This bill amends existing laws regarding the eligibility requirements for financial institutions that can accept public funds in Iowa. It specifically modifies Section 12B.10 by removing the reference to Section 12C.6A and clarifying that public funds can be deposited in federally insured banks or savings associations regardless of their location, provided certain conditions are met. Additionally, it updates Section 12C.6 to exempt the actions of the treasurer of state from chapter 17A, which pertains to administrative procedures.

Furthermore, the bill repeals Section 12C.6A entirely, which previously mandated that financial institutions demonstrate a commitment to serving their local communities to be eligible for public fund deposits. This section also required the treasurer of state to maintain a list of eligible institutions and established a process for public comments and challenges to an institution's eligibility. The repeal of this section indicates a shift in the criteria for financial institutions that can accept public funds, potentially broadening the options available for such deposits.

Statutes affected:
Introduced: 12B.10, 12C.2, 524.223, 12C.6A