Senate File 413 amends existing laws regarding the governance and operational requirements of state banks in Iowa. The bill stipulates that the board of directors must consist of five or more members who are at least eighteen years old, with a majority being U.S. citizens and at least three members being residents of Iowa. Additionally, the frequency of required regular meetings is adjusted from nine to six per year, with a minimum of one meeting per quarter. The bill also allows for the possibility of additional meetings as deemed necessary by the superintendent. Directors are permitted to participate in meetings through communication means that allow simultaneous hearing among all participants.

Furthermore, the bill removes certain provisions related to application procedures and the authorization of new electronic activities for state banks. It empowers the superintendent to establish rules to implement the section, including identifying necessary systems and technologies for engaging in innovative electronic activities. This legislative change aims to streamline the governance of state banks while adapting to modern electronic practices.

Statutes affected:
Introduced: 524.601, 524.607
Enrolled: 524.601, 524.607, 524.802A