546.12 Commerce revolving fund. 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 board, includingmoneys 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,board, 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 creditunion division, the utilities board, and the insurance division of the department shall bepaid from the division’s accounts within the fund, subject to appropriation by the generalassembly. The insurance division shall administer the fund and all other divisions shall workwith the insurance division to make sure the fund is properly accounted and reported to thedepartment of management and the department of administrative services. The divisionsshall provide quarterly reports to the department of management and the legislative servicesagency on revenues billed and collected and expenditures from the fund in a strative services. The divisionsshall provide quarterly reports to the department of management and the legislative servicesagency on revenues billed and collected and expenditures from the fund in a format asdetermined by the department of management in consultation with the legislative servicesagency. 2. To meet cash flow needs for the office of consumer advocate and the banking division, credit union division, utilities board, or the insurance division of the department, theadministrative head of that division, board, or office may temporarily use funds from thegeneral fund of the state to pay expenses in excess of moneys available in the revolving fundfor that division, board, or office if those additional expenditures are fully reimbursableand the division, board, or office reimburses the general fund of the state and ensures allmoneys are repaid in full by the close of the fiscal year. Notwithstanding any provision tothe contrary, the divisions shall, to the fullest extent possible, make an estimate of billingsand make such billings as early as possible in each fiscal year, so that the need for the useof general fund moneys is minimized to the lowest extent possible. t possible, make an estimate of billingsand make such billings as early as possible in each fiscal year, so that the need for the useof general fund moneys is minimized to the lowest extent possible. Periodic billings shall bedeemed sufficient to satisfy this requirement. Because any general fund moneys used shallbe fully reimbursed, such temporary use of funds from the general fund of the state shall notconstitute an appropriation for purposes of calculating the state general fund expenditurelimitation 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 limitauthority with respect to, an agency or entity under state law. Any provision applicableto, or responsibility of, a division, board, or office collecting moneys for deposit into thefund established pursuant to this section shall not be altered or impacted by the existenceof the fund and shall remain applicable to the same extent as if the division, board, oroffice were into thefund established pursuant to this section shall not be altered or impacted by the existenceof the fund and shall remain applicable to the same extent as if the division, board, oroffice were receiving moneys pursuant to a general fund appropriation. The divisions ofthe department of insurance and financial services shall comply with directions by thegovernor 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. 2009 Acts, ch 181, §108; 2011 Acts, ch 127, §51, 89; 2023 Acts, ch 19, §2762Referred to in §475A.3, 476.10, 476.51, 476.87, 476.95B, 476.103, 476A.14, 478.4, 479.16, 479A.9, 479B.12, 505.7, 524.207, 533.111, 533A.14 Section amended Sat Dec 23 01:47:29 2023 Iowa Code 2024, Section 546.12 (24, 3)
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