This regulation rescinds and readopts Code Section IA ADC 781-9, relating to unclaimed property, primarily for the purpose of addressing changes that will be implemented in providing an online claims process for Great Iowa Treasure Hunt claimants. The regulation also makes several further changes.
Among these changes, it does not readopt certain rule sections relating to relating to the reporting of property owed to beneficiaries, the reporting of life insurance policies, and the calculation and payment of owner entitlements to interest. In response to comments, the Treasurer has also added to the rule a definition of "non-freely transferable security" and has removed the ten-day window for reporting non-freely transferable securities and replaced the ten-day window with a report on the next regular (annual) date. The final version of the rule omits several provisions from the proposed version in response to comments.