This bill amends Section 502.511, subsection 2 of the Iowa Code, specifically regarding the parties that can be named as respondents in proceedings to expunge information from the investment adviser registration depository. The current law allows either the commissioner of insurance or the investment adviser that reported the information to be named as respondents. The proposed changes stipulate that the commissioner of insurance "shall" be named as a respondent, while the investment adviser "may" be named as a respondent in such proceedings.

The bill clarifies the roles of the commissioner and the investment adviser in the expungement process, ensuring that the commissioner is always included as a respondent, thereby reinforcing their accountability in these matters. This change aims to streamline the process and clarify the responsibilities of the involved parties in expunging information from the investment adviser registration depository.

Statutes affected:
Introduced: 502.511