House File 844 amends several sections of the Iowa Code regarding the deposit of public funds. Notably, it removes references to section 12C.6A, which is entirely repealed, and modifies the language in sections 12B.10 and 12C.6 to clarify the conditions under which public funds can be deposited in depositories. The bill allows for the investment of any uninsured portion of public funds in insured deposits or certificates of deposit issued by federally insured banks or savings associations, provided certain requirements are met.

Additionally, the bill updates the procedures related to cease and desist orders for state banks and their officials in cases of violations or unsafe practices. It eliminates the treasurer of state's role in recommending the removal of banks from the list of financial institutions eligible to accept public funds, streamlining the enforcement process. Overall, the bill aims to enhance the management and security of public funds in Iowa.

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