Iowa Admin. Code r. 781-9.20 - Owner notification and holder due diligence

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.

Notes

Iowa Admin. Code r. 781-9.20
ARC 9936B, lAB 12/28/11, effective 2/1/12 Adopted by IAB November 9, 2016/Volume XXXIX, Number 10, effective 12/14/2016

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