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STATE OF IOWA
KIM REYNOLDS
G OVERNOR
April 25, 2025
The Honorable Paul Pate
Secretary of State of Iowa
State Capitol
Des Moines, Iowa 50319
Dear Mr. Secretary,
I hereby transmit:
House File 844, an Act relating to eligibility requirements for financial institutions in
which public funds may be deposited.
The above House File is hereby approved on this date.
Sin. • rely,
Ki
cc:
Governor of Iowa
no
Secretary of the Senate
Clerk of the House
STATE CAPITOL DES MOINES, IOWA 50319 515.281.5211 FAX 515.725.3527 WWW.GOVERNOR.IOWA.GOV
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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 rccommcnd to the trcasurcr of statc that
the b ank be remeved ffem the list ef — finaTr-rut in3titütions
eligible te aeeept =rb__e — funds — under seetien-1 2 C.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 GRASS t Y
Speaker .: f the House 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.
Approved • 2025
MEGEAN NELSON
> y •_
Ch'i-f lerk • the House
KIM R NOLDS
Governor