Bill
Bill > HF311
IA HF311
A bill for an act relating to requirements for, and regular meetings of, the board of directors of a state bank.(Formerly HSB 95.)
summary
Introduced
02/10/2025
02/10/2025
In Committee
04/03/2025
04/03/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill relates to the requirements to serve on the board of directors (board) of a state bank, and the regular meetings of a board. Under current law, a board consists of five or more directors 18 years of age or older, a majority of whom are residents of the state of Iowa and citizens of the United States. Under the bill, a board consists of five or more directors 18 years of age or older, a majority of whom are citizens of the United States, and at least three of whom are residents of the state of Iowa. Under current law, a board shall hold at least nine regular meetings each calendar year, and no more than one regular meeting shall be held in any one calendar month. Under the bill, a board shall hold at least nine regular meetings each calendar year, and at least one regular meeting shall occur in each quarter of a calendar year.
AI Summary
This bill modifies two key provisions related to state bank board of directors in Iowa. First, it changes the composition requirements for the board, maintaining the existing rule that boards must have five or more directors who are at least 18 years old and citizens of the United States, but now specifically requiring that at least three directors must be residents of Iowa (previously, a majority of directors had to be Iowa residents). Second, the bill adjusts the meeting frequency requirements, keeping the existing mandate of at least nine regular meetings per calendar year, but replacing the current restriction of "no more than one meeting per calendar month" with a new requirement that at least one meeting must be held in each quarter of the year. These changes aim to provide more flexibility in board composition and meeting scheduling while maintaining core governance standards for state banks in Iowa.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Commerce (H)
Last Action
Referred to Commerce. H.J. 895. (on 04/03/2025)
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=HF311 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF311.html |
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