Iowa Admin. Code r. 781-9.6

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 781-9.6 - Reporting and delivery of safe deposit box contents

(1) Safe deposit boxes or other safekeeping depositories that have been abandoned shall be opened and inventoried in the presence of at least two employees of the holder.

(2) The holder shall list the contents of each box inventoried and provide that list to the division. The Safe Deposit Box Inventory Form, or other form approved by the division, or any financial institution's internal inventory form shall be used and provided to the division.

(3) The property and a copy of the inventory shall then be sealed and maintained in safekeeping until delivered to the owner or to the division when required by the Act. The holder may not convert the property to cash or reduce cash property to check; all property is to be delivered in its original form and "as is" to the owner or, if required, to the division.

(4) Property transferred to the division shall be packaged in a reasonably protective manner to prepare for transportation to the division. Property should be delivered to the division via certified mail or insured courier. The holder assumes all risk of loss pending receipt of the property by the division. In the case of hazardous materials or weapons, including handguns, holders shall contact the division and follow any special instructions for handling such items.

This rule is intended to implement Iowa Code section 556.2.

Iowa Admin. Code r. 781-9.6

ARC 9936B, lAB 12/28/11, effective 2/1/12

Adopted by IAB November 9, 2016/Volume XXXIX, Number 10, effective 12/14/2016