HSB 252: 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
2. February 25, 2025House subcommittee named: Lundgren, Johnson, C. and Scheetz
3. February 27, 2025Subcommittee recommended passing it
4. March 5, 2025Approved by the House committee
5. March 5, 2025Committee vote: 21–0
6. March 7, 2025Approved by the House committee, and given a new number: HF 844