A bill for an act relating to respondents in a proceeding to expunge information in a record in the investment adviser registration depository.

SF 2147 changes who must be notified when an investment adviser seeks to remove information from the state's investment adviser registration record. Currently, the insurance commissioner or the reporting adviser "may" be named as a party in such a request; this bill makes the commissioner "shall" be named as a mandatory party, while the reporting adviser remains an optional party. The bill directly affects investment advisers who want to expunge records and the Iowa Insurance Commissioner, who oversees the registration system. This clarifies the process for expungement requests without altering the underlying eligibility for record removal.