Bill
Bill > SF413
IA SF413
A bill for an act relating to requirements for, and regular meetings of, the board of directors of a state bank.(Formerly SSB 1070.)
summary
Introduced
02/24/2025
02/24/2025
In Committee
Crossed Over
03/10/2025
03/10/2025
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 requirements for state bank board of directors in Iowa, making two key changes. First, it adjusts the composition of the board, shifting from a requirement that a majority of directors be Iowa residents to a requirement that at least three directors be Iowa residents, while maintaining that a majority must be U.S. citizens. Second, the bill modifies the meeting schedule for the board, changing the existing rule that no more than one regular meeting could be held per calendar month to a new requirement that at least one regular meeting must occur in each quarter of the calendar year. The total number of required annual meetings remains nine. These changes provide more flexibility in board composition and meeting scheduling while still maintaining oversight and local representation. The bill applies to state banks in Iowa and is designed to potentially make board leadership and governance slightly more adaptable to changing business needs.
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Commerce (S)
Last Action
Placed on calendar under unfinished business. 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=SF413 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF413.html |
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