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Bill > SF169
IA SF169
A bill for an act relating to record access by members of cooperative associations providing utility service.(See SF 578.)
summary
Introduced
01/30/2025
01/30/2025
In Committee
01/30/2025
01/30/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill provides that if a nonprofit cooperative association or cooperative association provides utility service to members, the most recent biennial report and financial information, including the budget and balance sheet, for the nonprofit cooperative association or cooperative association must be made available to a member within 30 days of a reasonable request by the member. A nonprofit cooperative association means a corporate body composed of actual producers or consumers of the given commodity handled by the association, whose business is conducted for the mutual benefit of its members and not for the profit of stockholders, and for which control is vested in its members upon the basis of one vote to each member. A cooperative association is one that deals with or functions for its member and that distributes its net earnings among its members in proportion to their dealings with it, except for limited dividends or other items permitted in Code chapter 499, and in which each voting member has one vote and no more.
AI Summary
This bill requires nonprofit cooperative associations and cooperative associations that provide utility service to make certain financial documents available to their members upon request. Specifically, when a member makes a reasonable request, the association must provide its most recent biennial (two-year) report, budget, and balance sheet within 30 days. The bill applies to two different types of cooperative associations: nonprofit cooperatives, which are member-controlled organizations that operate for the mutual benefit of their members rather than stockholder profit, and cooperative associations that distribute earnings among members based on their interactions with the organization. By creating new sections in two different chapters of Iowa code (498 and 499), the bill ensures that members of utility-providing cooperatives have transparent access to key financial information, empowering them to better understand the financial health and operations of the organizations they are part of.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Committee report approving bill, renumbered as SF 578. S.J. 469. (on 03/10/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF169 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF169.html |
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