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Read. Follow. Verify.Iowa enacts Uniform Assignment for Benefit of Creditors Act, exempting related real estate transfers from taxation
Last action · June 2, 2026: Signed by Governor . S.J. 1033 .
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What This Bill Does
Governor Kim Reynolds signed Senate File 2497, establishing the Uniform Assignment for Benefit of Creditors Act and repealing prior code chapter 681 effective January 1, 2027. The measure provides a standardized statutory framework for businesses and individuals to assign assets for the benefit of creditors, details explicit fiduciary duties and powers for assignees, and exempts the transfer of real estate under these assignment agreements from transfer taxes.
The law establishes uniform rules for business liquidations and asset assignments to creditors in Iowa, altering how assignment estates are administered, claims are prioritized, and real estate transfer taxes are levied starting January 1, 2027.
- Kim Reynolds serves as the Governor of Iowa and signed Senate File 2497 into law. context
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Creditors
Creditors receive formal notifications, must submit proofs of claim within 120 days, and have claims distributed based on a statutory order of priority.
Assignors
Assignors are required to turn over all assets, provide complete lists of employees and creditors under penalty of perjury, and cooperate with the assignee.
Assignees
Assignees assume fiduciary duties to manage the assignment estate, collect assets, examine claims, and provide regular accounting to creditors.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
What is the primary purpose of Senate File 2497?
When does the new law take effect?
Who is eligible to serve as an assignee?
How long do creditors have to submit a proof of claim?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Current status: Signed into law.
Procedural history
32 actions- Jun 2, 2026SenateEnrolledSigned by Governor . S.J. 1033 .
- May 18, 2026SenateReported correctly enrolled, signed by President and Speaker, and sent to Governor. S.J. 1028 .
- May 3, 2026SenateImmediate message. S.J. 1001 .
- May 3, 2026SenateFloorPassed Senate , yeas 45, nays 0. S.J. 1000 .
- May 3, 2026SenateFloorSenate concurred with S-5257 . S.J. 1000 .
- May 2, 2026HouseMessage from Senate. H.J. 1135 .
Show 26 earlier actions
- May 2, 2026HouseMessage from House, with amendment S-5257 . S.J. 991 .
- May 2, 2026HouseImmediate message. H.J. 1127 .
- May 2, 2026HouseExplanation of vote. H.J. 1159 .
- May 2, 2026HouseFloorPassed House , yeas 86, nays 0. H.J. 1119 .
- May 2, 2026HouseFloorAmendment H-8473 filed, adopted. H.J. 1119 .
- May 1, 2026HousePlaced on Ways and Means calendar. H.J. 1085 .
- May 1, 2026HouseCommittee vote: Yeas, 24. Nays, 0. Excused, 1. H.J. 1085 .
- May 1, 2026HouseCommittee report, recommending passage. H.J. 1085 .
- May 1, 2026HouseSubcommittee: Gustoff, Jacoby and Jones. H.J. 1083 .
- Apr 21, 2026HouseIntroducedRead first time, referred to Ways and Means. H.J. 956 .
- Apr 20, 2026HouseMessage from Senate. H.J. 949 .
- Apr 20, 2026SenateImmediate message. S.J. 839 .
- Apr 20, 2026SenateFloorPassed Senate , yeas 44, nays 0. S.J. 837 .
- Apr 15, 2026SenateCommittee report approving bill, renumbered as SF 2497 . S.J. 808 .
- Apr 15, 2026SenateCommittee report, approving bill. S.J. 808 .
- Apr 15, 2026SenateIntroducedIntroduced, placed on Ways and Means calendar. S.J. 805 .
- Mar 10, 2026Iowa LegislatureSubcommittee recommends passage.
- Mar 5, 2026Iowa LegislatureSubcommittee Meeting: 03/10/2026 1:00PM Room 315.
- Feb 26, 2026SenateSubcommittee: Bousselot, Koelker, and Quirmbach. S.J. 418 .
- Feb 24, 2026SenateCommitteeReferred to Ways and Means. S.J. 376 .
- Feb 19, 2026Iowa LegislaturePlaced on calendar.
- Feb 19, 2026SenateCommittee report, recommending passage. S.J. 335 .
- Feb 12, 2026Iowa LegislatureSubcommittee recommends passage.
- Feb 11, 2026Iowa LegislatureSubcommittee Meeting: 02/12/2026 12:30PM Room 315.
- Feb 10, 2026SenateSubcommittee: Bousselot, Blake, and Webster. S.J. 244 .
- Feb 5, 2026SenateIntroducedIntroduced, referred to Judiciary. S.J. 210 .
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Comprehensive Replacement of Chapter 681
The Act completely replaces Iowa's prior framework for property assignment with a modernized uniform code chapter, updating references across multiple titles including franchises and judicial administration.
Connected Entities
Sources
www.legis.iowa.gov
Analysis Score
0–100- Significance85How much this matters to a regular citizen
- Controversy10Intensity of disagreement among stakeholders
- Entertainment2Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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