reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.104 - Rules of construction.

524.104 Rules of construction.
In the interpretation and construction of this chapter:
1. Transactions or acts validly entered into or performed before July 1, 1995, and the rights, duties and interests flowing from them remain valid on and after July 1, 1995, and may be completed or terminated according to their terms and as permitted by any statute repealed or amended by this chapter, as though such repeal or amendment had not occurred.
2. All individuals who, on July 1, 1995, hold any office under a provision of law repealed by this chapter, and which offices are continued by this chapter shall continue to hold such offices according to their former tenure.
[C71, 73, 75, 77, 79, 81, §524.104]
95 Acts, ch 148, §4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.105 - Effect on existing banks.

524.105 Effect on existing banks.
1. The corporate existence of a state bank existing and operating on July 1, 1995, is not affected by the amendment of this chapter.
2. All state banks are subject to the provisions and requirements of this chapter in every particular, and all national banks, out-of-state banks, and federal savings associations, now or hereafter doing business in this state, are subject to the provisions of this chapter, to the extent applicable, from July 1, 2021.
[C71, 73, 75, 77, 79, 81, §524.105]
95 Acts, ch 148, §5; 2022 Acts, ch 1062, §8
Referred to in §680.8
Subsection 2 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.107 - Persons authorized to engage in banking business — educational bank.

524.107 Persons authorized to engage in banking business — educational bank.
1. A person, other than a state bank which is subject to the provisions of this chapter, an out-of-state bank, and a national bank or federal savings association authorized by the laws of the United States to engage in the business of receiving money for deposit, and except as provided in subsection 2, shall not engage in this state in the business of receiving money for deposit, transact the business of banking, or establish in this state a place of business for such purpose.
2. A person doing business in this state shall not use the words “bank” or use any derivative, plural, or compound of the words “bank”, “banking”, or “bankers” in any manner which would tend to create the impression that the person is authorized to engage in the business of banking or to act in a fiduciary capacity, except a state bank authorized to do so by this chapter or an out-of-state bank authorized to do so by the laws of another state, a national bank to the extent permitted by the laws of the United States, a bank holding company as defined in section 524.1801, a savings and loan holding company as defined in 12 U.S.C. §1467a, or a federal savings association to the extent permitted by the laws of the United States.
3. Notwithstanding subsections 1 and 2, an organization formed for educational purposes in association with an accredited elementary or secondary school which engages in the receipt of deposits may use the words “educational bank”, the use of which is otherwise restricted in subsection 2, and such an educational bank is not a bank within the meaning or scope of regulation of this chapter.
[C97, §1862, 1889; S13, §1889, 1889-i; C24, 27, 31, 35, 39, §9151, 9203, 9258, 9259, 9296; C46, 50, 54, 58, 62, 66, §524.24, 527.2, 528.50, 528.52, 532.13; C71, 73, 75, 77, 79, 81, §524.107]
89 Acts, ch 257, §4; 89 Acts, ch 319, §80; 95 Acts, ch 148, §6; 96 Acts, ch 1056, §2; 2008 Acts, ch 1160, §1; 2012 Acts, ch 1017, §105; 2014 Acts, ch 1001, §3; 2022 Acts, ch 1062, §9
Referred to in §524.1005, 524.1603
Subsections 1 and 2 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.108 - Applicability of safe deposit provisions.

524.108 Applicability of safe deposit provisions.
The provisions of sections 524.809 through 524.812 shall apply, to the extent applicable, to any person engaged in this state in the business of leasing safe deposit boxes for the storage of property.
[C71, 73, 75, 77, 79, 81, §524.108]
2020 Acts, ch 1063, §301
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.109 - Bankers’ bank authorized — authority to hold shares of bankers’ bank.

524.109 Bankers’ bank authorized — authority to hold shares of bankers’ bank.
1. A state bank may be organized under this chapter as a bankers’ bank. The bankers’ bank is subject to all rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations applicable to a state bank generally, except as limited in the definition of bankers’ bank contained in section 524.103. However, a bankers’ bank shall have the same powers as those granted by federal law and regulation to a national bank organized as a bankers’ bank under 12 U.S.C. §27.
2. A state bank shall have the power to acquire and hold the shares in one or more bankers’ banks or bank holding companies which own a bankers’ bank in a total amount not to exceed five percent of the state bank’s aggregate capital. A state bank shall not own, directly or indirectly, more than five percent of any class of voting shares of a bankers’ bank.
85 Acts, ch 252, §33; 95 Acts, ch 148, §7; 2022 Acts, ch 1062, §10
Referred to in §524.802
Subsection 1 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.201 - Superintendent of banking.

524.201 Superintendent of banking.
1. The governor shall appoint, subject to confirmation by the senate, a superintendent of banking. The appointee shall be selected solely with regard to qualification and fitness to discharge the duties of office, and a person shall not be appointed who has not had at least five years’ experience as an executive officer in a bank.
2. The superintendent shall have an office at the seat of government. The regular term of office shall be four years beginning and ending as provided by section 69.19.
[C24, 27, 31, 35, 39, §9130, 9131; C46, 50, 54, 58, 62, 66, §524.1, 524.2; C71, 73, 75, 77, 79, 81, §524.201]
95 Acts, ch 148, §8; 2004 Acts, ch 1141, §2
Referred to in §524.211, 535D.3, 546.3
Confirmation, see §2.32
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.202 - Superintendent — salary.

524.202 Superintendent — salary.
The superintendent shall receive a salary to be fixed by the governor.
[C24, 27, 31, 35, 39, §9137; C46, 50, 54, 58, 62, 66, §524.7; C71, 73, 75, 77, 79, 81, §524.202]
95 Acts, ch 148, §9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.203 - Superintendent — vacancy.

524.203 Superintendent — vacancy.
If the office of the superintendent of banking is vacant or the superintendent is unable to serve, the chief of the bank bureau of the banking division shall be the acting superintendent until the governor appoints a new superintendent or acting superintendent. If the chief of the bank bureau is unable to serve, the chief examiner of the bank bureau of the banking division shall be the acting superintendent until the governor appoints a new superintendent or acting superintendent. If both the chief of the bank bureau and the chief examiner of the bank bureau are unable to serve, the chief of the finance bureau of the banking division shall be the acting superintendent until the governor appoints a new superintendent or acting superintendent.
[C24, 27, 31, 35, 39, §9133; C46, 50, 54, 58, 62, 66, §524.3; C71, 73, 75, 77, 79, 81, §524.203]
2004 Acts, ch 1141, §3; 2008 Acts, ch 1160, §2; 2022 Acts, ch 1062, §11
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.204 - Deputy superintendent of banking.

524.204 Deputy superintendent of banking.
The superintendent may appoint an employee of the division of banking as deputy to perform the duties of the superintendent during the absence or inability of the superintendent to act. Any deputy so appointed shall be removable at the pleasure of the superintendent.
[C24, 27, 31, 35, 39, §9136, 9137; C46, 50, 54, 58, 62, 66, §524.6, 524.7; C71, 73, 75, 77, 79, 81, §524.204]
95 Acts, ch 148, §10; 2004 Acts, ch 1141, §4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.205 - State banking council.

524.205 State banking council.
1. The state banking council shall consist of the superintendent, who shall be an ex officio member and chairperson, and six other members, appointed by the governor, who shall be appointed, where practical, from various parts of the state. Provided, however, that in no event shall more than five members of such council be engaged in the business of banking in any executive capacity.
2. The terms of office for members of the state banking council, other than the superintendent, shall be four-year staggered terms. Each member shall hold office for the term for which the member is appointed or until a successor is appointed.
3. A member of the state banking council, other than the superintendent, shall not receive a salary but is entitled to reimbursement for actual expenses incurred by the member in connection with the member’s duties. Each member of the council may also be eligible to receive compensation as provided in section 7E.6.
4. The state banking council shall act in an advisory capacity concerning matters submitted to the council by the superintendent pertaining to the conduct of the administration of this chapter.
5. The state banking council shall meet at least once each calendar quarter on such date and at such place as the council may decide, and shall meet at such other times as may be deemed necessary by the superintendent or a majority of the council members.
[C27, 31, 35, §9154-a1, -a2, -a3, -a4, -a7, -a8; C39, §9154.04 – 9154.07, 9154.10, 9154.11; C46, 50, 54, 58, 62, 66, §525.1 – 525.4, 525.7, 525.8; C71, 73, 75, 77, 79, 81, §524.205]
86 Acts, ch 1245, §747; 2004 Acts, ch 1141, §5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.208 - Examiners and other employees.

524.208 Examiners and other employees.
The superintendent may appoint examiners and other employees, including for the banking division’s internal information technology group, as the superintendent deems necessary to the proper discharge of the duties imposed upon the superintendent by the laws of this state. Pay plans shall be established for employees, other than clerical employees or employees of the professional licensing and regulation bureau of the banking division, who examine the accounts and affairs of state banks and who examine the accounts and affairs of other persons, subject to supervision and regulation by the superintendent, which are substantially equivalent to those paid by the federal deposit insurance corporation and other federal supervisory agencies in this area of the United States.
[C24, 27, 31, 35, 39, §9136, 9137; C46, 50, 54, 58, 62, 66, §524.6, 524.7; C71, 73, 75, 77, 79, 81, §524.208]
86 Acts, ch 1245, §749; 2004 Acts, ch 1141, §7; 2006 Acts, ch 1177, §32; 2022 Acts, ch 1062, §13
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.209 - Expenses.

524.209 Expenses.
The superintendent, examiners, and other employees of the banking division shall be entitled to receive reimbursement for expenses incurred in the performance of their duties. The superintendent, and when specifically authorized by the superintendent, examiners, and other employees of the banking division, shall be entitled to receive reimbursement for expenses incurred while attending conventions, meetings, conferences, schools, or seminars relating to the performance of their duties, and such expenses shall be paid by the treasurer of state on warrants drawn by the director of the department of administrative services.
[C24, 27, 31, 35, 39, §9144; C46, 50, 54, 58, 62, 66, §524.16; C71, 73, 75, 77, 79, 81, §524.209]
2003 Acts, ch 145, §286; 2004 Acts, ch 1141, §8
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.210 - Insurance and surety bonds.

524.210 Insurance and surety bonds.
The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state insuring the faithful performance of examiners and all other employees of the banking division and insuring against any liability which may accrue in the case of the loss of any property of a state bank, of a customer of a state bank, or of any other person in the course of any examination, investigation, or other function required or allowed by the laws of this state. The superintendent shall be bonded in accordance with the provisions of chapter 64.
[C24, 27, 31, 35, 39, §9138, 9139; C46, 50, 54, 58, 62, 66, §524.8, 524.9; C71, 73, 75, 77, 79, 81, §524.210]
2004 Acts, ch 1141, §9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.212 - Prohibition against disclosure of regulatory information.

524.212 Prohibition against disclosure of regulatory information.
1. The superintendent, members of the state banking council, general counsel, examiners, or other employees of the banking division shall not disclose, in any manner, to any person other than the person examined and those regulatory agencies referred to in section 524.217, subsection 2, any information relating specifically to the supervision and regulation of any state bank, persons subject to the provisions of chapter 533A, 533C, 533D, 535B, 535D, 536, or 536A, any affiliate of any state bank, or an affiliate of a person subject to the provisions of chapter 533A, 533C, 536, or 536A, except when ordered to do so by a court of competent jurisdiction and then only in those instances referred to in section 524.215, subsection 2, paragraphs “a”, “b”, “c”, “e”, and “f”.
2. The superintendent may receive documents, materials, or other information, including otherwise confidential and privileged documents, materials, or other information, from other local, state, federal, and international regulatory agencies, the conference of state bank supervisors and its affiliates or subsidiaries, the American association of mortgage regulators and its affiliates or subsidiaries, and the national association of consumer credit administrators and its affiliates or subsidiaries, and shall maintain as confidential and privileged any such document, material, or other information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or other information. With respect to documents, materials, or other information that is shared or stored electronically, the superintendent is authorized to take any necessary steps to ensure the division’s information technology systems comply with the information technology security requirements established by any of the regulatory agencies or associations of state regulatory agencies described in this section.
[C31, 35, §9146-c1; C39, §9146.1; C46, 50, 54, 58, 62, 66, §524.19; C71, 73, 75, 77, 79, 81, §524.212]
95 Acts, ch 148, §14; 2003 Acts, ch 96, §40, 42; 2004 Acts, ch 1141, §11; 2008 Acts, ch 1031, §56; 2008 Acts, ch 1160, §4; 2011 Acts, ch 102, §2; 2022 Acts, ch 1062, §16
Referred to in §524.211, 524.1611
Subsection 1 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.213 - Duties and powers of superintendent.

524.213 Duties and powers of superintendent.
The superintendent shall have general control, supervision, and regulation of all state banks and shall be charged with the administration, interpretation, and execution of the laws, rules, and regulations of this state and any other state or federal law or regulation relating to banks and banking and with such other duties and responsibilities as are imposed upon the superintendent by the laws of this state. The superintendent shall have power to adopt and promulgate such rules and regulations as necessary to carry out and enforce, properly and effectively, the provisions of this chapter and chapter 12C applicable to banks.
[C24, 27, 31, 35, 39, §9140; C46, 50, 54, 58, 62, 66, §524.10; C71, 73, 75, 77, 79, 81, §524.213]
2002 Acts, ch 1096, §15, 17; 2010 Acts, ch 1028, §6; 2017 Acts, ch 138, §1
Section not amended; editorial change applied
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.214 - Subpoena — contempt.

524.214 Subpoena — contempt.
1. The superintendent and, upon the approval of the superintendent, any examiner or other employees of the banking division shall have the power to subpoena witnesses, to compel their attendance, to administer an oath, to examine any person under oath and to require the production of any relevant books or papers. Such examination may be conducted on any subject relating to the duties imposed upon, or powers vested in, the superintendent under the provisions of this chapter or any other chapter administered by the superintendent.
2. Whenever any person subpoenaed pursuant to subsection 1 of this section neglects or refuses to obey the terms of such subpoena, to produce books or papers or to give testimony, as required, the superintendent may apply to the district court of Polk county for the enforcement of such subpoena or the issuance of an order compelling such compliance as the court may direct.
3. The refusal of any person to obey an order of the district court, issued pursuant to subsection 2 of this section, without reasonable cause, shall be considered a contempt of that court.
[C97, §1877; S13, §1871; C24, 27, 31, 35, 39, §9226, 9236; C46, 50, 54, 58, 62, 66, §528.20, 528.30; C71, 73, 75, 77, 79, 81, §524.214]
2004 Acts, ch 1141, §12; 2007 Acts, ch 88, §4
Referred to in §524.217
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.215 - Records of division of banking.

524.215 Records of division of banking.
1. All records of the division of banking shall be public records subject to the provisions of chapter 22, except that all papers, documents, reports, reports of examinations, and other writings relating specifically to the supervision and regulation of any state bank or other person by the superintendent pursuant to the laws of this state shall not be public records and shall not be open for examination or copying by the public or for examination or publication by the news media.
2. The superintendent, members of the state banking council, examiners, or other employees of the banking division shall not be subpoenaed in any cause or proceeding to give testimony concerning information relating specifically to the supervision and regulation of any state bank or other person by the superintendent pursuant to the laws of this state, and the records of the banking division which relate specifically to the supervision and regulation of any such state bank or other such person shall not be offered in evidence in any court or subject to subpoena by any party except, where relevant:
a. In such actions or proceedings as are brought by the superintendent.
b. In any matter in which an interested and proper party seeks review of a decision of the superintendent.
c. In any action or proceeding which arises out of the criminal provisions of the laws of this state or the United States.
d. In any action brought as a shareholders derivative suit against a state bank or other entity regulated by the superintendent.
e. In an action brought to recover moneys for a loss in connection with an indemnity bond which was a result of embezzlement, misappropriation, or misuse of state bank funds by a director, officer, or employee of the state bank.
f. In an action brought to recover moneys for a loss in connection with an indemnity bond which was a result of embezzlement, misappropriation, or misuse of funds, belonging to an entity regulated by the superintendent, by a director, officer, or employee of the entity.
[C31, 35, §9146-c1; C39, §9146.1; C46, 50, 54, 58, 62, 66, §524.19; C71, 73, 75, 77, 79, 81, §524.215]
95 Acts, ch 148, §15; 96 Acts, ch 1056, §4; 2004 Acts, ch 1141, §13; 2007 Acts, ch 88, §5, 6; 2016 Acts, ch 1011, §100
Referred to in §524.212
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.215A - Preservation of division of banking records.

524.215A Preservation of division of banking records.
1. The division of banking may preserve records, papers, or documents kept by the division or in the possession or custody of the division by any of the following means:
a. Photographing or microphotographing, or otherwise reproducing upon film.
b. Preserving in any electronic medium or format capable of being read or scanned by computer and capable of being reproduced by printing or by any other form of reproduction of electronically stored data.
2. Photographs, microphotographs, or photographic films or copies thereof, or reproductions of electronically stored data, created pursuant to subsection 1 shall be deemed to be an original record for all purposes, including introduction in evidence in all state and federal courts or administrative hearings, and shall be admissible to prove any act, transaction, occurrence, or event therein recorded.
3. Photographs, microphotographs, or photographic films or copies thereof, or reproductions of electronically stored data, created pursuant to subsection 1 shall be preserved in such manner as the division prescribes, and the original photographs, microphotographs, photographic films, copies, and reproductions may be destroyed or otherwise disposed of as the division directs.
4. The division of banking may adopt a record retention policy authorizing the division to destroy communications received by electronic mail that are more than six months old.
2007 Acts, ch 170, §1; 2010 Acts, ch 1028, §7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.216 - Annual report of superintendent.

524.216 Annual report of superintendent.
1. The superintendent shall make a report in writing annually to the governor in the manner and within the time required by chapter 7A.
2. In addition to the matters required by chapter 7A, the annual report of the superintendent shall contain:
a. A summary of applications approved or denied by the superintendent pursuant to this chapter since the superintendent’s last previous report.
b. A summary of the assets, liabilities, and capital structure of all state banks as of June 30 of the year for which the report is made.
c. A statement of the receipts and disbursements of funds of the superintendent during the fiscal year ending on the preceding June 30 and of the funds on hand on such June 30.
d. Such other information as the superintendent may deem appropriate and advisable to fairly disclose the discharge of the duties imposed upon the superintendent by this chapter.
[C97, §1881; C24, 27, 31, 35, 39, §9148; C46, 50, 54, 58, 62, 66, §524.21; C71, 73, 75, 77, 79, 81, §524.216]
2004 Acts, ch 1141, §14; 2007 Acts, ch 88, §7; 2008 Acts, ch 1160, §5; 2012 Acts, ch 1017, §107
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.218 - Regulation and examination of service providers.

524.218 Regulation and examination of service providers.
1. Whenever a state bank, or any subsidiary or affiliate of a state bank that is subject to examination by the superintendent, causes to be performed for itself, by contract or otherwise, a covered service, such performance shall be subject to regulation and examination by the superintendent to the same extent as if the covered service was being performed by the state bank itself.
2. For purposes of this section, “covered service” means and includes all of the following:
a. Data processing services.
b. Activities that support financial services, including but not limited to lending, funds transfer, payment processing, fiduciary activities, trading activities, and deposit taking.
c. Internet-related services, including but not limited to web services and electronic bill payments, mobile applications, system and software development and maintenance, and security monitoring.
d. Activities related to the business of banking.
3. The superintendent may, in the superintendent’s discretion, accept examinations authorized or required to be conducted by this section, which are made by other state or federal financial regulatory agencies listed in section 524.217, subsection 2, in lieu of any examination authorized or required under the laws of this state.
[C71, 73, 75, 77, 79, 81, §524.218; 81 Acts, ch 173, §9]
2004 Acts, ch 1141, §16; 2022 Acts, ch 1062, §18
Referred to in §524.901
Section stricken and rewritten
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.219 - Fees.

524.219 Fees.
1. A state bank subject to examination, supervision, and regulation by the superintendent shall pay to the superintendent fees, established by the superintendent, based on the costs and expenses incurred in the discharge of the duties imposed upon the superintendent by this chapter. The fees shall include but are not limited to costs and expenses for salaries, expenses and travel for employees, office facilities, supplies, and equipment.
2. The fees for examination of any affiliate of a state bank as provided for in section 524.1105, and the examinations provided for in section 524.217, subsection 1, paragraphs “c” and “d”, shall be established by the superintendent, based on the time required for the examination and the administrative costs and expenses incurred in the discharge of the duties imposed upon the superintendent by this chapter. The fees shall include but not be limited to costs and expenses for salaries, expenses and travel for employees, office facilities, supplies, and equipment.
3. Failure to pay the amount of the fees to the superintendent within ten days after the date of billing shall subject the state bank or any affiliate of a state bank to an additional charge equal to five percent of the amount of the fees for each day the payment is delinquent.
[C97, §1875, 1876, 1877; SS15, §1875; C24, 27, 31, 35, 39, §9143, 9150, 9237; C46, 50, 54, 58, 62, 66, §524.15, 524.23, 528.31; C71, 73, 75, 77, 79, 81, §524.219]
86 Acts, ch 1246, §617; 95 Acts, ch 148, §17; 2004 Acts, ch 1141, §17
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.220 - Reports to superintendent.

524.220 Reports to superintendent.
1. A state bank shall, upon request, render a full, clear, and accurate statement of its condition to the superintendent, in a format prescribed by the superintendent, verified by the oath of two of its officers, and attested by at least two of the directors. The superintendent may, in the superintendent’s discretion, use any form of statement of condition that is used by the federal deposit insurance corporation or the federal reserve system, and the superintendent may rely on a statement of condition a state bank submits to the federal deposit insurance corporation or the federal reserve system.
2. The statement shall be transmitted to the superintendent or the superintendent’s designee within thirty days after the end of each calendar quarter.
3. The superintendent shall also have power to call for special reports from a state bank whenever in the superintendent’s judgment the same are necessary in order to obtain a full and complete knowledge of its condition. Such reports shall be verified and attested in the same manner as required in subsection 1 of this section.
[R60, §1636, 1637; C73, §1570, 1571; C97, §1872, 1873, 1874; S13, §1873, 1889-m; C24, 27, 31, 35, 39, §9228, 9229, 9231, 9232, 9234, 9305; C46, 50, 54, 58, §528.22, 528.23, 528.25, 528.26, 528.28, 532.20; C62, 66, §528.22, 528.23, 528.25, 528.26, 528.28; C71, 73, 75, 77, 79, 81, §524.220]
95 Acts, ch 148, §18; 96 Acts, ch 1056, §5; 2006 Acts, ch 1015, §3, 4; 2022 Acts, ch 1062, §19
Referred to in §524.103
Subsection 1 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.221 - Preservation of bank records — statute of limitations.

524.221 Preservation of bank records — statute of limitations.
1. a. A state bank is not required to preserve its records for a period longer than seven years after the first day of January of the year following the time of the making or filing of such records, provided, however, that account records showing unpaid balances due to depositors shall not be destroyed. A copy of an original may be kept in lieu of any such original record. For purposes of this subsection, a copy includes any duplicate, rerecording or reproduction of an original record from any photograph, photostat, microfilm, microcard, miniature or microphotograph, computer printout, electronically stored data or image, or other process which accurately reproduces or forms a durable medium for accurately and legibly reproducing an unaltered image or reproduction of the original record.
b. A copy is deemed to be an original and shall be treated as an original record in a judicial or administrative proceeding for purposes of admissibility in evidence. A facsimile, exemplification, or certified copy of any such copy reproduced from a film record is deemed to be a facsimile, exemplification, or certified copy of the original. A printout or other tangible output readable by sight shown to accurately reflect data contained in a promissory note, negotiable instrument, or letter of credit, which contains a signature made or created by electronic or digital means such that it is stored by a computer or similar device, is deemed to be an original of such note, instrument, or letter for purposes of presenting such note, instrument, or letter for payment, acceptance, or honor, or for purposes of a judicial proceeding involving a claim based upon such note, instrument, or letter.
2. All causes of action, other than actions for relief on the grounds of fraud or mistake, against a state bank based upon a claim or claims founded on a written contract, or a claim or claims inconsistent with an entry or entries in a state bank record, made in the regular course of business, shall be deemed to have accrued, and shall accrue for the purpose of the statute of limitations one year after the breach or failure of performance of a written contract, or one year after the date of such entry or entries. No action founded upon such a cause may be brought after the expiration of six years from the date of such accrual.
3. The provisions of this section, insofar as applicable, shall apply to the records of a national bank, a federal savings association, or an out-of-state bank.
[C50, 54, 58, 62, 66, §528A.1 – 528A.5; C71, 73, 75, 77, 79, 81, §524.221]
91 Acts, ch 95, §1; 99 Acts, ch 34, §1; 2011 Acts, ch 87, §1, 2; 2012 Acts, ch 1023, §81; 2022 Acts, ch 1062, §20
Referred to in §524.1314
Subsection 3 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.222 - Meetings of the board of directors called by superintendent.

524.222 Meetings of the board of directors called by superintendent.
1. Whenever the superintendent deems it necessary and advisable the superintendent may cause a meeting of the board of directors of a state bank to be held in such manner and at such time and place as the superintendent may direct. Any report of an examination required or allowed by this chapter, any conclusions drawn therefrom by the superintendent, any recommendations made relative thereto and any other matters concerning the operation and condition of the state bank may be presented to the board of directors by the superintendent. The state bank shall cause the recommendations of the superintendent to be recorded in the minutes of the board of directors of the state bank.
2. Each member of the board of directors shall furnish to the superintendent a statement, on forms to be supplied by the superintendent, that the member has read and is familiar with the recommendations of the superintendent.
[C71, 73, 75, 77, 79, 81, §524.222]
2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.224 - Grounds for order to cease business — appointment of receiver.

524.224 Grounds for order to cease business — appointment of receiver.
1. The superintendent may, without prior notice or hearings, order a state bank to cease to carry on its business whenever the superintendent determines that:
a. The state bank has violated its articles of incorporation or any law of this state.
b. The capital of the state bank is impaired.
c. The state bank is conducting its business in an unsafe or unsound manner.
d. The state bank is insolvent or is otherwise in such condition that it is unsound, unsafe, or inexpedient for it to transact business.
e. The state bank has suspended or refused payment of its deposits or other liabilities contrary to the terms thereof, or the superintendent determines the state bank is unlikely to be able to pay its deposits or other liabilities in the near future.
f. The state bank refuses to make its records available to the superintendent for examination or otherwise refuses to make available, through an officer or employee having knowledge thereof, information required by the superintendent for the proper discharge of the duties of the superintendent’s office.
g. The state bank neglects or refuses to observe any order of the superintendent made pursuant to the provisions of this chapter, unless the enforcement of such order is stayed in a proceeding brought by the state bank.
h. The state bank has not transacted any business or performed any of the duties, contemplated by its authorization to do business, for a period of thirty days.
2. Upon ordering a state bank to cease to carry on its business, the superintendent shall immediately appoint the federal deposit insurance corporation as receiver pursuant to section 524.1310.
[C73, §1572; C97, §1877; C24, 27, 31, 35, §9283-e1, -e2, -e3, -e4; C39, §9235, 9285.05 – 9285.08; C46, 50, 54, 58, 62, 66, §528.29, 528.90 – 528.93; C71, 73, 75, 77, 79, 81, §524.224]
95 Acts, ch 148, §19; 2012 Acts, ch 1023, §157; 2022 Acts, ch 1062, §22
Referred to in §524.225, 524.230, 524.1310
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.225 - Procedures — judicial review.

524.225 Procedures — judicial review.
Judicial review of the actions of the superintendent may be sought in accordance with chapter 17A. However, contested case provisions of chapter 17A, the Iowa administrative procedure Act, do not apply to an action by the superintendent to order a state bank to cease to carry on its business and to appoint a receiver, as authorized by section 524.224.
[C71, 73, 75, 77, 79, 81, §524.225]
89 Acts, ch 257, §6; 2022 Acts, ch 1062, §23
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.227 - Enforcement of Iowa consumer credit code.

524.227 Enforcement of Iowa consumer credit code.
1. The superintendent shall enforce the Iowa consumer credit code, chapter 537, with respect to banks, as provided in sections 537.2303, 537.2305, and 537.6105.
2. The superintendent shall cooperate with the administrator, and shall assist the administrator whenever necessary to provide for the discharge of the duties of the administrator.
3. Notwithstanding other provisions of this chapter to the contrary, the superintendent shall authorize to be furnished to the administrator, access to or copies of records in the possession of the superintendent or other persons which relate to a bank when necessary to enable the administrator to enforce chapter 537.
4. The superintendent shall make an annual report in writing to the administrator. A copy of the report shall be furnished at cost by the superintendent to each bank or other person upon request. The annual report shall contain:
a. A summary of applications to engage in the business of banking approved or denied by the superintendent since the last report.
b. An estimate of the disbursements of agency funds for consumer credit protection during the calendar year ending the preceding December 31.
c. Information which the superintendent may deem appropriate and advisable to disclose.
d. Information which the administrator may require to be included.
[C75, 77, 79, 81, §524.227]
91 Acts, ch 118, §1; 2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.229 - Emergency powers of superintendent.

524.229 Emergency powers of superintendent.
Whenever the superintendent determines that an emergency affecting one or more state-chartered banks or bank offices exists, or is impending, in this state or in any part or parts of this state, the superintendent may temporarily suspend applicable rules or statutes to the extent necessary to allow the affected bank or banks to respond to the emergency.
2008 Acts, ch 1160, §6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.230 - Superintendent authority — supervision of state bank.

524.230 Superintendent authority — supervision of state bank.
1. The superintendent may, by order and without prior notice, appoint a supervisor for a state bank if the superintendent determines that the state bank is in an unsafe and unsound condition and an order of supervision is necessary to protect the best interests of the state bank, its depositors, creditors, shareholders, or the public.
2. A state bank that is under an order of supervision shall not, without the prior approval of the superintendent or the supervisor, unless otherwise permitted by the order of supervision, do any of the following:
a. Dispose of, sell, transfer, convey, or encumber the state bank’s assets.
b. Lend or invest the state bank’s money.
c. Incur a debt, liability, or obligation.
d. Pay a cash dividend.
e. Remove an executive officer or director, effect any change in the positions of executive officer or director, or change the number of executive officers or directors.
3. The superintendent may serve as supervisor of a state bank or may appoint as supervisor any person, including an employee of the banking division, who the superintendent determines is qualified for the position.
4. The superintendent, during the period of supervision of the state bank, may require reimbursement by the state bank to the extent of the reasonable expenses attributable to the service of a supervisor, including costs incurred by the division of banking and expenses of the supervisor and any professional employees appointed to assist or represent the supervisor.
5. A supervisor appointed pursuant to this section shall serve until the date specified in the order of supervision or the date when the superintendent determines that the conditions necessary to terminate the order have been satisfied, whichever is earlier. The superintendent may terminate an order of supervision at any time.
6. When a state bank has adequately addressed the conditions that necessitated the order of supervision, the superintendent shall return the state bank to its former or new management under conditions reasonable and necessary to prevent a recurrence of the conditions that caused the order of supervision.
7. The superintendent, at any time during the period of supervision of a state bank, may order the state bank to cease to carry on its business in accordance with the provisions of section 524.224. Notwithstanding any other provision of law to the contrary, the banking division, the superintendent, the examiners, and all other employees of the banking division shall not be liable to any person if a state bank subject to a supervision order pursuant to this section ceases to carry on the business of banking pursuant to section 524.224 or closes or fails pursuant to any applicable provision of federal law.
2022 Acts, ch 1062, §25
NEW section
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.301 - Incorporators.

524.301 Incorporators.
A state bank may be incorporated under this chapter by one or more individuals eighteen years of age or older, a majority of whom shall be residents of this state and citizens of the United States.
[C97, §1840, 1863; C24, 27, 31, 35, 39, §9155, 9204; C46, 50, 54, 58, 62, 66, §526.1, 527.3; C71, 73, 75, 77, 79, 81, §524.301]
95 Acts, ch 148, §20; 2004 Acts, ch 1141, §49; 2022 Acts, ch 1062, §26
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.303 - Application for approval.

524.303 Application for approval.
The incorporators or organizers shall make an application to the superintendent for approval of a proposed state bank in the manner prescribed by the superintendent and shall deliver to the superintendent, together with such application:
1. The articles of incorporation.
2. Applicable fees, payable to the secretary of state as specified in section 489.117 or section 490.122, for the filing of the articles of incorporation.
[C97, §1842, 1863; S13, §1842; C24, 27, 31, 35, §9140-c1; C39, §9140.1, 9158, 9205; C46, 50, 54, 58, 62, 66, §524.11, 526.4, 527.4; C71, 73, 75, 77, 79, 81, §524.303]
90 Acts, ch 1205, §37; 95 Acts, ch 148, §22; 2004 Acts, ch 1141, §51; 2008 Acts, ch 1162, §147, 154, 155; 2022 Acts, ch 1062, §29
Subsection 2 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.304 - Publication of notice.

524.304 Publication of notice.
1. The incorporators or organizers of a state bank shall, within thirty days of the acceptance of the application for processing, publish notice of the proposed incorporation or organization in a newspaper of general circulation published in the municipal corporation which is proposed as the principal place of business of the state bank, or if there is none, a newspaper of general circulation published in the county, or in a county adjoining the county, in which the proposed state bank is to have its principal place of business. The notice shall set forth all of the following:
a. The name of the proposed state bank.
b. A statement that it is to be incorporated or organized under this chapter.
c. The purpose or purposes of the state bank.
d. The names and addresses of the incorporators or organizers and of the members of the initial board of directors or board of directors as they appear, or will appear, in the articles of incorporation.
e. The date the application was accepted for processing.
f. If the incorporation or organization of the state bank has been approved by the superintendent under section 524.305, subsection 8, the name and address of the bank with which the state bank will have merged, or the assets of which the state bank will have acquired or the condition of which in some other way provided a purpose for the incorporation or organization.
2. Proof of publication of the notice by affidavit of the publisher of the newspaper in which the notice appears shall be filed with the superintendent and is conclusive evidence of the publication.
[C97, §1842, 1863; S13, §1842; C24, 27, 31, 35, 39, §9159, 9205; C46, 50, 54, 58, 62, 66, §526.5, 527.4; C71, 73, 75, 77, 79, 81, §524.304]
95 Acts, ch 148, §23; 2004 Acts, ch 1141, §52; 2022 Acts, ch 1062, §30
Referred to in §524.305
Subsection 1, unnumbered paragraph 1 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.306 - Incorporation or organization of state bank.

524.306 Incorporation or organization of state bank.
1. Unless a delayed effective date or time is specified, the corporate or organizational existence of a state bank begins when the articles of incorporation, with the superintendent’s approval indicated on the articles of incorporation, are filed with the secretary of state.
2. The secretary of state’s filing of the articles of incorporation is conclusive proof that the incorporators or organizers satisfied all conditions precedent to incorporation or organization, except in a proceeding instituted by the superintendent to cancel or revoke the incorporation or involuntarily dissolve the corporation or organization.
[C97, §1842, 1863; S13, §1842; C24, 27, 31, 35, 39, §9158, 9205; C46, 50, 54, 58, 62, 66, §526.4, 527.4; C71, 73, 75, 77, 79, 81, §524.306]
90 Acts, ch 1205, §38; 91 Acts, ch 211, §11; 95 Acts, ch 148, §25; 96 Acts, ch 1034, §50; 2004 Acts, ch 1141, §55; 2022 Acts, ch 1062, §33
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.307 - Initial organization of state bank.

524.307 Initial organization of state bank.
Upon incorporation of the state bank, the initial board of directors shall hold an organizational meeting within this state, at the call of a majority of the directors, to complete the organization of the state bank by electing officers, adopting bylaws, if any are to be adopted, and conducting any other business properly brought before the board at the meeting.
[C97, §1845; C24, 27, 31, 35, 39, §9168; C46, 50, 54, 58, 62, 66, §526.11; C71, 73, 75, 77, 79, 81, §524.307]
95 Acts, ch 148, §26; 2004 Acts, ch 1141, §56; 2022 Acts, ch 1062, §34
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.308 - Issuance of authorization to do business.

524.308 Issuance of authorization to do business.
1. The state bank shall not accept deposits or transact any business except such business as is incident to commencement of business, or to the obtaining of subscriptions and payment for its shares until receipt of an authorization to do business from the superintendent. The superintendent shall issue an authorization to do business upon finding that the proposed state bank has complied with all the requirements of this chapter precedent to commencing business and has submitted to the superintendent a statement under oath, in the manner designated by the superintendent, showing that the capital, surplus and undivided profits required by the superintendent in accordance with this chapter have been fully paid in.
2. If a state bank transacts any business before receipt of an authorization to do business in violation of subsection 1, the directors, managers, and officers who willfully authorized or participated in the action are severally liable for the debts and liabilities of the state bank incurred prior to the receipt of the authorization to do business.
[C97, §1843, 1864; S13, §1843, 1864; C24, 27, 31, 35, 39, §9161, 9207; C46, 50, 54, 58, 62, 66, §526.6, 527.5; C71, 73, 75, 77, 79, 81, §524.308]
95 Acts, ch 148, §27, 28; 2004 Acts, ch 1141, §57
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.309 - Publication of authorization to do business.

524.309 Publication of authorization to do business.
1. A state bank shall cause to be published once within two weeks after the issuance by the superintendent of the authorization to do business, in a newspaper of general circulation published in the municipal corporation which is the principal place of business of the state bank, or if there is none, a newspaper of general circulation published in the county, or in a county adjoining the county, in which the state bank has its principal place of business, a notice which shall state all of the following:
a. The name of the state bank, the address of its principal place of business, and the date of the issuance of the authorization to do business.
b. The names and addresses of the members of the initial board of directors as designated in the articles of incorporation.
c. That the shareholders shall not be personally liable for the debts and obligations of the state bank.
2. Proof of publication, by affidavit of the publisher of the newspaper in which it was made, shall be filed with the superintendent, and is conclusive evidence of the fact.
[C97, §1843, 1864; S13, §1843, 1864; C24, 27, 31, 35, 39, §9161, 9208; C46, 50, 54, 58, 62, 66, §526.6, 527.6; C71, 73, 75, 77, 79, 81, §524.309]
95 Acts, ch 148, §29