Iowa HF 844: A bill for an act providing for business entities, providing for certain fees, and including effective date provisions. (Formerly HF 681, HSB 39.) Effective date: Enactment, 01/01/2022, 07/01/2021.

Bill Text

House
File
844
-
Enrolled

House
File
844

AN
ACT

RELATING
TO
ELIGIBILITY
REQUIREMENTS
FOR
FINANCIAL
INSTITUTIONS

IN
WHICH
PUBLIC
FUNDS
MAY
BE
DEPOSITED.

BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:

Section
1.
Section
12B.10,
subsection
7,
unnumbered

paragraph
1,
Code
2025,
is
amended
to
read
as
follows:

Notwithstanding
sections
12C.2
,
12C.4
,
and

12C.6
,
12C.6A,

and
any
other
provision
of
law
relating
to
the
deposits
of

public
funds,
if
public
funds
are
deposited
in
a
depository,

as
defined
in
section
12C.1
,
any
uninsured
portion
of
the

public
funds
invested
through
the
depository
may
be
invested

in
insured
deposits
or
certificates
of
deposit
arranged
by

the
depository
that
are
placed
in
or
issued
by
one
or
more

federally
insured
banks
or
savings
associations
regardless
of

location
for
the
account
of
the
public
funds
depositor
if
all

of
the
following
requirements
are
satisfied:

Sec.
2.
Section
12C.6,
subsection
2,
paragraph
f,
Code
2025,

is
amended
to
read
as
follows:

f.
The
notice
shall
also
provide
the
name
and
address
of
a

state
official
to
whom
inquiries
can
be
sent.
Actions
of
the

treasurer
of
state
under
this
section
and

section
12C.6A
are

exempt
from
chapter
17A
.

Sec.
3.
Section
524.223,
subsection
2,
unnumbered
paragraph

1,
Code
2025,
is
amended
to
read
as
follows:

If
the
state
bank,
director,
officer,
employee,
or

substantial
shareholder
fails
to
appear
at
the
hearing
,

it

House
File
844,
p.
2

shall
be
deemed
to
have
consented
to
the
issuance
of
a
cease

and
desist
order.
In
the
event
of
such
consent,
or
if
upon

the
record
made
at
such
hearing,
the
superintendent
shall
find

that
any
violation
or
unsafe
or
unsound
practice
specified
in

the
notice
has
been
established,
the
superintendent
may
issue

and
serve
upon
the
state
bank,
director,
officer,
employee,
or

substantial
shareholder
an
order
to
cease
and
desist
from
any

such
violation
or
practice.
Such
order
may
require
the
state

bank
and
its
directors,
officers,
employees,
and
shareholders

to
cease
and
desist
from
any
such
violation
or
practice
and,

further,
to
take
affirmative
action
to
correct
the
conditions

resulting
from
any
such
violation
or
practice.
In
addition,

if
the
violation
or
practice
involves
a
failure
to
comply
with

chapter
12C
or
any
rules
adopted
pursuant
to
chapter
12C
,
the

superintendent
may
recommend
to
the
treasurer
of
state
that

the
bank
be
removed
from
the
list
of
financial
institutions

eligible
to
accept
public
funds
under
section
12C.6A
and
may

require
that
during
the
current
calendar
quarter
and
up
to
the

next
succeeding
eight
calendar
quarters
that
the
bank
do
any

one
or
more
of
the
following:

Sec.
4.
REPEAL.
Section
12C.6A,
Code
2025,
is
repealed.

______________________________

PAT
GRASSLEY

Speaker
of
the
House

______________________________

AMY
SINCLAIR

President
of
the
Senate

I
hereby
certify
that
this
bill
originated
in
the
House
and

is
known
as
House
File
844,
Ninety-first
General
Assembly.

______________________________

MEGHAN
NELSON

Chief
Clerk
of
the
House

Approved
_______________,
2025
______________________________

KIM
REYNOLDS

Governor