Senate File 502 - Introduced SENATE FILE 502 BY CHELGREN A BILL FOR An Act prohibiting loans, forgivable loans, and any other type 1 of extension of credit from a state or local governmental 2 entity. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2480XS (2) 84 tm/rj
S.F. 502 Section 1. NEW SECTION . 23.2 Loans prohibited. 1 A state or local governmental entity shall not provide 2 loans, forgivable loans, or any other type of extension of 3 credit to a person. 4 Sec. 2. CONFORMING AMENDMENTS. By November 18, 2011, the 5 department of management shall submit a report to the general 6 assembly identifying all changes in the Code that are necessary 7 due to the enactment of this Act. The report shall include the 8 necessary changes in the form of a proposed legislative bill. 9 EXPLANATION 10 This bill relates to loans, forgivable loans, and any other 11 type of extension of credit from a state or local governmental 12 entity. 13 The bill prohibits a state or local governmental entity 14 from providing loans, forgivable loans, or any other type of 15 extension of credit to a person. 16 By November 18, 2011, the department of management is 17 required to submit a report to the general assembly identifying 18 all changes in the Code that are necessary due to the enactment 19 of this bill. 20 -1- LSB 2480XS (2) 84 tm/rj 1/ 1