FAQs
Safe Deposit Box Administration
NOTARY
Question: Was there a recent change to Iowa law that requires new notaries to complete training prior to receiving their commission? Are notaries who wish to perform remote online notarizations required to complete training?
Answer updated Oct. 13, 2020: Effective July 1, 2020 Iowa code authorized “remote notarial acts.” The Secretary of State was charged with writing the rules to implement remote notarial acts. Those rules, effective July 1, 2020, initially required ALL persons seeking to become notaries (traditional and remote) for the first time to satisfactorily complete an initial training course within the six month period that immediately precedes the submission of their Application for Appointment as Notary Public. The Secretary of State amended those procedures effective Oct. 13, 2020 removing the requirement for traditional notaries conducting in-person notarizations to complete training prior to submitting an Application for Appointment as Notary Public as well as the requirement to repeat the training should an existing traditional notary’s commission lapse. Training for traditional notary publics who do not wish to perform remote notarial acts will continue to be offered and recommended by the Secretary of State, but is not mandatory.
Individual wishing to perform remote notarizations ARE required to complete a course on remote notary requirements approved by the Secretary of State, within the six month period immediately preceding the first performance of a remote notarial act. The Secretary of State does offer an approved 90-minute online training course for remote notaries on its website here. Persons wishing to offer remote notarial services are required to submit a separate application that contains information indicating that the applicant meets the training and technology requirements required by Iowa Code 9B.14A. Remote notaries must also satisfactorily complete a course within six months prior to the renewal of their remote notary commission every three years.
More information on the application and training requirements can be found in the Iowa Administrative Code, Chapter 43 Notarial Acts as well as Iowa Code 9B. Finally, the Iowa Secretary of State website Notary page contains information on Iowa’s notary laws, the role and responsibilities of the notary, application forms for notaries as well as links to approved online training courses for notaries. (October 2020)
Question: Can the bank charge a fee for providing Notary services?
Answer: Yes. According to the “Pocketbook for Iowa Notaries Public” published by the Secretary of State, a Notary in Iowa may charge a reasonable fee for services. However, a Notary cannot refuse to perform a service because a person is not a client/customer, nor may the Notary’s employer restrict the Notary from providing services because a person is not a client/customer of the employer.
MISCellaneous
Question: We have a question related to the state’s unclaimed property rules (or escheat rules). When customers notify us they wish to close their account, we issue a cashier’s check to them for the remaining account balance after all their outstanding checks have cleared. Often this check is for a very small amount, like under $10. Even more often, these small cashier checks are never cashed so we have to go through the process of turning the funds over to the state of Iowa under the State’s unclaimed property rules. Does state law provide for a “de minimis” exception? For example, we don’t have to remit unclaimed amounts under $5 or some other amount?
Answer: Unfortunately no. According to the State Treasurer’s website FAQ on the unclaimed property rules, there is no minimum reporting threshold; ALL amounts are reportable to the State of Iowa. However, the Treasurer’s rules do permit aggregating amounts together as one entry on the annual report when the owner of the funds is unknown or the property value is under $50. Institutions should note however, only one aggregate property entry is permitted per annual report.
While reporting in aggregate is an option, the State Treasurer’s office advises it does depend on financial institution records. Thus, institutions are advised to retain a detailed listing of amounts they have aggregated. This saves time and effort later should the owners come forward to claim aggregated items. Learn more information about the State of Iowa’s rules related to reporting unclaimed property.
Question: We would like to sell commemorative coins but are concerned if this would violate the provisions of Iowa Code section 537.2310 that restricts the sale or lease of tangible goods where supervised loans are made. Is there any way around this prohibition?
Answer: According to the Iowa Division of Banking, even though there is a restriction on the sale or lease of tangible goods in locations where supervised loans are made, an exception at Section 537.2310(2)(a) states that the restriction does not apply to “occasional sales of property used in the ordinary course of business by the licensee.”
In addition, Section 524.802(6) specifically authorizes banks to buy and sell coin, currency and bullion. The statute does not qualify or limit the types of coins that a bank can sell. Therefore, the Division of Banking will not object to the occasional purchase and sale of commemorative coins. To minimize the risk of this activity, the bank’s board of directors should establish policies and procedures that set forth dollar limits on coin inventories consistent with safe and sound banking practices.
The Division of Banking’s opinion on the sale of coin, currency and bullion is consistent with that issued by the Office of the Comptroller of the Currency in October 1998, citing 12 USC 24(Seventh) expressly authorizing national banks to buy and sell coins.
Safe Deposit Box Administration
Question: An individual presented a copy of a purported will to our safe deposit clerk and asked to be allowed into the safe deposit box of the deceased renter to search for the original will. Are we able to allow access to the box to this individual?
Answer: Yes. According to Iowa Code § 524.810A(1)(d), a bank may permit access to the safe deposit box of a deceased owner or lessee to a person named as an executor in a copy of a purported will. However, access must be limited to the removal of the purported will. No other contents may be removed until the executor has been issued letters of appointment by the probate court and presents a certified copy of the appointment letters to the bank.
Other persons entitled access to a safe deposit box of a deceased owner or lessee include:
- A co-owner or co-lessee of the safe deposit box;
- A person designated in the safe deposit box lease agreement to have access to the safe deposit box upon the death of the lessee, to the extent provided in the lease agreement (such as a designated personal representative or trustee);
- An executor or administrator of the estate of the deceased owner or lessee upon delivery to the bank of a certified copy of letters of appointment.
- A trustee of a trust created by the deceased owner or lessee upon delivery to the state bank of a copy of the trust and an affidavit as described at Iowa Code §524.810A(1)(e).
Question: Can a fee be charged for an overdue payment on a safe deposit box?
Answer: Laws governing safe deposit boxes and allowable fees are a state law issue. Iowa code, chapter 524.809, states, “A state bank may lease safe deposit boxes for the storage of property on terms and conditions prescribed by the state bank.” This means if the fee described in the lease agreement and consumer agrees to the terms of the lease agreement, the fee can be assessed.