(1)
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.
(2) If a holder fails to perform due
diligence as required by Iowa Code section 556.11(5), the treasurer may charge
five dollars for each name and address account reported if 35 percent or more
of the accounts are claimed within 24 months immediately following the filing
of a holder report.
(3) If a holder
fails to perform
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
Amended by
IAB
January 22, 2025/Volume XLVII, Number 15, effective
2/26/2025
