The following property held or owing by a banking or financial organization or by a business association is presumed abandoned: 1. Any demand, savings, or matured time deposit made in this state with a banking organization, together with any interest or dividend, excluding any charges that may lawfully be withheld, unless the owner has, within three years: a. Increased or decreased the amount of the deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest. b. Corresponded in writing with the banking organization concerning the deposit. c. Otherwise indicated an interest in the deposit as evidenced by a memorandum on filewith the banking organization. Such memorandum shall be dated and may have been prepared by the banking organization, in which case itshall be signed by an official of the bank, or itmay have been prepared by the owner. d. Had another relationship with the bank in which the owner has: (1) Communicated in writing with the bank. (2) Otherwise indicated an interest as evidenced by a memorandum or other record on fileprepared by an employee of the bank and ifthe bank communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection atthe address to which communications regarding the other relationship are regularly sent. e. Been sent any written correspondence, notice, or information by first class mail regarding the deposit by the banking organization on or after July 1, 1992, if the correspondence, notice, or information requests an address correction on the face of the envelope, and is not returned to the bank organization for nondelivery, and if the bank organization maintains a record of all returned mail. 2. Any fundspaid in this state toward the purchase ofshares orother interest in a financial organization or any deposit made in this state, and any interest or dividends, excluding any charges that may lawfully be withheld, unless the owner has within three years: a. Increased or decreased the amount ofthe funds or deposit, or presented an appropriate record for the crediting of interest or dividends. b. Corresponded in writing with the financial organization concerning the funds or deposit. c. Otherwise indicated an interest in the funds or deposit as evidenced by a memorandum on filewith the financialorganization. Such memorandum shall be dated and may have been prepared by the financial organization, in which case it shall be signed by an officer of the financial organization, or itmay have been prepared by the owner. d. Had another relationship with the financial organization in which the owner has: (1) Communicated in writing with the financial organization. (2) Otherwise indicated an interest as evidenced by a memorandum or other record on fileprepared by an employee of the financial organization and if the financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship are regularly sent. e. Been sent any written correspondence, notice, or information by first class mail regarding the funds or deposits by the financial organization on or after July 1, 1992, if the correspondence, notice, or information requests an address correction on the face of the envelope, and is not returned to the financial organization for nondelivery, and if the financial organization maintains a record of allreturned mail. 3. Any property described in subsections 1 and 2 which is automatically renewable is matured for purposes of subsections 1 and 2 upon the expiration of its initialtime period, but in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time provided for which consent was given. However, consent to renewal is deemed to have been given if the owner is sent written notice of the renewal by first class mail which requests an address correction on the face of the envelope, the notice is not returned for nondelivery, and the banking or financial organization maintains a record of allreturned mail. Ifat the time period for delivery in section 556.13, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time period for delivery isextended until the time when no penalty or forfeiture would result. 4. Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box in this state on which the lease or rental period has expired due to nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than three years from the date on which the lease or rental period expired. 5. a. A banking organization or financial organization shall send to the owner of each account, to which none of the actions specified in subsection 1, paragraphs “a” through “e” or subsection 2, paragraphs “a” through “e” have occurred during the preceding three calendar years, a notice by mail or through electronic messaging stating in substance the following: According to our records, we have had no contact with you regarding (describe account) for more than three years. Under Iowa law, ifthere is a period of three years without contact, we may be required to transferthis account to the custody ofthe treasurer of state of Iowa as unclaimed property. You may prevent this by taking some action, such as a deposit or withdrawal, or by contacting us through electronic messaging, which indicates your interest in this account, or by signing this form and returning it to us. I desire to keep the above account open and active. .................................... Your signature b. The notice required under this section shall be sent within thirty days of the lapse of the three-year period in which there is no activity. The cost of the certified mail of the notice required in this section may be deducted from the account by the banking or financial organization. 1085, §1 – 4; 95 Acts, ch 34, §2; 96 Acts, ch 1173, §3; 2013 Acts, ch 30, §174; 2013 Acts, ch 140, §76; 2023 Acts, ch 125, §2, 3 2023amendment tosubsection5appliestoelectronicmessagingsentorreceivedonorafterJuly1,2023;2023Acts,ch125,§3
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