SSB 3056 (LSB 5453XD (2) 91)

SENATE/HOUSE FILE _____

BY  (PROPOSED DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES BILL)

A BILL FOR

An Act relating to respondents in a proceeding to expunge information in a record in the investment adviser registration depository.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 502.511, subsection 2, Code 2026, is amended to read as follows:
   2.  a.  The commissioner of insurance, or the investment adviser that reported the information in the record in the investment adviser registration depository, may shall be named as a respondent or as respondents in the proceeding to expunge the information.
   b.  An investment adviser that reported the information in the record in the investment adviser registration depository may be named as a respondent in the proceeding to expunge the information.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to respondents in a proceeding to expunge information in a record in the investment adviser registration depository. Under current law, the commissioner of insurance, or the investment adviser that reported the information in the record in the investment adviser registration depository, may be named as a respondent or as respondents in a proceeding to expunge the information. Under the bill, the commissioner shall be named as a respondent and the investment adviser may be named as a respondent in such a proceeding.