Iowa Senate Bill SF2288

Iowa 2023-2024 Regular Session

• Introduced: 2/8/24
• Refer: 2/15/24

Caption

A bill for an act relating to bank utilization of filing services offered by the secretary of state.(Formerly SSB 3080; See SF 2404.)

Impact

The primary impact of SF2288 is on the operational framework for banks within Iowa, as it streamlines the process of document filing with the state. By permitting these expedited services, the legislation is aimed at increasing efficiency for banking institutions, thereby potentially enhancing their operational workflows. The introduction of a surcharge for these extra services also indicates a shift in how the financial sector interacts with state agencies.

Summary

Senate File 2288, which was introduced by the Committee on Commerce, proposes changes regarding how banks utilize filing services provided by the Secretary of State in Iowa. The bill modifies Chapter 524 of the Iowa Code by allowing bankers to request additional services for document filings. This includes enabling banks to use expedited filing services that would facilitate quicker processing of their necessary documentation through the state's filing office.

Contention

While the specifics regarding opposition or support were not deeply detailed in the discussions surrounding SF2288, the introduction of a surcharge for expedited services may raise questions among some stakeholders about the costs imposed on banks. Concerns could emerge around whether these additional fees are reasonable or if they might inadvertently burden smaller banking institutions, particularly in a regulatory environment where financial institutions are already managing multiple expenses.