A bill for an act relating to requirements for, and regular meetings of, the board of directors of a state bank, and electronic activities of a state bank. (Formerly SSB 1070 .) Effective date: 07/01/2026.

STATE OF IOWA
KIM REYNOLDS
GOVERNOR
April 30,2026
The Honorable Paul Pate
Secretary of State of Iowa
State Capitol
Des Moines, Iowa 50319
Dear Mr. Secretary,
I hereby transmit:
Senate File 413, an Act relating to requirements for, and regular meetings of, the board of
directors of a state bank, and electronic activities of a state bank.
The above Senate File is hereby approved on this date.
Sincejfely,
Kfcq^Qfevnold?
Govemor of Iowa
cc: Secretary of the Senate
Clerk of the House
STATE CAPITOL DES MOINES, IOWA 50319 515.281.5211 WWW.GOVERNOR.IOWA.GOV
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Senate File 413
AN ACT
RELATING TO REQUIREMENTS FOR, AND REGULAR MEETINGS OF, THE BOARD
OF DIRECTORS OF A STATE BANK, AND ELECTRONIC ACTIVITIES OF A
STATE BANK.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 524.601, subsection 1, Code 2026, is
amended to read as follows:
1. The business and affairs of a state bank shall be managed
by a board of five or more directors eighteen years of age or
older, a majority of whom shall be residents of the state of
Iowa and citizens of the United States, and at least three of
whom shall be residents of the state of Iowa.
Sec. 2. Section 524.607, subsection 1, Code 2026, is amended
to read as follows:
1. The board of directors shall hold at least nine six
regular meetings each calendar year. No more than one
regular meeting shall bo held in any one calendar month At
a minimum, one regular meeting shall be held in each quarter
of a calendar year. A board of directors may be required
to hold additional regular meetings as deemed necessary by
the superintendent. Unless the articles of incorporation or
bylaws provide otherwise, any director may participate in
any meeting of the board of directors through the use of any
means of communication by which all directors participating
may simultaneously hear each other during the meeting. A
Senate File 413, p. 2
director participating in a meeting by this means is deemed to
be present at the meeting.
Sec, 3, Section 524,802A, subsection 2, Code 2026, is
amended by striking the subsection.
Sec. 4. Section 524.802A, subsection 4, Code 2026, is
amended to read as follows:
4. The superintendent may adopt rules pursuant to chapter
17A to implement the provisions of this section, including
but not limited to application procGduroa, identifying the
systems, processes, and technologies a state bank must maintain
in order to engage in certain new or innovative electronic
activities^ and determining that additional now or innovative
electronic activities arc authorized for otato banks without
>roval.prior
AMY SINCl^IR PAT GRASSy
President of the Senate Speaker of the House
I hereby certify that this bill originated in the Senate and
is known as Senate File 413, Ninety-first General Assembly.
W. CHARLES SMITHSON
OftApproved LAffiT ' , 2026
KIWHEYNOLDS
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