reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.821 - Electronic transmission of funds — restrictions.

524.821 Electronic transmission of funds — restrictions.
1. A state bank may engage in any transaction incidental to the conduct of the business of banking and otherwise permitted by applicable law, by means of either the direct transmission of electronic impulses to or from customers and banks or the recording of electronic impulses or other indicia of a transaction for delayed transmission to a bank. Subject to the provisions of chapter 527, except as preempted by other applicable law, a state bank may utilize, establish, or operate, alone or with one or more other banks, federal savings associations, credit unions incorporated under the provisions of chapter 533 or federal law, or third parties, the satellite terminals permitted under chapter 527, by means of which customers and banks may transmit and receive electronic impulses constituting transactions pursuant to this section. However, except as preempted by other applicable law, such utilization, establishment, or operation shall be lawful only when in compliance with chapter 527. Nothing in this section shall be construed as authority for any person to engage in transactions not otherwise permitted by applicable law, nor shall anything in this section be deemed to repeal, replace or in any other way affect any applicable law or rule regarding the maintenance of or access to financial information maintained by any bank.
2. A state bank which offers its customers, or any of them, the opportunity to engage in transactions with or through the state bank in the manner authorized by subsection 1 shall not require a customer to deal with or through the state bank in that manner in lieu of writing checks in the usual manner upon a conventional checking account, and shall not impose any extraordinary charge upon customers who choose to write checks in the usual manner upon a conventional checking account maintained at that state bank. The term “extraordinary charge”, as used in this subsection, is a charge in excess of a fair and reasonable charge, based upon the costs to the state bank of providing and maintaining checking account services.
[C77, 79, 81, §524.821; 82 Acts, ch 1094, §1]
2012 Acts, ch 1017, §108; 2022 Acts, ch 1062, §79
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.825 - Securities activities.

524.825 Securities activities.
1. Subject to the prior approval of the superintendent and as authorized by rules adopted by the superintendent pursuant to chapter 17A, a state bank or a subsidiary of a state bank organized or acquired pursuant to section 524.802, subsection 12, may engage in directly, or may organize, acquire, or invest in a subsidiary for the purpose of engaging in securities activities and any aspect of the securities industry, including but not limited to any of the following:
a. Issuing, underwriting, selling, or distributing stocks, bonds, debentures, notes, interest in mutual funds or money-market-type mutual funds, or other securities.
b. Organizing, sponsoring, and operating one or more mutual funds.
c. Acting as a securities broker-dealer licensed under chapter 502. The business relating to securities shall be conducted through, and in the name of, the broker-dealer. The requirements of chapter 502 apply to any business of the broker-dealer transacted in this state.
2. A subsidiary engaging in activities authorized by this section may also engage in any other authorized activities under section 524.802, subsection 12.
87 Acts, ch 171, §14; 95 Acts, ch 148, §87; 2012 Acts, ch 1023, §157
Referred to in §524.802
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.902 - General lending powers of a state bank.

524.902 General lending powers of a state bank.
1. A state bank may, subject to any applicable restrictions under other provisions of this chapter, loan money, extend credit and discount or purchase evidences of indebtedness and agreements for the payment of money.
2. Nothing in this chapter is deemed to permit a state bank to purchase a vendee’s interest in a real property sales contract, provided, however, that a state bank may loan or extend credit on the security of such an interest.
[C97, §1844, 1850, 1870; S13, §1850; SS15, §1870; C24, 27, 31, 35, 39, §9162, 9184, 9223; C46, 50, 54, 58, 62, 66, §526.7, 526.29, 528.14; C71, 73, 75, 77, 79, 81, §524.902]
92 Acts, ch 1161, §3
Referred to in §524.901
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.903 - Purchase and sale of drafts and bills of exchange.

524.903 Purchase and sale of drafts and bills of exchange.
1. A state bank shall have power to accept drafts drawn upon it having not more than six months after sight to run, exclusive of days of grace:
a. Which grow out of transactions involving the importation or exportation of goods.
b. Which grow out of transactions involving the domestic shipment of goods, provided documents of title are attached thereto at the time of acceptance.
c. In which a security interest is perfected at the time of acceptance covering readily marketable staples.
2. A state bank shall not accept such drafts in an amount which exceeds at any time in the aggregate for all drawers thirty percent of the state bank’s aggregate capital.
3. A state bank may accept drafts, having not more than three months after sight to run, drawn upon it by banks or bankers in foreign countries, or in dependencies or insular possessions of the United States, for the purpose of furnishing dollar exchange as required by the usages of trade where the drafts are drawn in an aggregate amount which shall not at any time exceed for all such acceptance on behalf of a single bank or banker seven and one-half percent of the state bank’s aggregate capital, and for all such acceptances, thirty percent of the state bank’s aggregate capital.
[C24, 27, 31, 35, 39, §9272, 9273, 9274; C46, 50, 54, 58, 62, 66, §528.71, 528.72, 528.73; C71, 73, 75, 77, 79, 81, §524.903]
95 Acts, ch 148, §89; 2004 Acts, ch 1141, §24
Referred to in §524.904, 524.1602
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.907 - Participations.

524.907 Participations.
A state bank may purchase and may sell, subject to the provisions of sections 524.901, 524.904, and 524.905, and to such regulations as the superintendent may prescribe, participations in one or more evidences of indebtedness and agreements for the payment of money, and pools of bonds, securities, evidences of indebtedness and agreements for the payment of money.
[C71, 73, 75, 77, 79, 81, §524.907]
89 Acts, ch 257, §17
Referred to in §524.1602
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.908 - Leasing of personal property.

524.908 Leasing of personal property.
A state bank may make leases as authorized by rules adopted by the superintendent under chapter 17A.
[C71, 73, 75, 77, 79, 81, §524.908]
95 Acts, ch 148, §91
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.909 - Loans and investments by officer.

524.909 Loans and investments by officer.
No loan or investment shall be made from the funds of any state bank, directly or indirectly, except by an officer of the state bank who is authorized to do so by the board of directors.
[C97, §1869; S13, §1869; C24, 27, §9220; C31, 35, §9220, 9221-c3; C39, §9220, 9221.3; C46, 50, 54, 58, 62, 66, §528.6, 528.10; C71, 73, 75, 77, 79, 81, §524.909]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.910 - Property acquired to satisfy debts previously contracted.

524.910 Property acquired to satisfy debts previously contracted.
A state bank may acquire property of any kind to secure, protect, or satisfy a loan or investment previously made in good faith. Property acquired pursuant to this section shall be held and disposed of subject to the following conditions and limitations:
1. Shares in a corporation and other personal property, the acquisition of which is not otherwise authorized by this chapter, shall be sold or otherwise disposed of within six months unless the time is extended by the superintendent.
2. Real property purchased by a state bank at sales upon foreclosure of mortgages or deeds of trust owned by it, or acquired upon judgments or decrees obtained or rendered for debts due it, or real property conveyed to it in satisfaction of debts previously contracted in the course of its business, or real property obtained by it through redemption as a junior mortgagee or judgment creditor, shall be sold or otherwise disposed of by the state bank within five years after title is vested in the state bank, unless the time is extended by the superintendent. This deadline may be extended up to an additional five years with prior approval of the superintendent, but in no event shall a state bank hold such property for more than ten years.
[C97, §1851; C24, 27, 31, 35, 39, §9190; C46, 50, 54, 58, 62, 66, §526.34; C71, 73, 75, 77, 79, 81, §524.910]
85 Acts, ch 252, §34; 90 Acts, ch 1245, §1; 92 Acts, ch 1161, §4; 2022 Acts, ch 1062, §90
Subsection 2 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.911 - Letters of credit.

524.911 Letters of credit.
A state bank shall have the power to issue, advise, and confirm letters of credit authorizing a beneficiary thereof to draw on or demand payment of the state bank or its correspondent banks.
[C71, 73, 75, 77, 79, 81, §524.911]
2016 Acts, ch 1011, §101
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.912 - Customer shall be free to obtain own insurance and loan.

524.912 Customer shall be free to obtain own insurance and loan.
In any case in which any kind of insurance is required by the state bank as a condition for lending money or in connection with any other transaction, the customer shall be free to obtain such insurance from a source of the customer’s selection. In the case of a sale of shares of stock, bonds, or other securities, or real property by an officer or employee, which is authorized by the board of directors of a state bank in the manner provided for in section 524.710, subsection 2, the purchaser shall be free to obtain a loan for the purchase of such stock, bonds, or other securities, or real property from a lender of the purchaser’s selection.
[C71, 73, 75, 77, 79, 81, §524.912]
98 Acts, ch 1036, §1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.913 - Consumer loans.

524.913 Consumer loans.
1. The provisions of the Iowa consumer credit code, chapter 537, shall apply to consumer loans made by a bank, and provisions of that code shall supersede any conflicting provision of this chapter with respect to consumer loans.
2. This section shall not apply to a consumer loan which is a real property improvement loan insured wholly or in part by the federal housing administration of the United States.
3. Notwithstanding subsection 1, a state bank may offer voluntary debt cancellation coverage, whether insurance or debt waiver, to consumers. The amount charged for the coverage shall be included in the amount financed, as defined in section 537.1301. However, the charge for such coverage may be excluded from the finance charge under the federal Truth in Lending Act as defined in section 537.1302.
[C75, 77, 79, 81, §524.913]
2003 Acts, ch 44, §114; 2006 Acts, ch 1039, §1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1001 - Power to act as fiduciary.

524.1001 Power to act as fiduciary.
When approving a proposed state bank, or at any time subsequent thereto upon amendment of its articles of incorporation, the superintendent may authorize a state bank to act in a fiduciary capacity. In determining whether the superintendent shall authorize a state bank to act in a fiduciary capacity, the superintendent may consider any of the relevant criteria referred to in section 524.305, and other appropriate facts and circumstances. In any fiduciary capacity in which a state bank may act pursuant to this section, it shall have all the rights and duties which an individual has in such capacity under applicable law and under the terms upon which the state bank is designated to act in such capacity. In authorizing a state bank to act in a fiduciary capacity, the superintendent may limit such authorization to such capacities as the superintendent deems appropriate.
[S13, §1889-g; SS15, §1889-d; C24, 27, 31, 35, 39, §9284, 9291; C46, 50, 54, 58, 62, 66, §532.1, 532.8; C71, 73, 75, 77, 79, 81, §524.1001]
Referred to in §633.63
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1002 - Actions required, permitted, or prohibited in a fiduciary capacity.

524.1002 Actions required, permitted, or prohibited in a fiduciary capacity.
The following rules shall be applicable to a state bank acting in the capacity of fiduciary:
1. A state bank shall segregate from its assets all property held as fiduciary, other than items in the course of collection, and shall keep separate records of all such property for each account for which such property is held.
2. Funds of a fiduciary account may be deposited in the state bank which is acting as fiduciary, either as demand deposits, savings deposits or time deposits having a single or multiple maturity.
3. A state bank may provide any oath or affidavit required of the state bank as fiduciary through an officer acting on behalf of the state bank.
4. A state bank shall not make a loan or extension of credit of any funds held as fiduciary, directly or indirectly, to or for the benefit of a director, officer, or employee of the state bank or of an affiliate, a partnership or other unincorporated association of which such director, officer, or employee is a partner or member, or a corporation in which such officer, director, or employee has a controlling interest, except a loan specifically authorized by the terms upon which the state bank was designated as fiduciary.
5. Unless otherwise authorized by the instrument creating the relationship, court order, or the laws of this state, a state bank, as fiduciary, shall not, directly or indirectly, sell any asset to the state bank for its own account, or to an officer, director, or employee, nor purchase from the state bank, or an officer, director, or employee, any asset or any security issued by the state bank except, in the case of a state bank, any of the following:
a. Investments in which a state bank may invest without limitation pursuant to section 524.901, subsection 3.
b. Assets purchased by the state bank pursuant to an agreement whereby the state bank is bound to sell, and the state bank as fiduciary is bound to buy, at a date not more than one year from the date of acquisition by the state bank, such assets at a price agreed upon at the time of acquisition by the state bank.
c. Any asset sold to the state bank for its own account or purchased in a fiduciary capacity from the state bank with the prior approval of the superintendent.
[S13, §1889-f; C24, 27, 31, 35, 39, §9290; C46, 50, 54, 58, 62, 66, §532.7; C71, 73, 75, 77, 79, 81, §524.1002]
98 Acts, ch 1036, §2; 2016 Acts, ch 1011, §102
Referred to in §524.1601
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1005A - Nonresident corporate fiduciaries.

524.1005A Nonresident corporate fiduciaries.
An out-of-state bank or a trust company chartered or organized under the laws of another state may only act in a fiduciary capacity in this state if it satisfies the requirements for nonresident corporate fiduciaries pursuant to section 633.64.
2022 Acts, ch 1062, §96
NEW section
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1006 - Banks depositing securities in federally regulated corporation.

524.1006 Banks depositing securities in federally regulated corporation.
1. A bank, either acting as a fiduciary or holding securities as a managing agent or custodian, including a custodian for a fiduciary, may deposit securities in a federally regulated clearing corporation as provided in section 633.89, and in addition may deposit securities, the principal and interest of which the United States or any United States department, agency, or instrumentality either has agreed to pay or has guaranteed, in a federal reserve bank.
2. The records of a depositing bank at all times must identify the persons on whose behalf securities have been deposited in a federal reserve bank. An interest in deposited securities may be transferred by entry on the books of the federal reserve bank without physical delivery of the securities. A depositing bank is subject to rules adopted by the superintendent of banking, with respect to state banks, and by the comptroller of the currency, with respect to national banking associations. On demand by the owner, a bank acting as a managing agent or as a custodian shall identify in writing the securities deposited in a federal reserve bank for the account of the owner. On demand by any party to the accounting of a bank acting as a fiduciary, the bank shall identify in writing the securities deposited in a federal reserve bank for its account as fiduciary.
3. This section applies regardless of the date of the agreement, instrument, or court order under which the bank was appointed.
[C75, 77, 79, 81, §524.1006]
2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1101 - Definitions.

524.1101 Definitions.
For the purposes of this chapter, an “affiliate” of a state bank shall include any corporation, trust, estate, association, or other similar organization:
1. Of which a state bank, directly or indirectly, owns or controls either a majority of the voting shares or more than fifty percent of the number of shares voted for the election of its directors, trustees, or other individuals exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other individuals exercising similar functions.
2. Of which control is held, directly or indirectly, through share ownership or in any other manner, by the shareholders of a state bank who own or control either a majority of the shares of such state bank or more than fifty percent of the number of shares voted for the election of directors of such state bank at the preceding election, or by trustees for the benefit of the shareholders of any such state bank.
3. Of which a majority of its directors, trustees, or other individuals exercising similar functions are directors of any one state bank.
4. Which owns or controls, directly or indirectly, either a majority of the voting shares of a state bank or more than fifty percent of the number of shares voted for the election of directors of a state bank at the preceding election, or controls in any manner the election of a majority of the directors of a state bank, or for the benefit of whose shareholders or members all or substantially all of the outstanding voting shares of a state bank is held by trustees.
5. Which is a bank holding company, as defined by the laws of the United States, of which a state bank is a subsidiary, and any other subsidiary, as defined by the laws of the United States, of a bank holding company.
[C71, 73, 75, 77, 79, 81, §524.1101]
Referred to in §12C.22, 524.103, 524.541, 537.1301
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1102 - Loans and other transactions with affiliates.

524.1102 Loans and other transactions with affiliates.
1. A state bank shall not make any loan or any extension of credit to, or purchase securities under repurchase agreement from, any of its affiliates, or invest any of its funds in the shares, bonds, capital securities, or other obligations of an affiliate, or accept the shares, bonds, capital securities, or other obligations of an affiliate as collateral security for advances made to any customer, if the aggregate amount of the loans, extensions of credit, repurchase agreements, investments and advances against such collateral security will exceed:
a. In the case of any one affiliate, ten percent of the aggregate capital of the state bank.
b. In the case of all such affiliates, twenty percent of the aggregate capital of the state bank.
2. Within the foregoing limitations, each loan or extension of credit of any kind or character to an affiliate shall be secured by collateral in the form of shares of stock, bonds, capital securities or other such obligations having a market value at the time of making the loan or extension of credit of at least twenty percent more than the amount of the loan or extension of credit, or of at least ten percent more than the amount of the loan or extension of credit if it is secured by obligations of any state, or of any political subdivision or agency of the state, or of at least one hundred percent of the amount of the loan or extension of credit if it is secured by a segregated deposit account which the state bank may set off.
3. A loan or extension of credit to a director, officer, clerk, or other employee or any representative of any affiliate is deemed to be a loan to the affiliate to the extent that the proceeds of such loan are used for the benefit of, or transferred to, the affiliate.
4. The provisions of this section shall not apply to loans or extensions of credit fully secured by obligations of the United States, or the farm credit banks, or the federal home loan banks, or obligations fully guaranteed by the United States as to principal and interest. The provisions of this section shall not apply to indebtedness of any affiliate for unpaid balances due a state bank on assets purchased from the state bank.
5. For purposes of this section, the terms “extension of credit” and “extensions of credit” are deemed to include any purchase of securities under a repurchase agreement, other assets or obligations under a repurchase agreement, and the discount of promissory notes, bills of exchange, conditional sales contracts, or similar paper, whether with or without recourse.
[C71, 73, 75, 77, 79, 81, §524.1102]
89 Acts, ch 257, §19, 20; 91 Acts, ch 20, §1; 95 Acts, ch 148, §93; 2012 Acts, ch 1023, §157
Referred to in §524.1103, 524.1104, 524.1602
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1103 - Exceptions.

524.1103 Exceptions.
1. The provisions of section 524.1102 shall not apply to any affiliate:
a. Engaged solely in holding or operating real estate used wholly or substantially by the state bank in its operations or acquired for its future use.
b. Engaged solely in conducting a safe-deposit business or the business of an agricultural credit corporation eligible to discount loans with a farm credit bank.
c. Engaged solely in holding obligations of the United States, the farm credit banks, the federal home loan banks, or obligations fully guaranteed by the United States as to principal and interest.
d. Where the affiliate relationship has arisen as a result of shares acquired in satisfaction of a bona fide debt contracted prior to the date of the creation of such relationship provided that such shares shall be sold at public or private sale within one year from the date of the creation of the relationship, unless the time is extended by the superintendent.
e. Where the affiliate relationship exists by reason of the ownership or control of any voting shares thereof by a state bank as executor, administrator, trustee, receiver, agent, depository, or in any other fiduciary capacity, except where such shares are held for the benefit of all or a majority of the shareholders of such state bank.
f. Which is a bank.
g. Which is an operations subsidiary or other subsidiary in which the state bank owns or controls eighty percent or more of the voting shares. However, an operations subsidiary shall not conduct any activity at any location where the state bank itself would not be permitted to conduct that activity without the prior approval of the superintendent.
2. a. The superintendent may, in the superintendent’s discretion, by regulation or order, exempt transactions or relationships from the requirements of section 524.1102 if the superintendent finds such exemptions to be in the public interest and consistent with the purposes of section 524.1102.
b. A state bank may request an exemption from the requirements of section 524.1102 by submitting a written request to the superintendent including all of the following:
(1) A detailed description of the transaction or relationship for which the state bank seeks an exemption.
(2) A statement of the reasons for exemption of the transaction or relationship.
(3) An explanation of how the exemption would be in the public interest and consistent with the purposes of section 524.1102.
[C71, 73, 75, 77, 79, 81, §524.1103]
89 Acts, ch 257, §21, 22; 95 Acts, ch 148, §94; 2012 Acts, ch 1017, §21
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1104 - Applicability of general loan limitations.

524.1104 Applicability of general loan limitations.
Any loan or extension of credit to an affiliate, and any investment in the shares, bonds, capital securities or other obligations of an affiliate, excepted by the provisions of section 524.1102 from the requirements of that section, shall continue to be subject to the other provisions of this chapter applicable to loans or extensions of credit by a state bank and investments by a state bank in shares, bonds, capital securities, or other such obligations.
[C71, 73, 75, 77, 79, 81, §524.1104]
Referred to in §524.1602
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1105 - Examination of affiliates and reports.

524.1105 Examination of affiliates and reports.
1. For the purpose of determining the condition of a state bank and information concerning the state bank, the superintendent shall have the power to make or cause to be made an examination of any affiliate to the same extent as the superintendent may examine a state bank under this chapter.
2. If the superintendent has reasonable cause to believe that any corporation, trust, estate, association, or other similar organization is an affiliate, the superintendent may require the organization to furnish such information as may enable the superintendent to determine whether the organization is an affiliate.
[C71, 73, 75, 77, 79, 81, §524.1105]
Referred to in §524.217, 524.219
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1106 - Fees paid to an affiliate — approval by superintendent.

524.1106 Fees paid to an affiliate — approval by superintendent.
Any contract or arrangement for management or financial services which involves payment for these services by a state bank to a person who owns shares in that state bank, or to any other affiliate, must be made in compliance with 12 U.S.C. §371c and 12 U.S.C. §371c-1, and may be reviewed by the superintendent at any time. Any contract or arrangement for consultation or other services which involve payment of those services by a state bank to any person who individually or whose spouse or immediate family or any combination thereof owns fifteen percent or more of the outstanding shares of that state bank or is an officer or director thereof, or to an affiliate may be reviewed by the superintendent. Fees paid to an affiliate must be substantially the same as those prevailing at the time for comparable transactions involving nonaffiliated companies in accordance with the provisions of 12 U.S.C. §371c-1. The superintendent shall have authority to determine whether or not such fees are reasonable in relation to the services performed, and if the superintendent determines they are unreasonable, to require that they be reduced to a reasonable amount or eliminated and the excess refunded, or that such contract or arrangement not be entered into by the state bank.
[C71, 73, 75, 77, 79, 81, §524.1106]
2022 Acts, ch 1062, §99
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1201 - General provisions.

524.1201 General provisions.
1. A state bank may establish and operate any number of bank offices at any location subject to the approval and regulation of the superintendent. The superintendent shall supervise and regulate all out-of-state branches and offices of a state bank. A bank office may furnish all banking services ordinarily furnished to customers and depositors at the principal place of business of the state bank which operates the office.
2. Data processing services referred to in section 524.804 may be performed for the state bank at some other secure location.
3. Notwithstanding any of the other provisions of this section, original loan documentation and trust recordkeeping functions may be located at any authorized bank office or at any other secure location approved by the superintendent.
[C27, 31, 35, §9258-b1; C39, §9258.1; C46, 50, 54, 58, 62, 66, §528.51; C71, 73, 75, 77, 79, 81, §524.1201; 81 Acts, ch 173, §6]
89 Acts, ch 257, §23; 91 Acts, ch 72, §1; 95 Acts, ch 32, §1; 96 Acts, ch 1056, §13, 14; 2001 Acts, ch 4, §1, 11; 2004 Acts, ch 1141, §26; 2005 Acts, ch 19, §109; 2006 Acts, ch 1015, §8; 2011 Acts, ch 102, §5; 2022 Acts, ch 1062, §100
Referred to in §524.1203, 524.1204, 524.1419, 524.1603
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1203 - Cancellation of approval of offices.

524.1203 Cancellation of approval of offices.
Whenever an examination by the superintendent or other supervisory agencies discloses that the operation of a bank office is being conducted in violation of section 524.1201, the superintendent may forthwith revoke the approval of the bank office.
[C71, 73, 75, 77, 79, 81, §524.1203]
Referred to in §524.1419
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1204 - Privileges extended to national banks.

524.1204 Privileges extended to national banks.
The privileges extended to state banks by sections 524.1201 and 524.1212 and chapter 527 shall be available on the same conditions to national banks to the extent they are so authorized by federal law.
[C71, §524.1201(3); C73, 75, 77, 79, 81, §524.1204]
2001 Acts, ch 4, §3, 11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1206 - Identification of legally chartered name of bank — required use of name.

524.1206 Identification of legally chartered name of bank — required use of name.
A bank, at its locations in this state, shall identify its principal place of business, any bank office, or any bank branch in a manner which includes its legally chartered name or a reasonable variation of such name. A bank doing business in this state electronically shall identify its legally chartered name in any online, mobile, or digital customer interface. The legally chartered name of the state bank, out-of-state bank, or national bank shall be used in all legal documents of such bank.
98 Acts, ch 1036, §3; 2022 Acts, ch 1062, §101
Referred to in §524.310
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1212 - Location of satellite terminals.

524.1212 Location of satellite terminals.
Any state bank may utilize a satellite terminal, as defined in section 527.2, when that satellite terminal is lawfully being operated, at any location within this state. Any transaction engaged in through the use of a satellite terminal shall be deemed to take place at the principal place of business of a bank whose accounts and records are affected by the transaction.
[C77, 79, 81, §524.1212; 81 Acts, ch 173, §8]
2001 Acts, ch 4, §6, 11
Referred to in §524.1204
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1301 - Dissolution by incorporators, organizers, or initial directors.

524.1301 Dissolution by incorporators, organizers, or initial directors.
A majority of the incorporators, organizers, or initial directors of a state bank that has not issued shares or has not commenced business may dissolve the state bank by delivering articles of dissolution to the superintendent, together with the applicable filing,* for filing with the secretary of state that set forth all of the following:
1. The name of the state bank.
2. The date of its incorporation or organization.
3. Either of the following:
a. That the state bank has not issued any shares.
b. That the state bank has not commenced business.
4. That no debt of the state bank remains unpaid.
5. If shares were issued, that the net assets of the state bank remaining after the payment of all necessary expenses have been distributed to the shareholders.
6. That a majority of the incorporators, organizers, or initial directors authorized the dissolution.
[C97, §1857; S13, §1857; C24, 27, 31, 35, 39, §9277; C46, 50, 54, 58, 62, 66, §528.76; C71, 73, 75, 77, 79, 81, §524.1301]
90 Acts, ch 1205, §40; 95 Acts, ch 148, §96; 2004 Acts, ch 1141, §67; 2022 Acts, ch 1062, §102
*The words “filing fees” probably intended; corrective legislation is pending
Unnumbered paragraph 1 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1302 - Involuntary dissolution prior to commencement of business.

524.1302 Involuntary dissolution prior to commencement of business.
Prior to the issuance of an authorization to do business, the superintendent may cause the dissolution of a state bank if there exists any reason why it should not have been incorporated or organized under this chapter or if an authorization to do business has not been issued within one year after the date of its incorporation or organization, or such longer time as the superintendent may allow for satisfaction of conditions precedent to its issuance. After giving the state bank adequate notice and an opportunity for hearing, the superintendent shall certify the applicable facts by the filing of a statement with the secretary of state, who shall thereafter issue a certificate of dissolution. Upon the issuance of such certificate of dissolution by the secretary of state, the corporate or organizational existence of the state bank shall cease.
[C31, 35, §9142-c1; C39, §9142.1; C46, 50, 54, 58, 62, 66, §524.14; C71, 73, 75, 77, 79, 81, §524.1302]
2004 Acts, ch 1141, §68
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1303 - Voluntary dissolution after commencement of business.

524.1303 Voluntary dissolution after commencement of business.
1. A state bank which has commenced business may propose to voluntarily dissolve upon the affirmative vote of the holders of at least a majority of the shares entitled to vote on the voluntary dissolution, adopting a plan of dissolution involving both a provision for acquisition of its assets and assumption of its liabilities by another state bank, national bank, or other financial institution insured by the federal deposit insurance corporation and a provision for continuance of its business if acquisition of its assets and assumption of its liabilities is not effected, or any other plan of dissolution providing for full payment of its liabilities.
2. Upon acceptance for processing of an application for approval of a plan of dissolution on forms prescribed by the superintendent, the superintendent shall conduct such investigation as the superintendent may deem necessary to determine whether the plan of dissolution adequately protects the interests of depositors, other creditors, and shareholders and, if the plan of dissolution involves an acquisition of assets and assumption of liabilities by another state bank, whether such acquisition and assumption would be consistent with adequate and sound banking and in the public interest, on the basis of factors substantially similar to those set forth in section 524.1403, subsection 1, paragraph “d”.
[C97, §1857; S13, §1857; C24, 27, 31, 35, 39, §9277; C46, 50, 54, 58, 62, 66, §528.76; C71, 73, 75, 77, 79, 81, §524.1303]
92 Acts, ch 1161, §5; 95 Acts, ch 148, §97; 2004 Acts, ch 1141, §27; 2005 Acts, ch 19, §110; 2022 Acts, ch 1062, §103, 104
Referred to in §524.1309
Subsection 2 amended
Subsections 3 – 6 stricken
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1304 - Voluntary dissolution — approval.

524.1304 Voluntary dissolution — approval.
1. Within ninety days after acceptance of the application for processing, the superintendent shall approve or disapprove the application for voluntary dissolution on the basis of the superintendent’s investigation. As a condition of receiving the decision of the superintendent with respect to the application, the applying state bank shall reimburse the superintendent for all expenses incurred by the superintendent in connection with the application. The superintendent shall give to the applying state bank written notice of the superintendent’s decision. The decision of the superintendent shall be subject to judicial review pursuant to chapter 17A.
2. Upon approval of the plan of voluntary dissolution by the superintendent, the superintendent shall file with the secretary of state articles of dissolution prepared by the applicant in conformance with section 524.1304A. Upon filing of the articles of dissolution with the secretary of state, the state bank shall cease to accept deposits or carry on its business, except insofar as may be necessary for the proper winding up of the business of the state bank in accordance with the approved plan of dissolution. Upon request, the superintendent shall expressly revoke the authorization to do business of any state bank that has voluntarily dissolved pursuant to this section and shall return the physical copy of such state bank’s authorization to do business in a manner clearly indicating that the authorization has been revoked.
3. If applicable state or federal laws require approval by an appropriate state or federal agency, the superintendent may withhold delivery of the approved articles of dissolution until the superintendent receives notice of the decision of such agency. If the final approval of the agency is not given within six months of the superintendent’s approval, then the superintendent shall notify the applying state bank that the approval of the superintendent has been rescinded for that reason.
[C97, §1857; S13, §1857; C24, 27, 31, 35, 39, §9277; C46, 50, 54, 58, 62, 66, §528.76; C71, 73, 75, 77, 79, 81, §524.1304]
95 Acts, ch 148, §98; 2022 Acts, ch 1062, §105
Referred to in §524.1309
Subsection 2 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1304A - Articles of dissolution.

524.1304A Articles of dissolution.
1. At any time after the dissolution of a state bank is authorized, the state bank may dissolve by delivering to the superintendent for filing with the secretary of state articles of dissolution setting forth all of the following:
a. The name of the state bank.
b. The date dissolution was authorized.
c. The number of votes entitled to be cast by the shareholders on the proposal to dissolve.
d. The total number of shareholder votes cast for and against dissolution, or the total number of undisputed votes cast for dissolution and a statement that the number cast for dissolution was sufficient for approval.
e. If voting by voting groups was required, the information required by paragraphs “c” and “d” must be separately provided for each voting group entitled to vote separately on the plan to dissolve.
f. That all debts, obligations, and liabilities of the state bank will be paid or otherwise discharged or that adequate provision will be made for such discharge.
g. That all the remaining property and assets of the state bank will be distributed among its shareholders in accordance with their respective rights and interests.
h. That there are no legal actions pending against the state bank in any court or that adequate provision has been made for the satisfaction of any judgment, order, or decree which may be entered against it in any pending legal action.
2. A state bank is dissolved upon the effective date of its articles of dissolution.
95 Acts, ch 148, §99
Referred to in §524.1304, 524.1309
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1306 - Revocation of voluntary dissolution proceedings.

524.1306 Revocation of voluntary dissolution proceedings.
1. A state bank may, at any time prior to the filing of the articles of dissolution with the secretary of state, revoke voluntary dissolution proceedings as provided for in section 490.1404.
2. The statement of revocation of voluntary dissolution proceedings, whether by consent of shareholders or by act of the state bank, shall be delivered to the superintendent, together with the applicable filing fee, who shall, if the superintendent finds that they satisfy the requirements of this section, deliver them to the secretary of state for filing in the secretary of state’s office.
[C71, 73, 75, 77, 79, 81, §524.1306]
90 Acts, ch 1205, §42; 95 Acts, ch 148, §101; 2022 Acts, ch 1062, §109
Referred to in §524.1309
Subsection 2 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1308A - Known claims against dissolved state bank.

524.1308A Known claims against dissolved state bank.
1. A dissolved state bank may dispose of the known claims against it pursuant to this section.
2. The dissolved state bank shall notify its known claimants in writing of the dissolution at any time after the effective date of the dissolution. The written notice must include all of the following:
a. A description of information that must be included in a claim.
b. The mailing address where a claim may be sent.
c. The deadline for submitting a claim, which may not be fewer than one hundred twenty days from the effective date of the written notice, by which the dissolved state bank must receive the claim.
d. A statement that the claim will be barred if not received by the deadline.
3. A claim against the dissolved state bank is barred if either of the following occur:
a. A claimant who was given written notice under subsection 2 does not deliver the claim to the dissolved state bank by the deadline.
b. A claimant whose claim was rejected by the dissolved state bank does not commence a proceeding to enforce the claim within ninety days from the effective date of the rejection notice.
4. For purposes of this section, “claim” does not include a contingent liability or a claim based upon an event occurring after the effective date of dissolution.
5. As used in this section, the term “notice” means as defined in section 490.141.
95 Acts, ch 148, §102; 2022 Acts, ch 1062, §110
Referred to in §524.1308B
NEW subsection 5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1308B - Unknown claims against dissolved state bank.

524.1308B Unknown claims against dissolved state bank.
1. A dissolved state bank may publish notice of its dissolution and request that persons with claims against the state bank present them in accordance with the notice.
2. The notice made pursuant to this section must satisfy all of the following requirements:
a. Be published in accordance with all of the following:
(1) One time in a newspaper of general circulation in the county where the dissolved state bank’s principal office is or was located.
(2) Be posted conspicuously for at least thirty days on the dissolved state bank’s internet site.
b. Include a description of the information that must be included in a claim and provide a mailing address where the claim may be sent.
c. Include a statement that a claim against the state bank will be barred unless a proceeding to enforce the claim is commenced within two years after the publication of the notice.
3. If the dissolved state bank publishes a newspaper notice pursuant to subsection 2, the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved state bank within two years after the publication date of the newspaper notice:
a. A claimant who did not receive written notice under section 524.1308A.
b. A claimant whose claim was timely sent to the dissolved state bank but not acted on.
c. A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.
4. A claim may be enforced under this section as follows:
a. Against the dissolved state bank, to the extent of its undistributed assets.
b. If the assets have been distributed in liquidation, against a shareholder of the dissolved state bank to the extent of the shareholder’s pro rata share of the claim or the state bank’s assets distributed to the shareholder in liquidation, whichever is less, but a shareholder’s total liability for all claims under this section shall not exceed the total amount of assets distributed to the shareholder in liquidation.
95 Acts, ch 148, §103; 2022 Acts, ch 1062, §111, 112
Subsection 2, unnumbered paragraph 1 amended
Subsection 2, paragraph a amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1310 - Involuntary dissolution after commencement of business — federal deposit insurance corporation as receiver.

524.1310 Involuntary dissolution after commencement of business — federal deposit insurance corporation as receiver.
1. a. In a situation in which the superintendent has required, in accordance with section 524.224, that the state bank cease to carry on its business, the superintendent shall immediately tender to the federal deposit insurance corporation the receivership for the state bank. The affairs of the state bank shall thereafter be governed by this section, section 524.1311, and the provisions of federal law, and shall be subject to federal court jurisdiction, and the assets of the state bank shall be distributed in accordance with section 524.1312. If there is a conflict between the provisions of state and federal law, federal law shall govern.
b. All amounts due creditors and shareholders described in section 490.1440 shall be deposited with the treasurer of state in accordance with that section. Such amounts shall be retained by the treasurer of state and subject to claim in the manner provided for in section 490.1440. Amounts due to depositors who are unknown, or who are under a disability and there is no person legally competent to receive the amount, or who cannot be found after the exercise of reasonable diligence, shall be transmitted to the treasurer of state in the manner required by section 524.1305, subsection 6. Such property shall be treated as abandoned, retained by the treasurer of state, and is subject to claim, in the manner provided for in sections 556.14 through 556.21.
2. Under the receivership, the rights of depositors and other creditors of the insured state bank shall be determined in accordance with the laws of this state.
3. The federal deposit insurance corporation as receiver shall possess all the powers, rights, and privileges provided under section 524.1311, except insofar as that section may be in conflict with the laws of the United States.
4. If the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of an insured state bank, the federal deposit insurance corporation shall be subrogated by operation of law to all rights against such insured state bank of the owners of such deposits in the same manner and to the same extent as subrogation of the federal deposit insurance corporation is provided for in applicable federal law in the case of a national bank.
[C73, §1572; C97, §1877; C24, 27, 31, §9239, 9240, 9242; C35, §9154-f3, 9239, 9240, 9242; C39, §9154.03, 9239, 9240, 9242, 9283.35, 9283.36; C46, 50, 54, 58, 62, 66, §524.30, 528.33, 528.41, 528.43, 528.120, 528.121; C71, 73, 75, 77, 79, 81, §524.1310]
90 Acts, ch 1205, §44; 2012 Acts, ch 1017, §23, 28; 2020 Acts, ch 1063, §303; 2022 Acts, ch 1062, §114
Referred to in §524.224, 524.1305
Subsection 1, paragraph a amended