Iowa Admin. Code r. 781-9.24

Current through Register Vol. 47, No. 10, November 13, 2024

Rule 781-9.24 - Disposition of safe deposit box contents

(1) Except as stated in subrules 9.24(2) and 9.24(3), the contents of safe deposit boxes and other tangible property received by the division shall be held by the division for not less than one year, after which time the property may be sold, held, or destroyed.

a. No employee, person related to an employee of the Iowa treasurer of state living in the same household, or contractor that provided appraisal services may directly or indirectly bid on safe deposit box contents or other tangible property offered for sale by the division.

b. For purposes of this subrule, "related to an employee" shall mean the employee's spouse, child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, or spouse of any of the foregoing persons.

(2) Medals awarded for military service in the armed forces of the United States shall not be auctioned.

(3) If the treasurer determines, after investigation and after an attempt to dispose of the unclaimed property in accordance with the Act, that the probable cost of sale exceeds the value of the property, the treasurer may destroy or otherwise dispose of the property at any time. This rule is intended to implement Iowa Code section 556.17.

Iowa Admin. Code r. 781-9.24

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

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