Bill > SSB1061

This Study Bill, by repealing Section 12C.6A of the Iowa Code, removes a previous requirement that financial institutions must demonstrate a commitment to serving their local communities to be eligible to hold public funds. Instead, the bill focuses on allowing public funds to be invested in insured deposits or certificates of deposit arranged by a depository, regardless of the location of the issuing federally insured banks or savings associations, as long as certain conditions are met. It also exempts actions of the treasurer of state related to this matter from a specific administrative procedure law (chapter 17A) and removes language that allowed the superintendent to recommend a bank's removal from the list of eligible institutions under the repealed section.