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Senate approves change to bank-board residency and meeting rules
Summary
The Iowa Senate passed Senate File 413, keeping a three‑resident residency requirement for bank boards but removing the requirement that those three constitute a majority; the bill also preserves a 10‑meetings‑per‑year requirement.
The Iowa Senate on a unanimous roll call approved Senate File 413, a bill that revises state requirements for bank boards of directors and clarifies meeting requirements. The Senate voted 47‑0 to pass the measure and the title was agreed to.
Sen. Warmy, who opened debate on the bill, told the chamber the bill came from the bankers association and proposed to “maintain the requirement for three Iowa residents, but not that it be a majority in terms of the board meetings.” Under current Iowa law, bank boards must have at least five members and at least three must be Iowa residents; the bill preserves the three‑resident requirement while removing the requirement that those three constitute a majority of the board.
Supporters noted the bill also preserves the procedural requirement that banks hold 10 meetings per year in 10 different months. The Senate clerk read the bill and the chamber approved the title before moving to final passage. The roll call for final passage was recorded as 47 yeas, 0 nays; the secretary confirmed the bill had received a constitutional majority and declared the bill passed the Senate.
The bill now moves forward according to the legislature’s messaging rules (the Senate ordered immediate message). The measure’s effect date and any administrative implementation steps were not specified on the floor during the reading.
The action completes the Senate’s consideration of Senate File 413; further steps — including any House action and the governor’s signature or veto — will determine the bill’s ultimate effect.
