail. If a person responds to these electronic messages, it can prevent their property from being marked as abandoned. This also means that sending a digital notice counts as a way to ask someone if they want to keep their account or property.1
Read the official explanation
This bill relates to electronic communication regarding property that is assumed to be abandoned for purposes of property held by a bank, financial institution, or business association. The bill defines “electronic messaging” to mean electronic mail, text messaging, or other electronic means of communication, including an online banking website application. The bill provides that methods of communication between an owner of specified forms of property and a banking or financial organization or by a business association that can, if certain circumstances are met, prevent the property from being considered abandoned include electronic messaging along with correspondence in writing. The bill also provides that consent for renewal of previously held property between an owner and a banking or financial organization or a business association can be considered effective if notice was sent by electronic messaging and the notice is not returned to the bank for nondelivery. The bill applies to electronic messaging sent or received on or after the effective date of the bill.
Senate subcommittee
Named February 9, 2022 (as SSB 3127). On February 14, 2022 it recommended passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Lobbying
3 for · 0 against · 6 undecided · Who →
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89th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- SSB 1055 SSB 105590th General Assembly · Renumbered as SF 422Nearly identical
Matched by wording or an identical title.