General Assembly: 79 (2002 Regular GA) - Chapter 1059 - Gift certificates — late claims charges


Published: 2002-04-01

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102LAWS OF THE SEVENTY−NINTH G.A., 2002 SESSIONCH. 1058

Sec. 3.Section 231.53, Code Supplement 2001, is amended by striking the section and in- serting in lieu thereof the following:1

231.53COORDINATION WITH WORKFORCE INVESTMENT ACT.

The employment and training program administered by the department shall be coordinat- ed with the training program for older individuals administered by the department of work- force development under the federal Workforce Investment Act.

Approved April 1, 2002

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CH. 1059CH. 1059

CHAPTER 1059

GIFT CERTIFICATES  LATE CLAIMS CHARGES

H.F. 2497

AN ACT relating to charges imposed on unclaimed gift certificates.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1.Section 556.9, Code 2001, is amended to read as follows:

556.9MISCELLANEOUS PERSONAL PROPERTY HELD FOR ANOTHER PERSON  GIFT CERTIFICATES.

1.All intangible personal property, not otherwise covered by this chapter, including any in- come or increment thereon earned on the property and deducting any lawful charges, that is held or owing in this state in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned.

2.An issuer of a gift certificate shall not deduct from the face value of the gift certificate any charge imposed due to the failure of the owner of the gift certificate to present the gift certifi- cate in a timely manner, unless a valid and enforceable written contract exists between the is- suer and the owner of the gift certificate pursuant to which the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them. For purposes of this subsec- tion, gift certificate" means a merchandise certificate conspicuously designated as a gift cer- tificate, and generally purchased by a buyer for use by a person other than the buyer.

Approved April 1, 2002

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1NEW SECTION.231.53" probably intended