SF 422: Relating to communication methods regarding the disposition of unclaimed property and including applicability provisions

What it does

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 applies to electronic messaging sent or received on or after the effective date of the bill.

Senate subcommittee · named January 18, 2023

• Sen. Rocky De Witt (R)
• Sen. Eric Giddens (D)
• Sen. Carrie Koelker (R) · carrie.koelker@legis.iowa.gov

Lobbying · 1 for, 0 against

For: Iowa Bankers Association

In plain words

1. January 18, 2023Filed in the Senate and sent to the Commerce committee · as SSB 1055
2. January 18, 2023Senate subcommittee named: De Witt, Giddens and Koelker · as SSB 1055
3. January 26, 2023Subcommittee recommended passing it · as SSB 1055
4. February 27, 2023Filed in the Senate
5. February 27, 2023Approved by the Senate committee
6. February 27, 2023Approved by the Senate committee, and given a new number: SF 422 · as SSB 1055
7. May 2, 2023Withdrawn