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Bill Summary · SSB 3195

Summary of SSB 3195 (Session 2025-2026) – Iowa

Purpose and intent

SSB 3195 seeks to regulate designated contract markets (DCMs) by establishing comprehensive rules intended to prevent harmful trading practices, curb the use of non-public or confidential information in determining contract outcomes, and protect participants from at-risk trading behaviors. The bill emphasizes exclusions from trading for certain individuals and entities, transparency about information sources used to settle contracts, and consumer-protective trading safeguards.

Key provisions and changes

  • Exclusion policies and self-exclusion
    Markets must maintain and enforce policies to exclude certain persons from trading. Individuals may be allowed to self-exclude from trading contracts.

  • Expanded list of mandatory exclusions
    The bill requires exclusion of:

    • Officers, employees, and family members of market officers and employees
    • Anyone with inside information on a particular contract
    • Public employees, public officials, lobbyists, and family members of such persons trading contracts related to legislation or other governmental actions
    • Officers, employees, and family members of the settlement source’s officers and employees

  • Settlement source definition and disclosure
    “Settlement source” is defined as an entity from which the market sources information to determine the outcome of a contract. Markets must maintain a comprehensive list of all settlement sources used to determine contract outcomes and make this list readily accessible to the public.

  • Prohibition on reliance on proprietary/confidential information
    Markets may not settle trades based on proprietary or confidential information.

  • At-risk trading protections (responsible trading measures)
    Markets must implement measures to protect individuals at risk of engaging in at-risk trading behaviors, including:

    • Allowing personal trading limits to be set by individuals
    • Features to view time spent trading
    • Displaying the statewide gambling helpline number and related health services information in advertisements and on platforms
    • Posting the statewide helpline/gi related to gambling in materials

  • Advertising restrictions
    The bill imposes limits on marketing by markets, such as:

    • Restrictions on push notifications
    • Prohibitions on depicting individuals under 21
    • Restrictions on targeting at-risk consumers
    • Prohibitions on implying that trading is risk-free
    • Prohibitions on implying endorsement by the state or relevant authorities

Who/what is affected

  • Designated contract markets (DCMs) operating in Iowa
  • Market personnel (officers, employees) and their families
  • Settlement sources used to determine contract outcomes
  • Public officials, lobbyists, and government-related entities connected to contracts and legislation
  • Market participants who may be at risk of at-risk trading behaviors
  • Advertisers and marketing teams for DCMs (due to advertising restrictions)
  • Consumers and the general public through enhanced transparency and consumer protections

Procedural and timeline aspects

  • Introduction and referrals
    The bill was introduced on April 13, 2026, and referred to the Ways and Means committee.

  • Subcommittee process
    A subcommittee (Dawson, Quirmbach, and Taylor) held hearings on April 14, 2026, with a subcommittee meeting in the Lobbyist Lounge.

  • Committee action
    The subcommittee recommended passage, and the full committee issued a report approving the bill, which was renumbered as SF 2494 for subsequent action in the legislative process.

  • Next steps
    After committee approval, the bill would proceed to the floor for debate, potential amendments, and a full chamber vote, followed by the other chamber’s consideration and, if enacted, to the governor for signature or veto.

Notable details

  • The text emphasizes transparency (a public list of settlement sources) and robust prohibitions on trading based on confidential information.
  • It introduces consumer protection features (personal trading limits, time-spent indicators, helpline information) and tightens advertising rules to prevent misuse and misrepresentation of trading risk or endorsements.
  • Specific dollar amounts or numerical penalties are not listed in the provided text excerpt.

If you’d like, I can compare SSB 3195 to current Iowa law on designated contract markets, or draft a one-page briefing for policymakers or the public.

Compiled from official sources — confirm details with the bill’s official record.

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