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

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.