This bill amends existing Iowa law regarding the filing of biennial reports by business entities with the Secretary of State. It removes a specific paragraph from Section 490.122 and introduces a new subsection that allows the Secretary of State to impose, assess, and collect a filing fee as a condition for accepting these reports. Additionally, the bill modifies Section 490.1621 to change the language regarding the timing and requirements for submitting biennial reports, specifying that the first report must be delivered between January 1 and April 1 of the first even-numbered year after incorporation or registration, and subsequent reports must be delivered in each following even-numbered year.

Furthermore, the bill clarifies that the filing fee for the biennial report will be determined by the Secretary of State, aligning the language with similar statutes for other business entities. It also standardizes the terminology used in the reporting requirements, ensuring consistency across different types of business entities, including domestic and foreign corporations, limited partnerships, and nonprofit organizations. Overall, the bill aims to streamline the reporting process and establish a clear framework for the associated fees.

Statutes affected:
Introduced: 490.122, 490.1621