1.A commerce revolving fund is created in the state treasury. The fund shall consist
of moneys collected by the banking division; credit union division; utilities commission,
including moneys collected on behalf of the office of consumer advocate established in
section 475A.3; and the insurance division of the department; and deposited into an account
for that division, commission, or office within the fund on a monthly basis. Except as
otherwise provided by statute, all costs for operating the office of consumer advocate and
the banking division, the credit union division, the utilities commission, and the insurance
division of the department shall be paid from the division’s accounts within the fund, subject
to appropriation by the general assembly. The insurance division shall administ
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1. A commerce revolving fund is created in the state treasury. The fund shall consist
of moneys collected by the banking division; credit union division; utilities commission,
including moneys collected on behalf of the office of consumer advocate established in
section 475A.3; and the insurance division of the department; and deposited into an account
for that division, commission, or office within the fund on a monthly basis. Except as
otherwise provided by statute, all costs for operating the office of consumer advocate and
the banking division, the credit union division, the utilities commission, and the insurance
division of the department shall be paid from the division’s accounts within the fund, subject
to appropriation by the general assembly. The insurance division shall administer the fund
and all other divisions shall work with the insurance division to make sure the fund is
properly accounted and reported to the department of management and the department
of administrative services. The divisions shall provide quarterly reports to the department
of management and the legislative services agency on revenues billed and collected and
expenditures from the fund in a format as determined by the department of management in
consultation with the legislative services agency.
2. To meet cash flow needs for the office of consumer advocate and the banking division,
credit union division, utilities commission, or the insurance division of the department, the
administrative head of that division, commission, or office may temporarily use funds from
the general fund of the state to pay expenses in excess of moneys available in the revolving
fund for that division, commission, or office if those additional expenditures are fully
reimbursable and the division, commission, or office reimburses the general fund of the state
and ensures all moneys are repaid in full by the close of the fiscal year. Notwithstanding any
provision to the contrary, the divisions shall, to the fullest extent possible, make an estimate
of billings and make such billings as early as possible in each fiscal year, so that the need for
the use of general fund moneys is minimized to the lowest extent possible. Periodic billings
shall be deemed sufficient to satisfy this requirement. Because any general fund moneys
used shall be fully reimbursed, such temporary use of funds from the general fund of the
state shall not constitute an appropriation for purposes of calculating the state general fund
expenditure limitation pursuant to section 8.54.
3. Section 8.33 does not apply to any moneys credited or appropriated to the commerce
revolving fund from any other fund.
4. The establishment of the commerce revolving fund pursuant to this section shall
not be interpreted in any manner to compromise or impact the accountability of, or limit
authority with respect to, an agency or entity under state law. Any provision applicable to,
or responsibility of, a division, commission, or office collecting moneys for deposit into the
fund established pursuant to this section shall not be altered or impacted by the existence
of the fund and shall remain applicable to the same extent as if the division, commission,
or office were receiving moneys pursuant to a general fund appropriation. The divisions
of the department of insurance and financial services shall comply with directions by the
governor to executive branch departments regarding restrictions on out-of-state travel,
hiring justifications, association memberships, equipment purchases, consulting contracts,
and any other expenditure efficiencies that the governor deems appropriate.