Senate
File
413
-
Enrolled
Senate
File
413
AN
ACT
RELATING
TO
REQUIREMENTS
FOR,
AND
REGULAR
MEETINGS
OF,
THE
BOARD
OF
DIRECTORS
OF
A
STATE
BANK,
AND
ELECTRONIC
ACTIVITIES
OF
A
STATE
BANK.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
524.601,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
The
business
and
affairs
of
a
state
bank
shall
be
managed
by
a
board
of
five
or
more
directors
eighteen
years
of
age
or
older,
a
majority
of
whom
shall
be
residents
of
the
state
of
Iowa
and
citizens
of
the
United
States
,
and
at
least
three
of
whom
shall
be
residents
of
the
state
of
Iowa
.
Sec.
2.
Section
524.607,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
The
board
of
directors
shall
hold
at
least
nine
six
regular
meetings
each
calendar
year.
No
more
than
one
regular
meeting
shall
be
held
in
any
one
calendar
month
At
a
minimum,
one
regular
meeting
shall
be
held
in
each
quarter
of
a
calendar
year
.
A
board
of
directors
may
be
required
to
hold
additional
regular
meetings
as
deemed
necessary
by
the
superintendent.
Unless
the
articles
of
incorporation
or
bylaws
provide
otherwise,
any
director
may
participate
in
any
meeting
of
the
board
of
directors
through
the
use
of
any
means
of
communication
by
which
all
directors
participating
may
simultaneously
hear
each
other
during
the
meeting.
A
Senate
File
413,
p.
2
Senate
File
413,
p.
3
director
participating
in
a
meeting
by
this
means
is
deemed
to
be
present
at
the
meeting.
Sec.
3.
Section
524.802A,
subsection
2,
Code
2026,
is
amended
by
striking
the
subsection.
Sec.
4.
Section
524.802A,
subsection
4,
Code
2026,
is
amended
to
read
as
follows:
4.
The
superintendent
may
adopt
rules
pursuant
to
chapter
17A
to
implement
the
provisions
of
this
section
,
including
but
not
limited
to
application
procedures,
identifying
the
systems,
processes,
and
technologies
a
state
bank
must
maintain
in
order
to
engage
in
certain
new
or
innovative
electronic
activities
,
and
determining
that
additional
new
or
innovative
electronic
activities
are
authorized
for
state
banks
without
prior
approval
.
______________________________
AMY
SINCLAIR
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
413,
Ninety-first
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2026
______________________________
KIM
REYNOLDS
Governor