Bills › 90th General Assembly
HSB 35
Topics:Business & economy
Where it is now
- Done: IntroducedJanuary 17, 2023
- Done: SubcommitteeJanuary 17, 2023
- Done: House committeeJanuary 24, 2023
- Skipped: Passes the HouseContinued as HF 131
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Became HF 131 → Its progress continues under the new number. Go to HF 131 What’s a funnel?
What’s in it
This bill relates to matters under the purview of the credit union division of the department of commerce. The bill modifies the amount of securities that a credit union may manage for the benefit of a public officer from 110 percent to 100 percent of the total deposits of public funds, less the amount of deposits that are federally insured. The bill provides that a public officer shall obtain security for a deposit in excess of the amount federally insured by acquiring a nontransferable letter of credit from the United States, an agency or instrumentality of the United States, a national cooperative bank, federal home loan bank, any corporate credit union whose capital level remains well-capitalized, or any other entity approved by the treasurer of the state.
Read the full explanation
The bill modifies language to allow a credit union director compensation subject to the bylaws of a credit union. Current law does not allow compensation to a credit union director for service. The bill requires credit union boards to hold regular meetings. A credit union with an individual rating of a four or five, or a composite rating of three, four, or five under the Iowa regulatory risk rating system is required to meet monthly. A new credit union is required to meet monthly for the first five years. _____ illegal conduct resulting in a conviction in relation to the credit union. The bill modifies the expulsion hearing procedure. A member may request a hearing before the credit union superintendent, which shall occur days after the member’s request.205. Current law provides that the membership of a credit union may reinstate an expelled member by majority vote upon the terms and conditions prescribed at the hearing. The bill provides that a credit union may invest in investment instruments as authorized by the superintendent.
Changed since by amendments H-8227, H-8219, S-5066, H-1016; see Amendments.
House subcommittee
Named January 18, 2023. On January 18, 2023 it recommended passage. Vote Total: 3-0.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Lobbying
4 for · 2 against · 6 undecided · Who →
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90th General Assembly