Iowa Due Diligence Review Summary
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How to fill out Due Diligence Review Summary?
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FAQ
Iowa Code section 556.11 stipulates that holders of unclaimed property must undertake due diligence to locate the rightful owner of the property. Due diligence notifications must be sent to apparent owners with a value of $50 or greater.
Utility companies, banks, insurance companies, etc., must report and transfer any money or property that has not been claimed by the original owner to the Treasurer of State. The law also requires businesses to file an annual report and remit the assets to the Unclaimed Property Program of the Iowa Treasurer's Office.
Iowa requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address and provide at least 30 days for the owner to respond.
While Iowa Code Section 556.2B(2) permits the imposition of a service charge for the non-presentment of a negotiable instrument issued by a financial institution, there must be a valid, enforceable contract between the financial institution and the owner.
For the State of Iowa, this dormancy period is generally three years (see Exhibit I). Any entity that engages in commerce can potentially generate unclaimed property. A holder of unclaimed property means any entity in possession of unclaimed property belonging to another or indebted to another on an obligation.
A due diligence letter is a notice sent to a debtor informing them of the creditor agency's intention to refer their debt to TOP for offset against federal payments. The letter contains specific language informing the debtor of their options and rights.
The property is presumed abandoned if the tenant (1) responds to the notice within the 30 days (or 33 days, as appropriate) but does not claim the property or (2) does not respond to the notice. If the tenant claims the property, he must pay the landlord for removal and storage.