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HF 311

A bill for an act relating to requirements for, and regular meetings of, the board of directors of a state bank.

2025-2026 Regular Session

Sets requirements for Iowa state bank boards: ≥5 directors, majority US citizens, at least 3 Iowa residents, and at least 9 regular meetings yearly with remote participation allowe

Referred to Commerce.
#banks #meetings
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Bill Summary · HF 311

Summary of HF 311 (Introduced Feb. 10, 2025)

Overview

HF 311 addresses requirements for the board of directors of a state bank in Iowa and sets standards for regular board meetings. The bill, introduced February 10, 2025 and referred to the Commerce committee, would modify residency and citizenship rules for board members and clarify meeting practices, including virtual participation.

Key Provisions

  • Board composition (Sec. 1)

    • The state bank board must have five or more directors, aged 18 or older.
    • A majority of directors must be United States citizens.
    • At least three directors must be residents of the state of Iowa.
    • This changes the current rule by emphasizing U.S. citizenship over Iowa residency as a majority criterion, while still guaranteeing a minimum of three Iowa residents on the board.

  • Board meeting requirements (Sec. 2)

    • The board must hold at least nine regular meetings each calendar year.
    • No more than one regular meeting may occur in any single calendar month. At minimum, one regular meeting must be held each quarter.
    • Directors may participate in meetings via any means of communication that allows all participants to hear each other simultaneously; a director participating by such means is deemed present at the meeting.

  • Explanatory language

    • The bill includes an explanatory section noting that the contents are the bill’s substance, but the explanation itself does not bind the General Assembly. It reiterates the bill’s relationship to board qualifications and meeting requirements for state banks.

Affected Parties

  • Primary: Boards of directors of state banks in Iowa and their governance practices.
  • Secondary: Potential candidates for board service, bank officers, and regulators overseeing state banks.

Procedural and Timeline Aspects

  • Status: Referred to Commerce.
  • Introduced: February 10, 2025.
  • Legislative Actions: Referred to Commerce on April 3, 2025.
  • No specific effective date is provided in the text; enactment would apply to state-bank boards per the bill’s provisions upon passage.

Potential Impacts to Consider

  • Relaxation of the residency requirement in favor of a stronger US-citizenship standard, while preserving a minimum Iowa-resident presence (three members). This could affect candidate pools and board diversity.
  • Formalizes and expands acceptable methods for remote board participation, with current presence presumed when directors can hear each other simultaneously.
  • The nine-meeting minimum and monthly cap ensure regular governance without excessive meeting frequency.

If you’d like, I can add a quick comparison to current Iowa law or provide a concise FAQ for stakeholders.

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

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