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IA HSB252
SB
Status
2/25/2025
Primary Sponsor
State Government
Click for details
AI Summary
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Repeals Iowa Code section 12C.6A, which currently prohibits public funds from being deposited in financial institutions that do not demonstrate a commitment to serving their local community's needs
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Removes references to section 12C.6A from related statutes governing public fund deposits (sections 12B.10 and 12C.6) and bank regulatory enforcement (section 524.223)
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Eliminates the requirement for the state treasurer to maintain a list of eligible financial institutions based on local community service commitments
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Removes the existing process that allowed challenges to a financial institution's eligibility to receive public funds based on community service criteria
Legislative Description
A bill for an act relating to eligibility requirements for financial institutions in which public funds may be deposited.(See HF 844.)
Last Action
Committee report approving bill, renumbered as HF 844.
3/7/2025