This bill establishes a specialty business court in Iowa, aimed at expediting the resolution of 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 affairs of business entities, 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. Additionally, it allows for the removal of actions from the business court without being subject to certain civil procedure rules.

The bill mandates the appointment of two to three judges to the business court by the governor, with nominees provided by the state judicial nominating commission. It also allows for the assignment of visiting judges and requires that each case has a designated judge to preside over it and another to facilitate settlement conferences. Business court judges will receive the same salary as district judges and are subject to similar conditions of office. The bill includes provisions for jury practice and procedure, mandates the issuance of written opinions to develop a coherent body of law, and directs the supreme court to create necessary operational rules. The law will take effect on September 1, 2025, and allows for the transfer of pending civil actions to the business court by mutual agreement of the parties involved.