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IA SF413

Bill

Official Source

Status

Engrossed

3/10/2025

Primary Sponsor

Commerce

Click for details

Origin

Senate

91st General Assembly

AI Summary

  • Reduces required annual board of directors meetings for state banks from nine to six, with at least one meeting per quarter instead of limiting one per calendar month
  • Removes the requirement that a majority of state bank directors be U.S. citizens, while maintaining that at least three directors must be Iowa residents
  • Eliminates subsection 2 of Section 524.802A relating to electronic activities of state banks
  • Authorizes the superintendent to adopt rules allowing state banks to engage in new or innovative electronic activities without prior approval
  • Effective date: July 1, 2026

Legislative Description

A bill for an act relating to requirements for, and regular meetings of, the board of directors of a state bank, and electronic activities of a state bank. (Formerly SSB 1070.) Effective date: 07/01/2026

Last Action

Message from Senate. H.J. 629.

3/10/2026

Committee Referrals

Commerce4/3/2025

Full Bill Text

No bill text available