A bill for an act relating to eligibility requirements for financial institutions in which public funds may be deposited.
This bill repeals an existing section of the Iowa Code (12C.6A) that governs the eligibility of financial institutions to accept public funds. Currently, this section requires institutions to demonstrate a commitment to serving their local community to qualify and mandates the Treasurer of State to maintain a list of eligible institutions. The repeal eliminates these specific eligibility requirements for financial institutions, including the need for public comment and challenge processes related to their eligibility. It also removes the Treasurer of State's responsibility to create and manage such an eligibility list. This change directly affects financial institutions by altering their requirements for holding public deposits and public entities responsible for depositing funds.
Bill status
signed
all 5 stages cleared
Introduction
Mar 2025
Committee Review
House Passage
Mar 2025
Senate Passage
Apr 2025
Signed into Law
Apr 2025
Introduced Mar 7, 2025
Signed Apr 25, 2025
Maddy AI version diff · 3 comparisons
What changed between versions
Enrolled
→
Enrolled with Governor's Action
·
5 edits
·
Apr 25, 2025
MODERATE
This bill amends Iowa's public funds deposit requirements by allowing public funds to be placed in federally insured banks regardless of location, while maintaining oversight through the treasurer of state. It also adds enforcement powers for the superintendent to recommend removal of institutions from the eligible list and requires specific notice provisions for state officials.
Scope change
The bill expands eligibility for financial institutions to accept public funds by removing geographic restrictions on federally insured banks, while adding new enforcement mechanisms and repealing the previous community commitment requirement.
ELIGIBILITY
Public funds may now be deposited in federally insured banks or savings associations regardless of location, removing previous geographic restrictions.
Repealed section 12C.6A, which previously required financial institutions to demonstrate commitment to serving local community needs.
ENFORCEMENT
Added authority for the superintendent to recommend removal of institutions from the eligible list and require corrective actions for violations.
REQUIREMENT
New requirement for notices to include contact information for a state official to handle inquiries.
TECHNICAL
Added exemption from chapter 17A for certain actions by the treasurer of state under this new legislation.
Floor votes · Senate Apr 7, 2025 · House Mar 25, 2025
How they voted
48–0
Passed · 1 other
Total votes 49
Apr 7, 2025
D
Democratic15
93% Yea
R
Republican34
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
15
Key actions
3
Committee
0
Amendments
1
Apr 25, 2025
Signed into law
Signed by Governor.
lower
Apr 7, 2025
Upper · Passed
Passed Senate, yeas 47, nays 0.
upper
Mar 25, 2025
Lower · Passed
Passed House, yeas 97, nays 0.
lower
Mar 18, 2025
Introduced
Amendment H-1121 filed.
lower
Mar 7, 2025
Introduced
Introduced, placed on calendar.
lower
0 primary · 0 co-sponsors
Sponsors
No sponsor information available.
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