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90th General Assembly · Funnel one-pager · Monday, November 9, 2026

HF 431: Relating to money transmission services

Became HF 675 · Its progress continues under the new number.

What it does

This bill relates to bank transmission services. The bill includes updates to the licensing processes for money transmission services seeking to do business in the state, and encourages the superintendent of banking to collaborate with multistate licensing processes. The bill allows for uniform requirements for licensing across states to ensure multi-state compliance for a money transmission services business. The bill modifies the name of the “Uniform Money Services Act” to the “Uniform Money Transmission Modernization Act”.

Sponsors

Commerce committee

Cost

No fiscal note

House subcommittee · named March 8, 2023

  • Rep. Shannon Lundgren (R) · shannon.lundgren@legis.iowa.gov
  • Rep. John Forbes (D)
  • Rep. Barb Kniff McCulla (R) · barb.kniffmcculla@legis.iowa.gov

Lobbying · 1 for, 2 against

For: Iowa Division of Banking

Against: Independent Payroll Providers Association; National Federation of Independent Business (NFIB /IA)

In plain words

  1. February 24, 2023Filed in the House
  2. March 8, 2023House subcommittee named: Lundgren, Forbes and Kniff McCulla
  3. March 14, 2023Subcommittee recommended passing it with changes
  4. March 16, 2023Approved by the House committee
  5. March 20, 2023Approved by the House committee, and given a new number: HF 675
  6. April 11, 2023Withdrawn

From public records at legis.iowa.gov, compiled by Funnel (iowafunnel.com), an independent, nonpartisan site. Current as of Monday, November 9, 2026. https://iowafunnel.com/bills/90/HF431