Iowa Order Directing Payment Of Unclaimed Funds is a legal document issued by the Iowa Department of Revenue that authorizes the payment of unclaimed funds to the rightful owners. This order is issued when funds have remained unclaimed for a certain period of time, and it is determined that the rightful owner cannot be located. The order directs the payment of these funds to the appropriate party. There are two types of Iowa Order Directing Payment Of Unclaimed Funds: Reimbursement Order and Distribution Order. A Reimbursement Order directs the payment of unclaimed funds to the party that originally submitted the funds, while a Distribution Order directs the payment of unclaimed funds to the rightful owner. Both orders require the completion of a claim form prior to the release of the funds.
Iowa Order Directing Payment Of Unclaimed Funds
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FAQ
The period of inactivity is referred to as the dormancy period. The general rule is that after a 3-year dormancy period the unclaimed property must be reported and remitted to the state.
Unclaimed property dormancy is a period of time during which there is no activity from the unclaimed property owner. The unclaimed property dormancy varies by property type, but is pretty uniform across the states for that type of property.
How long does it typically take to receive my money? It generally takes four to six weeks to process a claim.
The Iowa unclaimed property law requires all businesses to review their records each year and report unclaimed assets to the unclaimed property program in my office. This report must be filed on or before November 1 of each year and should include all property that is reportable as of July 1.
Iowa Code Chapter 556, the Uniform Disposition of Unclaimed Property Act (the Act), was initially enacted in 1967. The Act covers unclaimed intangible personal property of all types, including insurance benefits, utility deposits, stocks, bonds and bank accounts.
Property is considered unclaimed when the owner has failed to acknowledge the existence of or claim an asset for a set period. For the State of Iowa, this dormancy period is generally three years (see Exhibit I).
How do I search for unclaimed money in Iowa? It's easy (and free) to search the state's unclaimed property database online. Go toGreatIowaTreasureHunt.gov.