reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.8 - Reporting of Individual Retirement Accounts (IRAs) and Other Retirement Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
					reporting and delivery of property in an individual retirement account, defined
					contribution plan, defined benefit plan, or other account or plan that is
					qualified for tax deferral under the income tax laws of the United States shall
					be extended until three years after the earliest of the following has occurred:
a. The date of unsuccessful
					distribution;
b. The date of the
					required distribution, as stated in agreements governing the account;
					or
c. The date specified in the
					income tax laws of the United States by which a distribution must occur in
					order for the owner to avoid a tax penalty.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.9 - Reporting of Certificates of Deposit and Other Time Deposits

Current through Register Vol. 47, No. 3, July 24, 2024
If an automatically renewable time deposit or nonrenewable time
						deposit is deemed abandoned prior to its initial maturity, the time for the
						reporting and delivery of the time deposit to the division will be extended to
						the date of maturity or three years from the date on which the abandonment
						period commenced, whichever is later.
This rule is intended to implement Iowa Code section
						556.7.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.10 - Indication of Interest by an Owner in a Certificate of Deposit or Other Time Deposit

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
					following acts by the owner of a time deposit shall rebut a presumption of
					abandonment of the time deposit:
a. Consent in
					writing to a renewal of the time deposit at or about the time of renewal and
					signed by the owner, given by delivery of the original or a signed copy in a
					format reasonably acceptable to the division, or demonstrated by the existence
					of a memorandum or other record on file with the holder made at the time of
					renewal; or
b. The owner, within
					three years after the earlier of the maturity date or the date of the owner's
					last indication of interest in the deposit, has:
(1) Increased or decreased the amount or
					presented the passbook or other similar evidence of the deposit for the
					crediting of interest due;
(2)
					Communicated in writing with the financial organization concerning the time
					deposit, including requesting that the time deposit be redeemed;
(3) Otherwise demonstrated an indication of
					interest in the deposit as evidenced by a memorandum or other record on file
					prepared by an employee of the financial organization;
(4) Owned other property to which
					subparagraphs 9.10(1)
"b
"(1), (2), and (3) above apply and the
					financial organization communicates with the owner about the deposit that would
					otherwise be presumed abandoned under this subrule in writing at the address to
					which communications regarding the other property regularly are sent;
					or
(5) Had another relationship
					other than time or demand deposits, such as, but not limited to, a safe deposit
					box, mortgage, stocks, bonds, or other investments, with the financial
					organization concerning which the owner has:
1. Communicated in writing with the banking
					or financial organization; or
2.
					Demonstrated an indication of interest as evidenced by a memorandum or other
					record on file prepared by an employee of the financial organization.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.11 - Reporting of Retained Asset Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
Funds held in a retained asset account maintained by a life
						insurance company on behalf of a beneficiary shall be reported and delivered to
						the division if the beneficiary has failed to take such actions demonstrating
						an indication of interest in the account for a period of three years.
This rule is intended to implement Iowa Code section
						556.9.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.12 - Reporting of Tax-advantaged College Savings Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
Property held in a plan described in Section 529A of the
						Internal Revenue Code or held in an account or plan that qualifies for tax
						deferral under the income tax laws of the United States is presumed abandoned
						if it is unclaimed by the owner three years from the later of:
(1) The date a second item sent to the owner
					by first-class mail was returned as undeliverable by the United States Postal
					Service (USPS), unless a later mailing by first-class mail to the apparent
					owner was not returned as undeliverable or, for an apparent owner not receiving
					communications from the holder by first-class mail, the date of the last
					indication to the holder by the apparent owner of interest in the property;
					or
(2) Thirty years have elapsed
					after the date the account was opened.
This rule is intended to implement Iowa Code section
						556.7.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.13 - Reporting of Unused Gift Certificate Balances

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Except as provided in subrules 9.13(2)
					and 9.13(3), an unused balance on a gift certificate is reportable five years
					from the date of issuance of the gift certificate or last usage, whichever is
					later.
(2) An unused balance on a
					gift certificate that is not redeemable for cash, which was issued prior to
					July 2, 2014, is reportable five years from the date of issuance of the gift
					certificate or last usage, whichever is later.
(3) An unused balance on a gift certificate
					that is not redeemable for cash, which was issued after July 1, 2014, and is
					not subject to expiration or service fees, is not subject to reporting and
					delivery under Iowa Code chapter 556.
This rule is intended to implement Iowa Code section
						556.9.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.18 - Information Required to Be Included in Report

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Every Holder Report Form submitted to the
					division must include, to the extent such information is available to the
					holder, the following information:
a. The
					owner's (and as applicable/available, the beneficiary's) name;
b. The owner's (and as applicable/available,
					the beneficiary's) last-known address;
c. The owner's (and as applicable/available,
					the beneficiary's) social security number or Federal Tax Identification
					Number;
d. Account number, policy
					number, or other similar account relationship identifier;
e. Check number, certificate number, or other
					similar property identifier;
f.
					Date of owner's last indication of interest;
g. Date the property became payable or
					distributable;
h. In the case of
					joint owners, the relationship of the owners (joint owners, sole owner, etc.);
					and
i. As applicable and as known to
					the holder, an indication that the owner is deceased, as well as the date of
					death of the owner and the source of decedent information.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.19 - Early Reporting of Unclaimed Property

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A holder may request permission to report
					and deliver property to the division before it is presumed abandoned by sending
					a written request to the division.
(2) The request must identify the property to
					be reported and delivered and the reasons for requesting permission to report
					and deliver the property prior to the date it is presumed abandoned.
(3) The division may, at its sole discretion,
					consent to early reporting and delivery according to terms and conditions
					prescribed by the division.
This rule is intended to implement Iowa Code section
						556.11.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.20 - Owner Notification and Holder Due Diligence

Current through Register Vol. 47, No. 3, July 24, 2024
Holders shall exercise reasonable and necessary due diligence
						consistent with good business practice in attempting to reactivate dormant
						accounts and to locate owners of unclaimed property. If a holder fails to
						undertake due diligence as required by Iowa Code section
						556.11,
						the holder will not have met the good-faith reporting standard of Iowa Code
						section
						556.14
						and the division will not be obligated to defend the holder against any claim
						of liability.
This rule is intended to implement Iowa Code section
						556.11.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.21 - Reporting Aggregate Amounts to the Division

Current through Register Vol. 47, No. 3, July 24, 2024
Holders may report in aggregate to the division items of
						property with a value of under $50. Holders are encouraged not to aggregate
						unclaimed dividend checks, oil royalties, and other payments of a recurring
						nature, regardless of the item value.
This rule is intended to implement Iowa Code section
						556.11.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.22 - Property Held by a Third Party

Current through Register Vol. 47, No. 3, July 24, 2024
A holder may contract with a third party to hold property,
						provide payment services and report unclaimed property; however, such
						arrangements shall not relieve the holder from complying with all requirements
						of this chapter and Iowa Code chapter 556. The holder remains at all times
						responsible for the complete, accurate and timely reporting and delivery of
						property presumed abandoned and other duties as provided for under this chapter
						and Iowa Code chapter 556.
This rule is intended to implement Iowa Code chapter
						556.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.23 - Regulation of Finders

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Pursuant to
					Iowa Code section
					556.11(10),
					agreements or contracts between finders and owners to pay compensation to
					recover or assist in the recovery of abandoned property are unenforceable if
					made within 24 months of the date the property was received by the division.
					Additionally, if a holder is in possession of property that has been deemed
					abandoned but has not yet been timely reported and delivered to the division,
					an agreement to pay compensation to recover or assist in the recovery of such
					property is unenforceable. In no case shall the finder fees or compensation
					exceed 15 percent of the amount of the property subject to claim.
(2) A claim form signed by a finder shall not
					be reviewed by the division. The apparent owner or owner's legal representative
					shall make direct contact with the division and sign the claim form. All
					communication regarding the claim will be sent to the claimant. A signed, dated
					and notarized copy of any original agreement or contract between a finder and
					an owner shall be included with the filing of any claim. Handwritten agreements
					or contracts will not be accepted. To be valid, the agreement must disclose the
					nature and value of the property and the name and address of the person in
					possession.
(3) Owner information
					shall be reproduced at least annually in a format to be determined by the
					treasurer and shall be provided to anyone requesting the information for a fee
					of $20 per copy. The fee shall be paid in the form of an official check or
					money order and made payable to the State of Iowa. All fees for owner
					information shall be received by the division before the owner information is
					made available.
This rule is intended to implement Iowa Code section
						556.11.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.24 - Disposition of Safe Deposit Box Contents

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Except as stated in subrules 9.24(2) and
					9.24(3), the contents of safe deposit boxes and other tangible property
					received by the division shall be held by the division for not less than one
					year, after which time the property may be sold, held, or destroyed.
a. No employee, person related to an employee
					of the Iowa treasurer of state living in the same household, or contractor that
					provided appraisal services may directly or indirectly bid on safe deposit box
					contents or other tangible property offered for sale by the division.
b. For purposes of this subrule, "related to
					an employee" shall mean the employee's spouse, child, stepchild, grandchild,
					parent, stepparent, sibling, stepsibling, or spouse of any of the foregoing
					persons.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.25 - Filing of Owner Claims

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All claims
					for abandoned property shall be filed with the division on the division's claim
					form or through such other means or process as the division finds
					acceptable.
(2) The claim form
					shall be completed in its entirety and must include the following information:
a. Social security number or Federal Tax
					Identification Number, or both, of every claimant;
b. Name, complete mailing address, telephone
					number and e-mail address, if applicable, of every claimant;
c. Signature of claimant(s). If the claim
					includes stock(s) or safe deposit box contents, the signature must be
					notarized. The treasurer may set through policy a cash claim limit which
					requires a signature to be notarized.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.26 - Documentation of Claims by Individuals

Current through Register Vol. 47, No. 3, July 24, 2024
A claimant may be required to provide the following supporting
						documentation with claims, as applicable, if the claim is being made by the
						person that is set forth as the apparent owner of the unclaimed property in the
						report filed with the division:
(1) A
					copy of the claimant's driver's license or other government-issued
					identification.
(2) A copy of a
					document verifying the claimant's social security number. Examples include a
					social security card and a federal Form W-2.
(3) A document showing the claimant's address
					as it was reported to the division may be required if the holder did not report
					the social security number to the division. Examples of relevant documentation
					include a federal Form W-2, pay stub, bank statement, expired driver's license,
					stock certificate, college transcript, report card, marriage certificate,
					divorce decree, birth certificate, or an original (not a copy) of a postmarked
					envelope addressed to the claimant.
(4) If the claimant's name has changed,
					copies of supporting documentation showing the name change.
(5) If the property subject to claim is a
					joint account, each surviving claimant may be required to provide:
a. The information in subrules 9.26(1) to
					9.26(4) for each joint owner, or such alternative documentation as the division
					may at its sole discretion deem acceptable; or
b. Where one or more joint owners are
					deceased, an official copy of the deceased joint owner's death
					certificate.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.27 - Documentation of Claims by Business Entities

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A business may be required to provide the
					following supporting documentation with its claims, as applicable:
a. Proof, as deemed suitable by the division,
					that the person signing the claim form is an officer of the business and has
					the authority to conduct business on behalf of the entity, such as corporate
					resolution or other documentation deemed suitable by the treasurer.
b. Documentation setting forth the claimant's
					federal Employer Identification Number (EIN).
c. A copy of the claimant's biennial report
					as filed with the office of the secretary of state or a copy of a current
					corporate tax return.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.28 - Claims for Which the Apparent Owner of Property Is an Unincorporated Nonprofit Association That Has Been Dissolved

Current through Register Vol. 47, No. 3, July 24, 2024
A claim to property for which the apparent owner is an
						unincorporated nonprofit association that has been dissolved may be made by a
						person authorized to claim the property in accordance with the dissolved
						association's bylaws or governing principles or as proven by other
						documentation as deemed suitable by the division. This rule is intended to
						implement Iowa Code section
						556.20.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.29 - Certification of Entitlement by Claimant

Current through Register Vol. 47, No. 3, July 24, 2024
The claimant shall affirmatively certify that the claimant is
						the true owner of the unclaimed property and agree to hold harmless and
						indemnify the division, its employees, and the state in the event of a superior
						claim to such property by another claimant or person.
This rule is intended to implement Iowa Code section
						556.19.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.30 - Claims by Holders for Owner Reimbursements

Current through Register Vol. 47, No. 3, July 24, 2024
A holder may request payment from the division under the
						circumstances set forth below. Regardless of whether the holder is represented
						by a bona fide third party, the claim must be signed by an officer of the
						holder. A third party may not act on behalf of the holder to request payment
						from the division unless such third party provides evidence satisfactory to the
						division in its sole discretion that such third party is acting as the holder's
						bona fide representative through general power of attorney, court designation,
						or similar legal authority. The division may, in its sole discretion, establish
						a policy which allows a transfer agent or a reporting agent to sign a holder
						reimbursement subject to meeting all the requirements set forth by the division
						under that policy. The establishment of such a policy shall not be construed as
						creating any right or entitlement of transfer or of reporting agents to sign
						holder reimbursements, and any such policy may be rescinded or modified at any
						time at the sole discretion of the division.
(1) The holder has made payment to the
					apparent owner and filed proof of payment with the division for such a
					reclaimed asset. As a condition precedent to receiving reimbursement from the
					division, the holder shall assume liability for the reclaimed assets and
					indemnify and hold harmless the division from all future claims related to the
					reclaimed assets.
(2) The holder
					directs the division to make payment directly to the rightful owner. The holder
					shall assume liability for the claimed asset and indemnify and hold harmless
					the division from all future claims related to the claimed asset.
(3) The holder reported the asset in error.
					As a condition for receiving reimbursement from the division, the holder shall
					assume liability for the reclaimed asset and indemnify and hold harmless the
					division from all future claims related to the reclaimed asset. This rule is
					intended to implement Iowa Code section
					556.19.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.31 - Claims to Custodial Property Under the Iowa Utma or Similar Acts

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A claim to
					custodial property may be made by the custodian of the property, or the legal
					representative thereof, provided that the minor has not yet reached the age of
					21 years.
(2) Upon reaching the age
					of 21 years, a minor may file a claim to custodial property.
This rule is intended to implement Iowa Code section
						556.19.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.32 - Claim of Another State to Property in the Custody of the Treasurer of State

Current through Register Vol. 47, No. 3, July 24, 2024
(1) If property
					is received by the division and the division is aware that the property is
					subject to a superior claim of another state, the division may:
a. Report and deliver the property to the
					other state; or
b. Return the
					property to the holder so that the property may be paid or delivered to the
					other state.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.33 - Claimant Interest in Unclaimed Property

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The division shall have the exclusive
					authority to determine a claimant's interest in unclaimed property.
(2) Absent an order of a court of competent
					jurisdiction or by operation of the Iowa probate code or other applicable law,
					an owner's interest in unclaimed property held by the division may not be
					transferred to a third party except in the following circumstances:
a. As a remnant asset in
					bankruptcy;
b. Under an agreement
					that assigns the apparent owner's interest in the unclaimed property where the
					agreement is otherwise valid and meets the following criteria:
(1) The agreement is made at least 24 months
					after the date payment or delivery is made under Iowa Code section
					556.13;
(2) The agreement is in writing and signed by
					the apparent owner; and
(3) The
					agreement discloses the nature and value of the property and the name and
					address of the person in possession of the property.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.34 - Approval of Claims

Current through Register Vol. 47, No. 3, July 24, 2024
Each claim submitted to the division is subject to the approval
						process outlined below. Claims over a cash value of $5,000 must be
						authenticated either electronically or through such other or additional
						approval process as may be determined by the division. The treasurer may enter
						into a contract with a suitable third party that provides identity
						authentication. Claims over a cash value of $5,000 must receive an additional
						level of approval from a division manager.
(1) Cash claims that pass electronic
					authentication will be considered approved. The treasurer may implement a
					dollar threshold which would require a review by a division staff
					person.
(2) Cash claims not subject
					to the dollar limit threshold that do not pass electronic authentication will
					be subject to one level of approval by division staff authorized to approve
					claims at this level. If the claimant does not provide adequate documentation,
					division staff will communicate with the claimant explaining what documentation
					is missing. Level One approval shall then be applied only if all required
					documentation is subsequently submitted by the claimant.
(3) Cash claims subject to the dollar limit
					threshold, claims involving the transfer of stock or mutual fund share, or
					claims involving the delivery of safe deposit box contents will be subject to
					two levels of approval by division staff authorized to approve claims. If the
					claimant does not provide adequate documentation, division staff will
					communicate with the claimant explaining what documentation is missing. Level
					One approval shall then be applied only if all required documentation is
					subsequently submitted by the claimant. Level Two approval shall be obtained
					from the division staff person(s) designated to approve claims at this
					level.
This rule is intended to implement Iowa Code section
						556.19.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.35 - Process for Payment of Claims

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
					Claims shall be paid as follows:
a. In the
					case of cash claims, final approval shall cause the claim to become part of the
					settlement process. The settlement file will be submitted to the department of
					administrative services for payment. State warrants will be mailed or may be
					obtained from the treasurer's office. At the treasurer's discretion, the
					division may electronically deliver funds to a claimant's financial institution
					account.
b. In the case of a claim
					requiring the transfer of securities, final approval shall result in the
					division's sending a letter to a third-party agent responsible for the transfer
					of ownership of the stocks/mutual funds, instructing the agent to have
					ownership of the appropriate number of shares of the property reregistered in
					the name of the claimant.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.36 - Surety Bonds

Current through Register Vol. 47, No. 3, July 24, 2024
If the property subject to claim is a security and the original
						stock certificate is not available, in addition to the documentation required
						by rules
						781-9.25
						(556) and
						781-9.26
						(556), the claimant may be required to complete the Affidavit of Lost
						Certificate. The treasurer of state may require the claimant to furnish the
						treasurer with a surety bond containing terms and provisions acceptable to the
						treasurer and issued by a corporate surety. The claimant shall be responsible
						for all premiums, costs, fees or other expenses associated with any such surety
						bond. This rule is intended to implement Iowa Code section
						556.20.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.37 - Examination of Holders

Current through Register Vol. 47, No. 3, July 24, 2024
The division may conduct an examination of a holder if the
						division has reason to believe a holder has failed to report or has
						underreported unclaimed property pursuant to the Act.
(1)
Examination and review.
The treasurer may authorize employees of the treasurer and contract auditors to
					conduct examinations and review records in the course of an
					examination.
(2)
Examination
					entrance letter.
The division shall send an examination entrance
					letter to holders selected for examination.
(3)
Examination records
					request.
Holders subject to examination are required to comply with
					any and all requests for records that are made by the division or any contract
					auditor conducting an examination.
(4)
Examination entrance
					conference.
The division, at its option, shall conduct an examination
					entrance conference with a holder prior to the commencement of an examination,
					at which the division shall identify the examination period and describe the
					general examination methods that will be used including, but not limited to,
					any estimation techniques that may be utilized. This rule is intended to
					implement Iowa Code section
					556.23.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.38 - Estimation

Current through Register Vol. 47, No. 3, July 24, 2024
The division may use estimation techniques where no holder
						records exist or the records are insufficient to determine the holder's
						obligation due pursuant to the Act.
(1)
Report of the examination
					findings.
Upon completion of an examination, the division shall
					provide a written report reflecting the total unclaimed property reporting
					liability and, pursuant to the Act, any interest due on amounts due and owing
					for failure to report and deliver property due and payable for prior years. The
					division has the discretion to hold a conference with the holder to provide the
					written report.
(2)
Delivery of examination findings by the holder.
The holder
					shall deliver to the division within 30 calendar days any unclaimed property
					and interest due to the division based upon the examination findings.
(3)
Examination closure
					letter.
Upon receipt of the examination report and delivery of
					unclaimed property resulting from the examination, the division shall issue an
					examination closure letter informing the holder that the examination is
					closed.
This rule is intended to implement Iowa Code section
						556.23.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.39 - Appeal of Examination Findings

Current through Register Vol. 47, No. 3, July 24, 2024
A holder may appeal the examination findings of the
						division.
(1) The holder may utilize
					the appeals process after receipt of the examination report from the
					division.
(2) Failure to submit the
					appeal request within 30 calendar days shall constitute an acceptance of the
					total unclaimed property reporting liability findings.
(3) The holder shall submit to the division a
					written request for an appeal along with all supporting
					documentation.
(4) The division
					shall contact the holder and schedule an appeal meeting within 20 calendar days
					of receipt of the holder's appeal request.
(5) An appeal review shall be conducted at
					which time the holder shall present evidence supporting the holder's basis for
					the appeal.
(6) Based on the
					evidence and additional information presented during the appeal, the division
					will render a decision. Such final decision will be written and sent to the
					holder within 30 calendar days of the appeal meeting.
(7) The holder shall file a report with the
					division and deliver unclaimed property to the division reflecting the
					unclaimed property reporting liability and interest due on amounts due and
					owing as determined by the division within 30 calendar days.
This rule is intended to implement Iowa Code section
						556.23.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.40 - Entering Into Contracts With Contract Auditors

Current through Register Vol. 47, No. 3, July 24, 2024
The treasurer may enter into contracts with persons, pursuant
						to procedures prescribed by the treasurer, for the sole purpose of examining
						the records of holders to determine compliance with the Act. The treasurer may
						consider any relevant factors when entering into a contract for services
						requested in the performance of an unclaimed property examination.
This rule is intended to implement Iowa Code chapter
						556.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.41 - Guidelines

Current through Register Vol. 47, No. 3, July 24, 2024
Contract auditors shall adhere to the following
						guidelines.
(1) Contract auditors
					shall not participate in examinations in which such participation could be
					construed or perceived as a conflict of interest. Should the contract auditor
					believe that the contract auditor could not conduct an assigned examination due
					to a conflict of interest or for any other reason, the contract auditor shall
					notify the division. The division shall then determine whether recusal of the
					contract auditor from the assignment is appropriate or necessary. If the
					contract auditor is recused from conducting the examination of a holder,
					another contract auditor may be assigned.
(2) Contract auditors shall maintain strict
					confidentiality of any nonpublic records or documents gathered during the
					course of an examination in accordance with the auditors' contract.
(3) Contract auditors shall properly document
					their review and make their working papers gathered during examinations
					available on demand for review by the treasurer and the attorney general's
					office.
(4) Upon request, contract
					auditors shall provide the holder with relevant copies of working papers
					supporting any calculation made of unclaimed property reportable and
					deliverable to the treasurer.
(5)
					Contract auditors shall maintain working papers for a minimum of seven years
					following the completion of the examination assignment, the delivery of
					unclaimed property, the resolution of any appeal, or the finality of judgment
					in any litigation, whichever is later.
(6) Contract auditors shall conduct
					examinations consistent with the Act and other applicable law, policies of the
					treasurer, generally accepted accounting principles, generally accepted
					auditing standards, and any relevant examination rules promulgated pursuant to
					the Act as they relate to the reporting and delivery of unclaimed property from
					holders or persons.
This rule is intended to implement Iowa Code chapter
						556.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.42 - Holder Voluntary Disclosure of Unreported Property

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The division may offer a holder Voluntary
					Compliance Self-Audit (VCSA) program in order to facilitate compliance by
					holders that have never reported unclaimed property or have substantially
					underreported unclaimed property.
(2) The operation of the VCSA program process
					will be conducted as follows. The division will promulgate terms, conditions
					and forms for the VCSA program. A holder shall provide all required information
					in the format determined by the division in order to participate in the VCSA
					program. The division will have the discretion to approve or reject a VCSA
					submission. An incomplete VCSA submission will result in disapproval of the
					submission.
(3) The division will
					not impose any interest or penalties for property reported under an approved
					VCSA submission.
This rule is intended to implement Iowa Code chapter
						556.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 9 - Unclaimed Property › Rule 781-9.43 - Holder Amnesty Program

Current through Register Vol. 47, No. 3, July 24, 2024
The division may offer a holder amnesty program in order to
						facilitate compliance by holders that have never reported unclaimed property or
						have not reported in the last three years. The treasurer may provide
						notification of an amnesty program via the treasurer's Web site. The treasurer
						may waive interest and penalties for the amnesty program.
This rule is intended to implement Iowa Code chapter
						556.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 11 - Deposit of Public Funds by State Agencies › Rule 781-11.1 - Scope

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code section
						12C.1
						grants authority to the treasurer of state to act as the public officer for
						depositing public funds of the state. Iowa Code chapter 12C also requires that
						all public funds of the state deposited in a financial institution be secured,
						either by a pledge of collateral by that financial institution or by the state
						sinking fund. These rules outline the requirements that state agencies shall
						follow to ensure that public funds of the state are secured as required by Iowa
						Code chapter 12C.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 11 - Deposit of Public Funds by State Agencies › Rule 781-11.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter:
"Agency "
or
"state agency "
means a unit of state government, which can be an authority, board, commission,
						council, department, examining board, or independent agency as defined in Iowa
						Code section
						7E.4,
						and includes the office of an elective constitutional or statutory officer, the
						general assembly and any office or unit under its administration, and the
						judicial branch.
"Depository"
means a financial institution
						into which public funds are deposited under Iowa Code chapter 12C.
"Financial institution "
means a corporation
						or limited liability company engaged in the business of banking and organized
						under the laws of this state, another state, or the United States, as well as a
						savings bank organized under the laws of another state or the United States.
						"Financial institution" also means a cooperative or a nonprofit association
						incorporated under Iowa Code chapter 533 or the federal Credit Union Act and
						that is ensured by the National Credit Union Administration and includes an
						office of a credit union.
"Public funds "
or
"public deposits
						"
means the moneys of the state deposited by or on behalf of a state
						agency. "Moneys of the state" includes moneys credited to a depository for the
						purpose of completing an electronic financial transaction created by the
						federal government, a business, a consumer, or any other public or private
						entity, and a transaction created pursuant to 2013 Iowa Acts, Senate File 396,
						section 23.
"Treasurer"
means the treasurer of the state
						of Iowa and members of staff carrying out duties delegated by the
						treasurer.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 11 - Deposit of Public Funds by State Agencies › Rule 781-11.3 - Treasurer's Procedures for Administering the Depository Process

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The treasurer
					shall enter into an agreement with one or more financial institutions located
					in the state to serve as a depository.
(2) The treasurer shall specify which
					depositories may be used by state agencies and any third party hired by an
					agency to collect receipts and make deposits of public funds on the agency's
					behalf.
(3) The treasurer shall
					provide state agencies with the proper instructions for receiving electronic
					financial transactions at a depository.
(4) The treasurer shall provide state
					agencies with instructions on creating cash receipt accounting documents
					reflecting the deposit of public funds into a depository.
(5) Before an agency hires a third party to
					collect receipts and make deposits of public funds on the agency's behalf, the
					treasurer shall review the collection process being considered by the agency
					and third party to ensure that public funds are being deposited directly into a
					depository.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 11 - Deposit of Public Funds by State Agencies › Rule 781-11.4 - State Agency Requirements for Depositing Public Funds

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A state agency
					shall make deposits of public funds with the treasurer's cashier or directly
					into an account owned by the treasurer at a depository located in the
					state.
(2) A state agency shall
					notify the treasurer of the agency's intent to use a third party to collect
					receipts and make deposits of public funds on the agency's behalf to allow the
					treasurer to review the process to ensure that receipts of public funds are
					being deposited directly into a depository.
(3) A state agency shall require any third
					party collecting public funds on the agency's behalf to make deposits directly
					into the depository and account specified by the treasurer.
(4) A state agency shall comply with the
					treasurer's instructions on creating cash receipt accounting documents
					reflecting the deposit of public funds into a depository.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 12 - Technical Investment Information and Assistance › Rule 781-12.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The terms contained in Iowa Code section
						12.62
						are defined as follows:
"Assistance"
is defined as the communication
						of technical information to those public entities requesting the information.
						The treasurer of state's investment division will assist those public entities
						who request help by providing them with technical information regarding
						investment or deposits of public funds. Assistance will be provided to the
						requester in written form or by telephone. Assistance does not include the
						actual investment of a public entity's funds by the treasurer of state's
						investment division.
"Public entities "
is defined as political
						subdivisions, the state board of regents, instrumentalities, and agencies of
						the state authorized to invest funds.
"Technical information "
includes any
						information in the possession of the investment division of the treasurer of
						state's office pertaining to: how a type of investment is normally structured
						and if a particular type of investment is permitted by the Iowa Code; how
						interest and yields are computed by the industry; how to make yield comparisons
						when different interest calculation methods are used for different securities;
						the market liquidity of particular classes of investment securities; general
						risk and return tradeoffs of particular security types; how investments rank in
						terms of safety, liquidity and return characteristics; procedures for
						depositing public funds in Iowa financial institutions; key provisions to
						include in investment policies and agreements to ensure the safety of public
						funds; and any other information in the possession of the treasurer of state's
						investment division which pertains to investments or deposits of public funds.
						Technical information does not include legal advice or the making of investment
						decisions by the treasurer of state's investment division for public entities,
						nor does it include information regarding requirements of the Iowa Code which
						do not pertain to the investment or deposit of public funds.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 12 - Technical Investment Information and Assistance › Rule 781-12.2 - Availability of Technical Investment Information

Current through Register Vol. 47, No. 3, July 24, 2024
The treasurer of state will provide assistance and technical
						information to public entities in one or more of the following ways:
(1)
Written form.
A public
					entity may request technical investment information and assistance by writing
					to: Treasurer of State, Attention: Investment Assistance, State Capitol, Des
					Moines, Iowa 50319.
(2)
By
					telephone.
A public entity may request technical investment
					information and assistance by telephoning the state treasurer's investment
					division at (515)281-5369 or (515)281-5084. The treasurer of state reserves the
					right to require a public entity to request technical investment information
					and assistance in written form.
(3)
Newsletter
The treasurer of state may provide technical
					investment information and assistance to public entities by producing a
					newsletter which contains answers to frequently asked questions or other
					information which the treasurer of state believes will be useful to them. Any
					newsletter will be mailed to those public entities which regularly receive the
					minimum interest rates on deposits notice from the treasurer of state's office.
					The treasurer of state will also make any newsletter available to the various
					associations and leagues which provide services to public entities.
(4)
Workshops or seminars.
The treasurer of state will provide investment personnel to speak at investment
					workshops or seminars for public treasurers when requested to do so.
(5)
Requests for legal advice or
					opinions.
The treasurer of state will not provide legal advice to
					public entities. However, the treasurer of state may direct public entities to
					existing legal opinions or rulings which may be applicable to the question
					raised.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.1 - Scope and Transition Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Iowa Code chapter 12C grants authority to
					the treasurer of state to establish administrative rules and procedures to
					implement a system for securing deposits of public funds in banks, savings and
					loans, and credit unions through the pledge of eligible collateral. This
					chapter shall apply to the system for securing certain deposits of public funds
					in Iowa banks as defined by Iowa Code section
					12C.1,
					subsection (2a).
(2) Any form,
					communication, or transaction contemplated by this chapter may be completed and
					signed by wire transfer or other electronic means authorized by this chapter or
					as otherwise permitted or accepted by the treasurer. The treasurer may require
					that communications from an approved custodian to the treasurer be
					electronic.
Iowa Administrative Code › Agency 781 - Treasurer of State › Chapter 13 - Deposit and Security of Public Funds in Banks › Rule 781-13.3 - Forms

Current through Register Vol. 47, No. 3, July 24, 2024
The following forms are required for compliance with Iowa Code
						chapter 12C and this chapter Current versions of each form utilized by banks,
						pledging banks and approved custodians are available on the treasurer's Web
						site atwww.treasurer.state.ia.us [File Link Not Available] and in the
						treasurer's office.
1. Master
					Custodial Agreement for the Deposit of Public Funds in Banks.
2. Pledge and Security Agreement.
3. Letter of Credit.
4. Electronic Mail Protocol.
5. Securities Account Control
					Agreement.
6. Certificate and
					Approval for Withdrawal, Substitution or Addition of Collateral.
7. Statement of Accounts.
8. Public Depositor Claim Form.
9. Release by Public Deposit.