Bill Text: IA SSB1070 | 2025-2026 | 91st General Assembly | Introduced
Bill Title: A bill for an act relating to requirements for, and regular meetings of, the board of directors of a state bank.
Spectrum: Committee Bill
Status: (Introduced) 2025-02-03 - Subcommittee Meeting: 02/04/2025 1:00PM Lobbyist Lounge. [SSB1070 Detail]
Download: Iowa-2025-SSB1070-Introduced.html
Senate
Study
Bill
1070
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
BOUSSELOT)
A
BILL
FOR
An
Act
relating
to
requirements
for,
and
regular
meetings
of,
1
the
board
of
directors
of
a
state
bank.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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_____
Section
1.
Section
524.601,
subsection
1,
Code
2025,
is
1
amended
to
read
as
follows:
2
1.
The
business
and
affairs
of
a
state
bank
shall
be
managed
3
by
a
board
of
five
or
more
directors
eighteen
years
of
age
or
4
older,
a
majority
at
least
three
of
whom
shall
be
residents
of
5
the
state
of
Iowa
and
citizens
of
the
United
States.
6
Sec.
2.
Section
524.607,
subsection
1,
Code
2025,
is
amended
7
to
read
as
follows:
8
1.
The
board
of
directors
shall
hold
at
least
nine
9
regular
meetings
each
calendar
year.
No
more
than
one
10
regular
meeting
shall
be
held
in
any
one
calendar
month
At
11
a
minimum,
one
regular
meeting
shall
be
held
in
each
quarter
12
of
a
calendar
year
.
Unless
the
articles
of
incorporation
or
13
bylaws
provide
otherwise,
any
director
may
participate
in
14
any
meeting
of
the
board
of
directors
through
the
use
of
any
15
means
of
communication
by
which
all
directors
participating
16
may
simultaneously
hear
each
other
during
the
meeting.
A
17
director
participating
in
a
meeting
by
this
means
is
deemed
to
18
be
present
at
the
meeting.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
This
bill
relates
to
the
requirements
to
serve
on
the
board
23
of
directors
(board)
of
a
state
bank,
and
the
regular
meetings
24
of
a
board.
25
Under
current
law,
a
board
consists
of
five
or
more
directors
26
18
years
of
age
or
older,
a
majority
of
whom
are
residents
of
27
the
state
of
Iowa
and
citizens
of
the
United
States.
Under
the
28
bill,
a
board
consists
of
five
or
more
directors
18
years
of
29
age
or
older,
at
least
three
of
whom
are
residents
of
the
state
30
of
Iowa
and
citizens
of
the
United
States.
31
Under
current
law,
a
board
shall
hold
at
least
nine
regular
32
meetings
each
calendar
year,
and
no
more
than
one
regular
33
meeting
shall
be
held
in
any
one
calendar
month.
Under
the
34
bill,
a
board
shall
hold
at
least
nine
regular
meetings
each
35
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