Iowa Admin. Code r. 781-9.20
Current through Register Vol. 47, No. 11, December 11, 2024
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. If a holder fails to undertake 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.
Iowa Admin. Code r. 781-9.20