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House File 571

Partial Bill History

Bill Text

PAG LIN
  1  1 
  1  2                                        HOUSE FILE 571
  1  3 
  1  4                             AN ACT
  1  5 RELATING TO THE DEPOSIT OF PUBLIC FUNDS AND THE CONDITIONS
  1  6    WHICH MUST BE MET BY A SAVINGS AND LOAN ASSOCIATION OR
  1  7    SAVINGS BANK TO BE ELIGIBLE TO RECEIVE SUCH DEPOSITS, AND
  1  8    PROVIDING AN EFFECTIVE DATE.
  1  9 
  1 10 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1 11 
  1 12    Section 1.  Section 12C.1, subsection 2, paragraph c, Code
  1 13 1999, is amended to read as follows:
  1 14    c.  "Bank" means a corporation engaged in the business of
  1 15 banking authorized by law to receive deposits and whose
  1 16 deposits are insured by the bank insurance fund of the federal
  1 17 deposit insurance corporation and includes any office of a
  1 18 bank.  "Bank" also means a savings and loan or savings
  1 19 association.
  1 20    Sec. 2.  Section 12C.1, subsection 2, paragraph f, Code
  1 21 1999, is amended to read as follows:
  1 22    f.  "Financial institution" means a bank, savings and loan,
  1 23 or a credit union.
  1 24    Sec. 3.  Section 12C.1, subsection 3, paragraph a, Code
  1 25 1999, is amended to read as follows:
  1 26    a.  If a depository is a savings and loan or a credit
  1 27 union, then public deposits in the savings and loan or credit
  1 28 union shall be secured pursuant to sections 12C.16 through
  1 29 12C.19 and sections 12C.23 and 12C.24.
  1 30    Sec. 4.  Section 12C.1, subsection 3, paragraph b, Code
  1 31 1999, is amended to read as follows:
  1 32    b.  If a depository is a bank, then public deposits in the
  1 33 bank shall be secured pursuant to sections 12C.21, 12C.23, and
  1 34 12C.24.
  1 35    Sec. 5.  Section 12C.6A, subsection 5, paragraphs a, b, and
  2  1 c, Code 1999, are amended to read as follows:
  2  2    a.  A person who believes a bank, savings and loan
  2  3 association, or savings bank has failed to meet its community
  2  4 reinvestment responsibility may file a complaint with the
  2  5 committee detailing the basis for that belief.
  2  6    b.  If any committee member, in the member's discretion,
  2  7 finds that the complaint has merit, the member may order the
  2  8 bank, savings and loan association, or savings bank alleged to
  2  9 have failed to meet its community reinvestment responsibility
  2 10 to attend and participate in a meeting with the complainant.
  2 11 The committee member may specify who, at minimum, shall
  2 12 represent the financial institution at the meeting.  At the
  2 13 meeting, or at any other time, the financial institution bank
  2 14 may, but is not required to, enter into an agreement with a
  2 15 complainant to correct alleged failings.
  2 16    c.  A majority of the committee may order a bank, savings
  2 17 and loan association, or savings bank, against which a
  2 18 complaint has been filed pursuant to this subsection, to
  2 19 disclose such additional information relating to community
  2 20 reinvestment as required by the order of the majority of the
  2 21 committee.
  2 22    Sec. 6.  Section 12C.15, Code 1999, is amended to read as
  2 23 follows:
  2 24    12C.15  RESTRICTION ON REQUIRING COLLATERAL.
  2 25    A local government shall not require a pledge of collateral
  2 26 for that portion of the local government's deposits in a
  2 27 savings and loan or credit union that is covered by insurance
  2 28 of a federal agency or instrumentality.
  2 29    Sec. 7.  Section 12C.16, Code 1999, is amended to read as
  2 30 follows:
  2 31    12C.16  SECURITY FOR DEPOSIT OF PUBLIC FUNDS.
  2 32    1.  Before a deposit of public funds is made by a public
  2 33 officer with a savings and loan or credit union in excess of
  2 34 the amount federally insured, the public officer shall obtain
  2 35 security for the deposit by one or more of the following:
  3  1    a.  The savings and loan or credit union may give to the
  3  2 public officer a corporate surety bond of a surety corporation
  3  3 approved by the treasury department of the United States and
  3  4 authorized to do business in this state, which bond shall be
  3  5 in an amount equal to the public funds on deposit at any time.
  3  6 The bond shall be conditioned that the deposit shall be paid
  3  7 promptly on the order of the public officer making the deposit
  3  8 and shall be approved by the officer making the deposit.
  3  9    b.  The savings and loan or credit union may deposit,
  3 10 maintain, pledge and assign for the benefit of the public
  3 11 officer in the manner provided in this chapter, securities
  3 12 approved by the public officer, the market value of which is
  3 13 not less than one hundred ten percent of the total deposits of
  3 14 public funds placed by that public officer in the savings and
  3 15 loan or credit union.  The securities shall consist of any of
  3 16 the following:
  3 17    (1)  Direct obligations of, or obligations that are insured
  3 18 or fully guaranteed as to principal and interest by, the
  3 19 United States of America or an agency or instrumentality of
  3 20 the United States of America.
  3 21    (2)  Public bonds or obligations of this state or a
  3 22 political subdivision of this state.
  3 23    (3)  Public bonds or obligations of another state or a
  3 24 political subdivision of another state whose bonds are rated
  3 25 within the two highest classifications of prime as established
  3 26 by at least one of the standard rating services approved by
  3 27 the superintendent of banking pursuant to chapter 17A.
  3 28    (4)  To the extent of the guarantee, loans, obligations, or
  3 29 nontransferable letters of credit upon which the payment of
  3 30 principal and interest is fully secured or guaranteed by the
  3 31 United States of America or an agency or instrumentality of
  3 32 the United States of America or the U.S. central credit union,
  3 33 and the rating of the U.S. central credit union remains within
  3 34 the two highest classifications of prime established by at
  3 35 least one of the standard rating services approved by the
  4  1 superintendent of banking by rule pursuant to chapter 17A.
  4  2 The treasurer of state shall adopt rules pursuant to chapter
  4  3 17A to implement this section.
  4  4    (5)  First lien mortgages which are valued according to
  4  5 practices acceptable to the treasurer of state.
  4  6    (6)  Investments in an open-end management investment
  4  7 company registered with the federal securities and exchange
  4  8 commission under the federal Investment Company Act of 1940,
  4  9 15 U.S.C. } 80(a), which is operated in accordance with 17
  4 10 C.F.R. } 270.2a-7.
  4 11    Direct obligations of, or obligations that are insured or
  4 12 fully guaranteed as to principal and interest by, the United
  4 13 States of America, which may be used to secure the deposit of
  4 14 public funds under subparagraph (1), include investments in an
  4 15 investment company or investment trust registered under the
  4 16 federal Investment Company Act of 1940, 15 U.S.C. } 80a, the
  4 17 portfolio of which is limited to the United States government
  4 18 obligations described in subparagraph (1) and to repurchase
  4 19 agreements fully collateralized by the United States
  4 20 government obligations described in subparagraph (1), if the
  4 21 investment company or investment trust takes delivery of the
  4 22 collateral either directly or through an authorized custodian.
  4 23    2.  If public funds are secured by both the assets of a
  4 24 savings and loan or credit union and a bond of a surety
  4 25 company, the assets and bond shall be held as security for a
  4 26 rateable proportion of the deposit on the basis of the market
  4 27 value of the assets and of the total amount of the surety
  4 28 bonds.
  4 29    Sec. 8.  Section 12C.17, Code 1999, is amended to read as
  4 30 follows:
  4 31    12C.17  DEPOSIT OF SECURITIES.
  4 32    1.  A savings and loan or credit union which receives
  4 33 public funds shall pledge securities owned by it as required
  4 34 by this chapter in one of the following methods:
  4 35    a.  The securities shall be deposited with the county,
  5  1 city, or other public officers at the option of the officers.
  5  2    b.  The securities shall be deposited pursuant to a
  5  3 bailment agreement with a financial institution having
  5  4 facilities for the safekeeping of securities and doing
  5  5 business in the state.  A financial institution which receives
  5  6 securities for safekeeping is liable to the public officer to
  5  7 whom the securities are pledged for any loss suffered by the
  5  8 public officer if the financial institution relinquishes
  5  9 custody of the securities contrary to the provisions of this
  5 10 chapter or the instrument governing the pledge of the
  5 11 securities.
  5 12    c.  The securities shall be deposited with the federal
  5 13 reserve bank of Chicago, Illinois, the federal home loan bank
  5 14 of Des Moines, Iowa, or the U.S. central credit union pursuant
  5 15 to a bailment agreement or a pledge custody agreement.
  5 16    d.  The securities may be deposited by any combination of
  5 17 methods specified in paragraphs "a", "b", and "c".
  5 18    2.  A deposit of securities shall not be made in a facility
  5 19 owned or controlled directly or indirectly by the financial
  5 20 institution which deposits the securities.
  5 21    3.  All deposits of securities, other than deposits of
  5 22 securities with the appropriate public officer, shall have a
  5 23 joint custody receipt taken for the securities with one copy
  5 24 delivered to the public officer and one copy delivered to the
  5 25 savings and loan or credit union.  A savings and loan or
  5 26 credit union pledging securities with a public officer may
  5 27 cause the securities to be examined in the officer's office to
  5 28 show the securities are placed with the officer as collateral
  5 29 security and are not transferable except upon the conditions
  5 30 provided in this chapter.
  5 31    4.  Upon written request from the appropriate public
  5 32 officer but not less than quarterly, a savings and loan or
  5 33 credit union monthly, the federal home loan bank of Des
  5 34 Moines, Iowa, or the U.S. central credit union, shall report a
  5 35 description, the par value and the market value of any pledged
  6  1 collateral and the total deposits of public funds of that
  6  2 officer in the savings and loan or by a credit union.
  6  3    Sec. 9.  Section 12C.18, Code 1999, is amended to read as
  6  4 follows:
  6  5    12C.18  CONDITION OF SECURITY.
  6  6    The condition of the surety bond or the deposit of
  6  7 securities, instruments, or a joint custody receipt, must be
  6  8 that the savings and loan or credit union will promptly pay to
  6  9 the parties entitled public funds, including any interest on
  6 10 the funds, in its custody upon lawful demand and, when
  6 11 required by law, pay the funds to the public officer who made
  6 12 the deposit.
  6 13    Sec. 10.  Section 12C.19, subsections 3 and 4, Code 1999,
  6 14 are amended to read as follows:
  6 15    3.  In the event of substitution, addition, or exchange of
  6 16 securities, the holder or custodian of the securities shall,
  6 17 on the same day, forward by certified mail, return receipt
  6 18 requested, regular mail to the public officer and the savings
  6 19 and loan or credit union, a receipt specifically describing
  6 20 and identifying both the substituted or additional securities
  6 21 and those released and returned to the savings and loan or
  6 22 credit union.
  6 23    4.  The public officer which deposits public funds with a
  6 24 savings and loan or credit union shall require, if the market
  6 25 value of the securities deposited with or for the benefit of
  6 26 the officer falls below one hundred ten percent of the deposit
  6 27 liability to the public officer, the deposit of additional
  6 28 security to bring the total market value of the security to
  6 29 one hundred ten percent of the amount of public funds held by
  6 30 the savings and loan or credit union.
  6 31    Sec. 11.  Section 12C.23, Code 1999, is amended to read as
  6 32 follows:
  6 33    12C.23  PAYMENT OF LOSSES IN A CREDIT UNION.
  6 34    1.  The pledging of securities by a depository credit union
  6 35 pursuant to this chapter constitutes consent by the depository
  7  1 credit union to the disposition of the securities in
  7  2 accordance with this section.
  7  3    The acceptance of public funds by a depository credit union
  7  4 pursuant to this chapter constitutes consent by the depository
  7  5 credit union to assessments by the treasurer of state in
  7  6 accordance with this chapter.
  7  7    2.  The depository credit union and the security given for
  7  8 the public funds in its hands are liable for payment if the
  7  9 depository credit union fails to pay a check, draft, or
  7 10 warrant drawn by the public officer or to account for a check,
  7 11 draft, warrant, order, or certificates of deposit, or any
  7 12 public funds entrusted to it if, in failing to pay, the
  7 13 depository credit union acts contrary to the terms of an
  7 14 agreement between the depository credit union and the public
  7 15 body treasurer.  The depository credit union and the security
  7 16 given for the public funds in its hands are also liable for
  7 17 payment if the depository credit union fails to pay an
  7 18 assessment by the treasurer of state when the assessment is
  7 19 due.
  7 20    3.  If a depository credit union is closed by its primary
  7 21 regulatory officials, the public body with deposits in the
  7 22 depository shall notify the treasurer of state of the amount
  7 23 of any claim within thirty days of the closing credit union
  7 24 may sell the collateral to pay for any loss of principal and
  7 25 accrued interest.  The treasurer of state shall implement the
  7 26 following procedures:
  7 27    a.  In cooperation with the responsible regulatory
  7 28 officials for the depository credit union, the treasurer
  7 29 public body shall validate the amount of public funds on
  7 30 deposit at the defaulting depository credit union and the
  7 31 amount of deposit insurance applicable to the deposits.
  7 32    b.  The loss to public depositors shall be satisfied, first
  7 33 through any applicable deposit insurance and then through the
  7 34 sale of securities pledged by the defaulting depository credit
  7 35 union, and then the assets of the defaulting depository credit
  8  1 union.  The priority of claims are those established pursuant
  8  2 to section 524.1312, subsection 2, section 533.22, subsection
  8  3 1, paragraph "b", or section 534.517.  To the extent permitted
  8  4 by federal law, in the distribution of an insolvent federally
  8  5 chartered depository's credit union's assets, the order of
  8  6 payment of liabilities if its assets are insufficient to pay
  8  7 in full all its liabilities for which claims are made shall be
  8  8 in the same order as for the equivalent type of state
  8  9 chartered depository credit union as provided in section
  8 10 524.1312, subsection 2, section 533.22, subsection 1,
  8 11 paragraph "b", or section 534.517.
  8 12    c.  The claim of a public depositor for purposes of this
  8 13 section shall be the amount of the depositor's deposits plus
  8 14 interest to the date the funds are distributed to the public
  8 15 depositor at the rate the depository institution credit union
  8 16 agreed to pay on the funds reduced by the portion of the funds
  8 17 which is insured by federal deposit insurance.
  8 18    d.  If the loss to public funds is not covered by insurance
  8 19 and the proceeds of the failed depository's credit union's
  8 20 assets which are liquidated within thirty days of the closing
  8 21 of the depository credit union and pledged collateral, the
  8 22 treasurer shall provide coverage of the remaining loss as
  8 23 follows:
  8 24    (1)  If the loss was incurred in a bank, then any further
  8 25 payments to cover the loss will come from the state sinking
  8 26 fund for public deposits in banks.  If the balance in that
  8 27 sinking fund is inadequate to pay the entire loss, then the
  8 28 treasurer shall obtain the additional amount needed by making
  8 29 an assessment against other banks whose public funds deposits
  8 30 exceed deposit insurance coverage.  A bank's assessment shall
  8 31 be determined by multiplying the total amount of the remaining
  8 32 loss to all public depositors by a percentage that represents
  8 33 that bank's proportional share of the average of uninsured
  8 34 public funds deposits held by all banks as of the reporting
  8 35 date under section 12C.21 immediately preceding the date the
  9  1 depository was closed.  Each bank shall pay its assessment to
  9  2 the treasurer within three business days after it receives
  9  3 notice of assessment.  If a bank fails to pay its assessment
  9  4 when due, the treasurer shall satisfy the assessment by
  9  5 selling securities pledged by that bank.  If the securities
  9  6 pledged by that bank are inadequate to pay the assessment, the
  9  7 treasurer of state shall make additional assessments as may be
  9  8 necessary against other banks which hold uninsured public
  9  9 funds to satisfy any unpaid assessment.  Any additional
  9 10 assessments shall be determined, collected, and satisfied in
  9 11 the same manner as the first assessment.  If a bank fails to
  9 12 pay its assessment when due, the treasurer of state shall
  9 13 initiate a lawsuit to collect the assessment.  If a bank is
  9 14 found to have failed to pay the assessment as required by this
  9 15 subparagraph, the court shall order it to pay the assessment,
  9 16 court costs, reasonable attorney's fees based on the amount of
  9 17 time the attorney general's office spent preparing and
  9 18 bringing the action, and reasonable expenses incurred by the
  9 19 treasurer of state.  Idle balances in the fund shall be
  9 20 invested by the treasurer with earnings credited to the fund.
  9 21 Fees paid by banks for administration of this chapter shall be
  9 22 credited to the fund and the treasurer may deduct actual costs
  9 23 of administration from the fund.
  9 24    (2)  If the loss was incurred in a credit union, then any
  9 25 further payments to cover the loss will come from the state
  9 26 sinking fund for public deposits in credit unions.  If the
  9 27 funds are inadequate to cover the entire loss, then the
  9 28 treasurer shall make an assessment against other credit unions
  9 29 who hold public funds.  The assessment shall be determined by
  9 30 multiplying the total amount of the remaining loss to public
  9 31 depositors by a percentage that represents the average of
  9 32 public funds deposits held by all credit unions during the
  9 33 preceding twelve-month period ending on the last day of the
  9 34 month immediately preceding the month the depository credit
  9 35 union was closed.  Each credit union shall pay its assessment
 10  1 to the treasurer within three business days after it receives
 10  2 notice of assessment.  If a credit union fails to pay its
 10  3 assessment when due, the treasurer of state shall initiate a
 10  4 lawsuit to collect the assessment.  If a credit union is found
 10  5 to have failed to pay the assessment as required by this
 10  6 subparagraph, the court shall order it to pay the assessment,
 10  7 court costs, reasonable attorney's fees based upon the amount
 10  8 of time the attorney general's office spent preparing and
 10  9 bringing the action, and reasonable expenses incurred by the
 10 10 treasurer of state's office.  Idle balances in the fund are to
 10 11 be invested by the treasurer with earnings credited to the
 10 12 fund.  Fees paid by credit unions for administration of this
 10 13 chapter will be credited to the fund and the treasurer may
 10 14 deduct actual costs of administration from the fund.
 10 15    (3)  If the loss was incurred in a savings and loan or a
 10 16 savings bank, then any further payments to cover the loss will
 10 17 come from the state sinking fund for public deposits in
 10 18 savings and loan associations and savings banks.  If the funds
 10 19 are inadequate to cover the entire loss, then the treasurer
 10 20 shall make an assessment against other savings and loans and
 10 21 savings banks who hold public funds.  The assessment shall be
 10 22 determined by multiplying the total amount of the remaining
 10 23 loss to public depositors by a percentage that represents the
 10 24 average of public funds deposits held by all savings and loans
 10 25 and savings banks during the preceding twelve month period
 10 26 ending on the last day of the month immediately preceding the
 10 27 month the depository was closed.  Each savings and loan and
 10 28 savings bank shall pay its assessment to the treasurer within
 10 29 three business days after it receives notice of assessment.
 10 30 If a savings and loan or savings bank fails to pay its
 10 31 assessment when due, the treasurer shall initiate a lawsuit to
 10 32 collect the assessment.  If a savings and loan association or
 10 33 a savings bank is found to have failed to pay the assessment
 10 34 as required by this subparagraph, the court shall order it to
 10 35 pay the assessment, court costs of the action, reasonable
 11  1 attorney's fees based upon the amount of time the attorney
 11  2 general's office spent preparing and bringing the action, and
 11  3 reasonable expenses incurred by the treasurer of state's
 11  4 office.
 11  5    e.  Any amount realized from the sale of collateral
 11  6 pursuant to paragraph "d", subparagraphs (1) and (2) in excess
 11  7 of the amount of a depository's credit union's assessment,
 11  8 shall continue to be held by the treasurer, in the same
 11  9 interest bearing investments available for public funds, as
 11 10 collateral until that depository credit union provides
 11 11 substitute collateral or is otherwise entitled to its release.
 11 12    f.  Following collection of the assessments, the state
 11 13 treasurer shall distribute funds to the public depositors of
 11 14 the failed depository according to their validated claims.  If
 11 15 the assets available are less than the total deposits, the
 11 16 treasurer shall prorate the claims.  A public depositor
 11 17 receiving payment under this section shall assign to the
 11 18 treasurer any interest the public depositor may have in funds
 11 19 that subsequently become available to depositors of the
 11 20 defaulting depository.
 11 21    Sec. 12.  NEW SECTION.  12C.23A  PAYMENT OF LOSSES IN A
 11 22 BANK.
 11 23    1.  The acceptance of public funds by a bank pursuant to
 11 24 this chapter constitutes consent by the bank to assessments by
 11 25 the treasurer of state in accordance with this chapter.
 11 26    2.  The bank is liable for payment if the bank fails to pay
 11 27 a check, draft, or warrant drawn by the public officer or to
 11 28 account for a check, draft, warrant, order, or certificates of
 11 29 deposit, or any public funds entrusted to it if, in failing to
 11 30 pay, the bank acts contrary to the terms of an agreement
 11 31 between the bank and the public body treasurer.  The bank is
 11 32 also liable for payment if the bank fails to pay an assessment
 11 33 by the treasurer of state when the assessment is due.
 11 34    3.  If a bank is closed by its primary regulatory
 11 35 officials, the public body with deposits in the bank shall
 12  1 notify the treasurer of state of the amount of any claim
 12  2 within thirty days of the closing.  The treasurer of state
 12  3 shall implement the following procedures:
 12  4    a.  In cooperation with the responsible regulatory
 12  5 officials for the bank, the treasurer shall validate the
 12  6 amount of public funds on deposit at the defaulting bank and
 12  7 the amount of deposit insurance applicable to the deposits.
 12  8    b.  The recovery of any loss to public depositors shall
 12  9 begin with applicable deposit insurance.  The priority of
 12 10 claims are those established pursuant to section 524.1312,
 12 11 subsection 2, section 533.22, subsection 1, paragraph "b", or
 12 12 section 534.517.  To the extent permitted by federal law, in
 12 13 the distribution of an insolvent federally chartered bank's
 12 14 assets, the order of payment of liabilities if its assets are
 12 15 insufficient to pay in full all its liabilities for which
 12 16 claims are made shall be in the same order as for a state-
 12 17 chartered bank as provided in section 524.1312, subsection 2.
 12 18    c.  The claim of a public depositor for purposes of this
 12 19 section shall be the amount of the depositor's deposits plus
 12 20 interest to the date the funds are distributed to the public
 12 21 depositor at the rate the bank agreed to pay on the funds
 12 22 reduced by the portion of the funds which is insured by
 12 23 federal deposit insurance.
 12 24    d.  If the loss to public funds is not covered by insurance
 12 25 and the proceeds of the failed bank's assets which are
 12 26 liquidated within thirty days of the closing of the bank, are
 12 27 not sufficient to cover the loss, then any further payments to
 12 28 cover the loss will come from the state sinking fund for
 12 29 public deposits in banks.  If the balance in that sinking fund
 12 30 is inadequate to pay the entire loss, then the treasurer shall
 12 31 obtain the additional amount needed by making an assessment
 12 32 against other banks whose public funds deposits exceed deposit
 12 33 insurance coverage.  A bank's assessment shall be determined
 12 34 by multiplying the total amount of the remaining loss to all
 12 35 public depositors by a percentage that represents that bank's
 13  1 proportional share of the average of uninsured public funds
 13  2 deposits held by all banks.  Each bank shall pay its
 13  3 assessment to the treasurer within three business days after
 13  4 it receives notice of assessment.  If a bank fails to pay its
 13  5 assessment when due, the treasurer of state shall initiate a
 13  6 lawsuit to collect the assessment.  If a bank is found to have
 13  7 failed to pay the assessment as required by this subparagraph,
 13  8 the court shall order it to pay the assessment, court costs,
 13  9 reasonable attorney fees based on the amount of time the
 13 10 attorney general's office spent preparing and bringing the
 13 11 action, and reasonable expenses incurred by the treasurer of
 13 12 state.  Idle balances in the fund shall be invested by the
 13 13 treasurer with earnings credited to the fund.  Fees paid by
 13 14 banks for administration of this chapter shall be credited to
 13 15 the fund and the treasurer may deduct actual costs of
 13 16 administration from the fund.
 13 17    e.  Following collection of the assessments, the state
 13 18 treasurer shall distribute funds to the public depositors of
 13 19 the failed bank according to their validated claims.  If the
 13 20 assets available are less than the total deposits, the
 13 21 treasurer shall prorate the claims.  A public depositor
 13 22 receiving payment under this section shall assign to the
 13 23 treasurer any interest the public depositor may have in funds
 13 24 that subsequently become available to depositors of the
 13 25 defaulting bank.
 13 26    Sec. 13.  Section 12C.25, subsection 3, Code 1999, is
 13 27 amended by striking the subsection.
 13 28    Sec. 14.  Section 12C.21, Code 1999, is repealed.
 13 29    Sec. 15.  EFFECTIVE DATE.  This Act, being deemed of
 13 30 immediate importance, takes effect upon enactment.  
 13 31 
 13 32                                                             
 13 33                               RON J. CORBETT
 13 34                               Speaker of the House
 13 35 
 14  1 
 14  2                                                             
 14  3                               MARY E. KRAMER
 14  4                               President of the Senate
 14  5 
 14  6    I hereby certify that this bill originated in the House and
 14  7 is known as House File 571, Seventy-eighth General Assembly.
 14  8 
 14  9 
 14 10                                                             
 14 11                               ELIZABETH ISAACSON
 14 12                               Chief Clerk of the House
 14 13 Approved                , 1999
 14 14 
 14 15 
 14 16                               
 14 17 THOMAS J. VILSACK
 14 18 Governor
     
Text: HF00570                           Text: HF00572
Text: HF00500 - HF00599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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