Bill
SF 166
S.F. 166 lets state-chartered banks under Iowa Code ch. 524 use SOS preclearance/expedited filing services and charge surcharges to recover costs.
Note on bill identity
- The document you provided for S.F. 166 concerns the secretary of state’s filing services for banks (amendment to Code chapter 9 and new Code section 524.2002). The top-line bill title in your metadata ("Henderson water treatment facility bond issue and appropriation") appears to be incorrect or unrelated to the enclosed text. This summary reflects the enacted text contained in the document (S.F. 166 as signed April 18, 2025).
Summary — purpose and intent
- S.F. 166 authorizes state banks (and other filers under Iowa Code chapter 524) to use certain filing services offered by the Secretary of State’s office and authorizes the Secretary of State to provide extra filing services on request and assess a surcharge for those services. The law is intended to permit banks to use preclearance and expedited filing services and to allow the Secretary of State to recover costs via surcharges.
Key provisions
- Amendment to Iowa Code section 9.11(1):
- Adds chapter 524 (the banking chapter), including as provided in section 524.303, to the list of matters for which the Secretary of State may provide filing services.
- New Code section 524.2002 (Secretary of state — extra services — surcharge):
- Directs that upon request of a filer of a document under chapter 524 the Secretary of State shall provide an extra filing service.
- Authorizes the Secretary of State to assess a surcharge for the extra service as provided in chapter 9, subchapter II (the statutory authority for surcharges and expedited/preclearance service fees).
- Legislative explanation explicitly notes this permits banks to use preclearance and expedited filing services offered by the Secretary of State.
Who is affected
- Primary: State-chartered banks and other filers governed by Iowa Code chapter 524 (banking law). Those entities will be able to request preclearance/expedited filing services for documents filed with the Secretary of State.
- Secondary: Secretary of State’s office (administration of extra services and collection of surcharges).
- Tertiary: Potentially the public and other filers if administrative capacity or fee structures change; filers who use extra services will pay authorized surcharges.
Procedural and timeline aspects
- Introduced: January 30, 2025.
- Legislative action: Passed both chambers with unanimous votes recorded (Senate passage Feb 18, 2025; House passage Mar 11, 2025).
- Enactment: Signed by Governor Kim Reynolds on April 18, 2025 — effective as law upon approval (document indicates approval date).
- Related bill: HF 458 (companion).
Potential impacts and considerations
- Operational: Banks gain access to preclearance and expedited filing workflows, likely speeding processing of certain filings.
- Financial: Secretary of State may collect surcharges for extra services; affected filers (banks) will bear surcharge costs for expedited services.
- Administrative: Requires Secretary of State’s office to implement procedures for extra services and surcharge billing under existing surcharge authority in chapter 9.
Statutory citations in the bill
- Amends: Iowa Code § 9.11(1) (adds chapter 524 reference).
- Adds: Iowa Code § 524.2002 (new section authorizing extra services and surcharge).
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
