90th General Assembly · Funnel one-pager · Monday, November 9, 2026
SF 421: Relating to money transmission services
Became SF 566 · 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
Senate subcommittee · named March 6, 2023
- Sen. David D. Rowley (R) · david.rowley@legis.iowa.gov
- Sen. Waylon Brown (R)
- Sen. Janet Petersen (D) · janet.petersen@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
- February 27, 2023Filed in the Senate
- February 27, 2023Approved by the Senate committee
- March 2, 2023Sent to the Senate Ways and Means committee
- March 6, 2023Senate subcommittee named: Rowley, Brown and Petersen
- March 8, 2023Subcommittee recommended passing it with changes
- April 6, 2023Approved by the Senate committee, and given a new number: SF 566
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/SF421