Can you summarize 781 IAAC 9.13?

Short Summary

9.13(1) Except as provided in subrules 9.13(2) and 9.13(3), an unused balance on a gift certificate is reportable five years from the date of issuance of the gift certificate or last usage, whichever is later. 9.13(2) An unused balance on a gift certificate that is not redeemable for cash, which was issued prior to July 2, 2014, is reportable five years from the date of issuance of the gift certificate or last usage, whichever is later. 9.13(3) An unused balance on a gift certificate that is not redeemable for cash, which was issued after July 1, 2014, and is not subject to expiration or service fees, is not subject to reporting and delivery under Iowa Code chapter 556. This rule is intended to implement Iowa Code section 556.9. [ ARC 2809C , IAB 11/9/16, effective 12/14/16]

Jurisdiction

Iowa

Source

• Banking