Bill > SF458

This bill proposes to repeal Section 12C.6A of the Iowa Code, which previously established requirements for financial institutions to be eligible to accept public funds. The bill removes existing provisions that required the treasurer of state to maintain a list of eligible financial institutions based on their commitment to serving local community needs. Specifically, the bill amends several sections of the code to eliminate references to the previous eligibility requirements, including removing language about recommending a bank's removal from the list of institutions allowed to accept public funds and deleting mentions of section 12C.6A throughout other related statutes. The changes appear to streamline the process for depositing public funds and remove additional bureaucratic steps that previously governed which financial institutions could receive such deposits. By repealing the entire section, the bill simplifies the regulations surrounding public fund deposits, potentially making it easier for financial institutions to accept and manage public funds while maintaining existing protections related to the safe handling of those funds.

State Government (Senate)

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF458