The bill establishes a specialty business court in Iowa, aimed at expeditiously resolving complex commercial and business litigation. The business court will have jurisdiction over cases involving compensatory damages of $500,000 or more, as well as various claims related to technology licensing agreements, internal business affairs, breach of contract, fraud, and other business-related disputes. The bill outlines procedures for the transfer, dismissal, and retention of cases, and specifies that appeals will follow the same procedures as those from district courts. Notably, the removal of actions from the business court is exempt from certain civil procedure rules.

The bill mandates the appointment of two to three judges to the business court by the governor, based on nominations from the state judicial nominating commission. It also allows for the assignment of visiting judges and requires the appointment of judges to oversee each case and facilitate settlement conferences. Business court judges will receive salaries equivalent to district court judges and are subject to the same conditions of office. Additionally, the bill stipulates that judges must issue written opinions to develop a coherent body of law, with exceptions for well-established legal issues. The business court is set to take effect on September 1, 2025, with provisions for transferring pending civil actions to the new court by mutual agreement of the parties involved.