HF 844: Relating to eligibility requirements for financial institutions in which public funds may be deposited

What it does

This bill repeals Code section 12C.6A, which prohibits public funds from being deposited in a financial institution that does not demonstrate a commitment to serving the needs of the local community in which the institution is chartered to do business, requires the treasurer of state to create a list of financial institutions that are eligible to accept public funds, creates requirements for such financial institutions relating to public comments and annual submissions to the treasurer of state, and establishes a process for challenging an institution’s eligibility to receive public funds.

House subcommittee · named February 25, 2025

• Rep. Shannon Lundgren (R) · shannon.lundgren@legis.iowa.gov
• Rep. Craig P. Johnson (R) · craig.johnson@legis.iowa.gov
• Rep. Scheetz

Lobbying · 3 for, 0 against

For: Community Bankers of Iowa; Iowa Bankers Association; Iowa State Treasurer's Office

In plain words

1. February 25, 2025Filed in the House and sent to the State Government committee · as HSB 252
2. February 25, 2025House subcommittee named: Lundgren, Johnson, C. and Scheetz · as HSB 252
3. February 27, 2025Subcommittee recommended passing it · as HSB 252
4. March 5, 2025Approved by the House committee · as HSB 252
5. March 5, 2025Committee vote: 21–0 · as HSB 252
6. March 7, 2025Filed in the House
7. March 7, 2025Approved by the House committee, and given a new number: HF 844 · as HSB 252
8. March 25, 2025Passed the House, 97–0
9. March 25, 2025Arrived in the Senate
10. April 7, 2025Took the place of SF 458 on the Senate floor (the same legislation)
11. April 7, 2025Passed the Senate, 47–0
12. April 24, 2025Sent to the Governor
13. April 25, 2025Signed into law