It looks like current customers of Citi and Bank of the West can still redeem their IOU’s.
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According to the SF Gate, Banks are no longer accepting IOU’s. Which means that a directory like this is needed. The directory will be finished by July 13th so list your IOU’s as soon as possible for maximum exposure.
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Under the policy, the state won’t redeem such IOUs without a notarized bill of sale signed by the payee whose name appears on the IOU.
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Pay your personal or corporate state taxes with IOU’s. According this article, Taxpayers must sign the back of their IOUs and write, “Pay to the order of the Franchise Tax Board.”
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The California IOU’s will pay 3.75% in TAX FREE interest. This is much better than some CD’s out there.
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According to this article it looks like the IOU’s could be treated as securities which means websites like this might not be allowed anymore. As of right now there is no such law, so buy and sell as much as you can before the regulations and potentially higher fees kick in.
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According to this AP Article it looks like the legislation is trying to pass a bill were people can pay their taxes and fees with IOU’s (California issued State Warrants). This is definitely good news for everybody, especially for potential buyers. We will definitely be following this story.
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Currently some banks will redeem your IOU’s but in the next week or so it looks like they are going to end that practice. Even the banks are losing trust in California.
At that point there should be a huge influx of listings on the IOU directory.
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