Bills › 91st General Assembly
Relating to eligibility requirements for financial institutions in which public funds may be deposited
Sponsored by the Senate State Government Committee
Where it is now
- Done: IntroducedJanuary 28, 2025
- Done: SubcommitteeJanuary 28, 2025
- Done: Senate committeeFebruary 26, 2025
- Done: Passes the SenateApril 7, 202547–0
- Skipped: House committeeSkipped
- Done: Passes the HouseMarch 25, 202597–0
- Done: To the GovernorApril 24, 2025
- Done: Signed into lawApril 25, 2025
HF 844 became law → The same legislation passed as HF 844, so this version was set aside. Go to HF 844 What’s a funnel?
What’s in it
AI summary Iowa would stop banning public money from being kept in banks that don't serve their local communities. Instead, the state treasurer will make a list of banks that are allowed to hold these public funds. Banks on this list will have to follow new rules about responding to public comments and sending yearly reports to the treasurer.1
Read the official explanation
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.
Senate subcommittee
Named January 28, 2025 (as SSB 1061). On February 19, 2025 it recommended amendment and 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
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91st General Assembly