Senate File 2147 - Introduced SENATE FILE 2147 BY COMMITTEE ON COMMERCE (SUCCESSOR TO SSB 3056) A BILL FOR An Act relating to respondents in a proceeding to expunge 1 information in a record in the investment adviser 2 registration depository. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5453SV (1) 91 nls/ko

S.F. 2147 Section 1. Section 502.511, subsection 2, Code 2026, is 1 amended to read as follows: 2 2. a. The commissioner of insurance , or the investment 3 adviser that reported the information in the record in the 4 investment adviser registration depository, may shall be named 5 as a respondent or as respondents in the proceeding to expunge 6 the information. 7 b. An investment adviser that reported the information in 8 the record in the investment adviser registration depository 9 may be named as a respondent in the proceeding to expunge the 10 information. 11 EXPLANATION 12 The inclusion of this explanation does not constitute agreement with 13 the explanation’s substance by the members of the general assembly. 14 This bill relates to respondents in a proceeding to expunge 15 information in a record in the investment adviser registration 16 depository. Under current law, the commissioner of insurance, 17 or the investment adviser that reported the information in the 18 record in the investment adviser registration depository, may 19 be named as a respondent or as respondents in a proceeding to 20 expunge the information. Under the bill, the commissioner 21 shall be named as a respondent and the investment adviser may 22 be named as a respondent in such a proceeding. 23 -1- LSB 5453SV (1) 91 nls/ko 1/ 1