SF 2497: Providing for an assignment of assets for the benefit of creditors, exempting the related tax on the transfer of real estate, and including effective date provisions

What it does

GENERAL. This bill is based on the “Uniform Assignment for Benefit of Creditors Act” approved and recommended by the uniform law commission in 2025 for enactment by all states. The bill repeals Code chapter 681 which governs the same subject. BACKGROUND. An assignment for the benefit of creditors (commonly referred to as “ABC”) allows one party to facilitate the liquidation of the person’s assets by transferring the assets to a disinterested party who acts as a fiduciary supervising the distribution of the assets to pay creditor claims.

House subcommittee · named May 1, 2026

• Rep. Bill Gustoff (R) · bill.gustoff@legis.iowa.gov
• Rep. David Jacoby (D) · david.jacoby@legis.iowa.gov
• Rep. Megan Jones (R) · megan.jones@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Iowa Commission on Uniform State Laws c/o David S. Walker, Chair; Iowa State Bar Association

In plain words

1. April 15, 2026Filed in the Senate
2. April 15, 2026Approved by the Senate committee
3. April 20, 2026Passed the Senate, 44–0
4. April 21, 2026Arrived in the House
5. May 1, 2026House subcommittee named: Gustoff, Jacoby and Jones
6. May 1, 2026Approved by the House committee
7. May 1, 2026Committee vote: 24–0
8. May 2, 2026Passed the House, 86–0
9. May 3, 2026Passed the Senate, 45–0
10. May 18, 2026Sent to the Governor
11. June 2, 2026Signed into law