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News & Press: UPPO News

UPPO recommends changes to Iowa's proposed administrative rules

Friday, October 7, 2016   (0 Comments)
Posted by: Emily Lee
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UPPO submitted comments to Iowa regarding its proposed administrative rule changes, published in IA ARC 2716C. UPPO's comments centered on proposed rules that were unclear, or that could be interpreted differently by the parties responsible for complying with and enforcing the unclaimed property law. Included in UPPO's comments were recommendations to:

  • Implement a VDA program
  • Further define the types of records and information holders are expected to produce in audits
  • Remove undefined terms, such as "reasonable", "necessary" and "good business practice" in the due diligence requirement section, and just require holders to follow the statutory due diligence requirements. The proposed rules read: "Holders shall exercise reasonable and necessary due diligence consistent with good business practice in attempting to reactive dormant accounts and to locate owners of unclaimed property."

Read the submission to know all of UPPO's recommended changes and comments.

Iowa held a public hearing on Thursday, Oct. 6 to review the proposed rules. UPPO will update membership with any developments regarding this topic.

 

Questions? Direct them to UPPO Government Relations & Advocacy Committee Co-Chairs: Karen Anderson, Michelle Andre or Kendall Houghton.


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