Bills › 90th General Assembly
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
Topics:Business & economyState government
Same legislation: SF 2169
Where it is now
- Done: IntroducedJanuary 11, 2024
- Done: SubcommitteeJanuary 18, 2024
- Stopped: House committeeDied when the General Assembly ended
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2024 session adjourned on April 19, 2024, 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 Money held by banks for local chamber of commerce gift certificate programs will no longer be treated as abandoned property. This change applies to "chamber bucks," which are certificates people buy to spend at local businesses. These rules apply to all such programs and certificates used in Iowa.1
Read the official explanation
This bill relates to the disposition of unclaimed property held in banking or financial organizations, and gift certificates known as chamber bucks. The bill defines “chamber buck” to mean a gift certificate offered for purchase through a local chamber of commerce as part of a chamber buck program that can be redeemed at a participating local business within the area where the chamber of commerce is located. “Chamber buck program” is defined as a program created and administered by a local chamber of commerce that offers chamber bucks for purchase. The bill provides that property deposited with a banking or financial organization by a person as part of the administration of a chamber buck program shall not be subject to the presumption of abandonment.9(2). The bill applies retroactively to July 1, 2014, for all chamber bucks purchased or sold in, and to all chamber buck programs administered in, the state of Iowa.
Why it matters. Local chambers of commerce and the businesses that participate in their programs would see changes in how gift certificates known as chamber bucks are handled. Money deposited with banks or financial organizations to manage these chamber buck programs would no longer be treated as abandoned property.2
House subcommittee
Named January 18, 2024. On January 29, 2024 it recommended passage. Vote Total: 2-0.
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
4 for · 0 against · 11 undecided · Who →
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90th General Assembly