Bills › 91st General Assembly
Relating to the investment of public funds, and making penalties applicable
Topics:State government
Where it is now
- Done: IntroducedJanuary 28, 2026
- Done: SubcommitteeJanuary 28, 2026
- Done: House committeeFebruary 17, 2026
- Next: Passes the House
- Skipped: Senate committeeSkipped
- Done: Passes the SenateApril 8, 202632–13
- Next: To the Governor
- Next: Signed into law
Became HF 2592 → Its progress continues under the new number. Go to HF 2592 What’s a funnel?
What’s in it
This bill relates to the investment of public funds. The bill allows the uninsured portion of any public funds invested through a depository to be invested in insured deposits or certificates of deposit that are placed in or issued by a credit union.10(5). A joint investment trust shall not pay an individual, association, or entity that does not provide direct investment management, administrative, custodial, or other bona fide operational services to the trust. Before depositing or investing public funds with a joint investment trust, the governing body of the political subdivision must execute a written acknowledgment relating to the insurance and safety of the funds.
Read the full explanation
A violation of these provisions is a breach of fiduciary duty and may subject the trust, the public entity, and the public entity’s officers and elected officials to criminal and civil remedies, including administrative remedies, and may result in a variety of criminal penalties for a fraudulent practice (Code chapter 714), a simple misdemeanor for official delinquency, and liability for any fine imposed and any damages sustained by a person. A simple misdemeanor is punishable by confinement for no more than days and a fine of at least $105 but not more than $855. _____ a credit union receiving public funds may deposit securities and allows a credit union which receives public funds to pledge securities owned by the credit union by depositing the securities with a securities broker-dealer registered as a member of the financial industry regulatory authority pursuant to a bailment agreement or a pledge custody agreement. Such a securities broker-dealer must report a description, the par value, and the market value of any pledged collateral by a credit union at least monthly and upon written request of an appropriate public officer.
From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Changed since by amendment S-5164; see Amendments. Full bill text
House subcommittee
Named January 28, 2026. On February 3, 2026 it recommended passage.
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
Fiscal note
Senate File 2286 may impact how political subdivisions invest public funds, which may impact investment returns, fees, and administrative costs paid by political subdivisions. Any potential fiscal impact cannot be determined, but may be significant.
- Public Funds, Regulation of Joint Investments and Deposits of Securities · April 14, 2026
- Public Funds, Regulation of Joint Investments and Deposits of Securities · March 20, 2026
- Public Funds, Regulation of Joint Investments and Deposits of Securities · March 3, 2026
Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note
Iowa Code it changes
Creates§12B.10D
Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works
Lobbying
8 for · 16 against · 15 undecided · Who →
Family tree
Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.
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91st General Assembly
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