reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.115 - Reciprocity.

533.115 Reciprocity.
1. Subject to rules of the superintendent, a credit union organized in another state may do business in Iowa if state credit unions organized in Iowa may do business in the state in which the out-of-state credit union is organized.
2. Notwithstanding subsection 1, an out-of-state credit union shall meet the same deposit insurance requirements established by this chapter for a state credit union prior to doing business in Iowa.
2007 Acts, ch 174, §15
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.115A - Conducting business outside of state.

533.115A Conducting business outside of state.
If a state credit union has an office and conducts business in another state having laws or regulations allowing credit unions to exercise additional powers, the state credit union may request permission from the superintendent to exercise such additional powers while operating in the other state with only the resident members of that other state.
2016 Acts, ch 1030, §4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.116 - Enforcement of Iowa consumer credit code.

533.116 Enforcement of Iowa consumer credit code.
1. The superintendent shall enforce the Iowa consumer credit code with respect to state credit unions, as provided in sections 537.2303, 537.2305, and 537.6105.
2. The superintendent shall cooperate with the administrator of the Iowa consumer credit code as designated in section 537.6103, and shall assist that administrator whenever necessary to provide for the discharge of the duties of that administrator.
3. Notwithstanding other provisions of this chapter to the contrary, the superintendent shall furnish to the administrator of the Iowa consumer credit code, access to or copies of records in the custody of the credit union division that relate to a state credit union when necessary to enable the administrator of the Iowa consumer credit code to enforce chapter 537.
2007 Acts, ch 174, §16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.201A - Change in place of business.

533.201A Change in place of business.
1. A state credit union shall notify the superintendent of any change in its principal place of business within ten days of the change. A state credit union shall also file an application to relocate an office as provided by rule.
2. A state credit union changing its principal place of business shall review and amend its articles of incorporation, if necessary.
2016 Acts, ch 1030, §5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.202 - Common bond — membership — ownership share.

533.202 Common bond — membership — ownership share.
1. a. State credit union organization shall be available to groups of individuals who have a common bond of association such as, but not limited to, occupation, common employer, or residence within specified geographic boundaries.
b. Changes in the common bond may be made by the board of directors.
2. a. The membership of a state credit union consists of those persons in the common bond who have subscribed to one ownership share and have complied with the other requirements specified by the articles of incorporation and bylaws.
b. Organizations, incorporated or otherwise, may be members.
c. Unless the state credit union’s bylaws state otherwise, once a person or organization becomes a member of a state credit union in accordance with this chapter, the person or organization may remain a member of that state credit union, and retain all membership privileges, until the person or organization chooses to withdraw from the membership of the state credit union, or is expelled pursuant to section 533.210.
2007 Acts, ch 174, §19
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.203 - Fiscal year — membership meetings — voting by membership — notice.

533.203 Fiscal year — membership meetings — voting by membership — notice.
1. The fiscal year of all state credit unions shall end December 31.
2. Annual meetings shall be held, and special meetings may be held, in the manner indicated in the bylaws.
a. A member shall have one vote regardless of the number of or class of shares held by the member.
b. There shall be no voting by proxy.
c. A member other than a natural person may cast a single vote through a delegated agent.
3. a. When a vote of the membership is required under the provisions of this chapter, the board of directors, by a favorable vote of the majority of the board, shall select one of the following methods for conducting that vote, unless a procedure for that vote is otherwise specified:
(1) The favorable vote of a majority of the members present at a meeting, if that number constitutes a quorum and if the proposed vote was contained in the notice of the meeting.
(2) By a majority vote of members voting by mailed or electronic ballot according to procedures specified by rule of the superintendent or as specified in the bylaws.
(3) A combination of procedures as specified in subparagraphs (1) and (2), according to procedures specified by rule of the superintendent or as specified in the bylaws.
b. Notice shall be given to members of the results of the vote. Ballots of members shall be preserved for at least sixty days after the results are tallied and notice given to members, and until any challenge is resolved.
4. Votes of the membership conducted in accordance with this chapter shall ensure that votes remain confidential and secret from all interested parties, and that each member is only allowed to vote once.
5. When notice to members is required under the provisions of this chapter, the board of directors may satisfy the notice requirement by sending the notice electronically to those members who have exercised an option to receive notices electronically.
6. Credit unions may send account statements and other communications electronically to those members who have exercised an option to receive communications electronically.
2007 Acts, ch 174, §20; 2012 Acts, ch 1020, §5
Referred to in §533.203A, 533.204, 533.208, 533.213, 533.401, 533.403, 533.405
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.203A - Vote to modify, amend, or reverse act of board of directors — instruction to take action.

533.203A Vote to modify, amend, or reverse act of board of directors — instruction to take action.
1. The majority of members present at any meeting may vote to modify, amend, or reverse any act of the board of directors or instruct the board to take action not inconsistent with the articles, bylaws, or this chapter.
2. In order to be binding upon the board of directors, any action taken by the membership to modify, amend, or reverse an act of the board, or to instruct the board to take action, requires an affirmative vote of a majority of all eligible members obtained by submitting the modification, amendment, reversal, or instruction to the members for a vote, pursuant to the provisions of section 533.203.
2012 Acts, ch 1020, §6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.204 - Election of board.

533.204 Election of board.
1. At the organizational meeting, and at each annual meeting after initial organization, a board of directors shall be elected to hold office. The board shall consist of at least seven members, but in every instance shall be composed of an odd number of directors. The directors shall serve staggered terms of three years, as the bylaws provide, so that an approximately equal number of terms expire at each annual meeting. A director shall serve until a successor is elected and qualified.
2. At each annual meeting, one member shall be elected to fill each position vacated by reason of an expiring term or other cause.
3. The board of directors shall allow members to vote on the election of directors according to the provisions of section 533.203.
4. A record of the names and addresses of the directors, officers, and committee persons shall be filed with the superintendent within ten days following each election or any other change in the directors, officers, or committee persons.
2007 Acts, ch 174, §21; 2011 Acts, ch 34, §123; 2012 Acts, ch 1020, §7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.206 - Meetings of the board.

533.206 Meetings of the board.
Unless the bylaws provide otherwise, the board of directors may permit any and all directors to participate in all except one meeting per year of the board of directors through the use of any means of communication by which all directors participating in the meeting may simultaneously hear each other and communicate during the meeting. A director participating in a meeting by this means is deemed to be present at the meeting.
2007 Acts, ch 174, §23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.207 - Credit committee.

533.207 Credit committee.
1. The credit committee shall have responsibility for the general supervision of all loans to members.
2. Applications for loans shall be on a form approved by the credit committee.
a. All applications shall set forth the purpose for which the loan is desired, the security, if any, offered, and such other data as may be required.
b. Within the meaning of this section, an assignment of shares or deposits or the endorsement of a note may be deemed security.
3. At least a majority of the members of the credit committee shall review and act on all loan applications and may grant approval, or the credit committee, with the prior approval of the board of directors, may grant one or more loan officers the power to approve or reject loans subject to written conditions and regulations adopted by the credit committee.
4. The credit committee shall meet as often as may be necessary after due notice to each committee member.
2007 Acts, ch 174, §24; 2011 Acts, ch 34, §125
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.208 - Auditing committee.

533.208 Auditing committee.
The auditing committee shall perform the following functions:
1. Make or cause to be made an examination of the affairs of the state credit union at least annually, including an audit of its financial records. If the auditing committee feels such action to be necessary, the auditing committee shall call the members together after the audit and submit to them its report.
2. Make or cause to be made an annual report and submit it at the annual meeting of the members.
3. Suspend by majority vote any officer, director, or member of the auditing committee if the auditing committee deems the action to be necessary to the proper conduct of the state credit union. The suspension shall be put to a vote of the membership, according to the provisions of section 533.203. The members may vote to sustain the suspension and remove the officer, director, or member permanently or may vote to reinstate the officer, director, or member.
4. Call a special meeting of state credit union members by majority vote to consider a matter to be submitted by the auditing committee.
2007 Acts, ch 174, §25; 2012 Acts, ch 1020, §9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.209 - Conflicts of interest.

533.209 Conflicts of interest.
1. A director, committee member, officer, or employee of a state credit union shall not directly or indirectly participate in either the deliberation upon or the determination of any matter in which the director, committee member, officer, or employee has a direct or indirect interest.
2. For the purposes of this section, an “interest” may include, but is not limited to, a pecuniary or familial interest.
2007 Acts, ch 174, §26
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.209A - Prohibited relationships.

533.209A Prohibited relationships.
A director shall not be related by consanguinity or affinity within the third degree to any person employed by a state credit union in a senior management position. For purposes of this section, “senior management position” includes a state credit union’s chief executive officer, president, or manager; assistant chief executive officer, assistant president, vice president, or assistant manager; or chief financial officer or treasurer.
2014 Acts, ch 1011, §1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.210 - Expulsion or withdrawal of credit union member.

533.210 Expulsion or withdrawal of credit union member.
1. The board of directors may expel any member of a state credit union who has failed to do either of the following:
a. Carry out the member’s obligations to the state credit union.
b. Comply with the state credit union’s bylaws or policies.
2. A member of a state credit union may be expelled by a majority vote of the board of directors at a regular or special meeting of the board.
a. An expelled member may request a hearing before the membership of the state credit union, which shall be held within sixty days of an expelled member’s request.
b. At the hearing, the membership may reinstate the expelled member by majority vote, upon terms and conditions prescribed at the hearing.
3. Any member may withdraw from the state credit union at any time, but advance notice of withdrawal of shares or deposits may be required as provided in this section.
4. After deducting all amounts due from the member to the state credit union and the amount necessary to honor outstanding share drafts drawn against accounts of the member, all amounts paid on shares or as deposits of an expelled or withdrawn member, along with accrued dividends and interest to the date of expulsion or withdrawal, shall be paid to that member.
5. Upon expulsion or withdrawal of a member from a state credit union, or at any other time, the state credit union may require sixty days’ notice of intention to withdraw shares and thirty days’ notice of intention to withdraw deposits, except that a state credit union shall not at any time require notice of withdrawal with respect to funds that are subject to withdrawal by share drafts.
6. Expelled or withdrawn members shall have no further rights in the state credit union. However, expelled or withdrawn members shall not be released from any remaining liability to the state credit union because of the expulsion or withdrawal.
2007 Acts, ch 174, §27; 2012 Acts, ch 1020, §10
Referred to in §533.202, 533.302
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.211 - Suspension or restriction of services.

533.211 Suspension or restriction of services.
1. A state credit union may suspend or deny certain services to members who have done any of the following:
a. Caused a loss to the state credit union.
b. Violated the membership agreement or any policy adopted by the board.
c. Been physically or verbally abusive to state credit union members or staff.
2. Members with suspended services may maintain a share account and continue to vote at annual and special meetings.
2007 Acts, ch 174, §28
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.212 - Use of name “credit union” requirements — restrictions — exceptions.

533.212 Use of name “credit union” requirements — restrictions — exceptions.
1. a. A state credit union organized in accordance with this chapter shall include the words “credit union” in its name.
b. All state credit union offices shall be identified by use of the state credit union’s full name.
c. The full name of a state credit union shall be used in all legal documents of the state credit union.
2. a. A person other than a credit union shall not use a name or title containing the words “credit union”, or any derivation, and shall not represent in advertising or otherwise that the person is conducting business as a credit union, except as provided in subsection 3.
b. A person who violates paragraph “a” may be enjoined from the use of words, advertising, or other representation prohibited by paragraph “a”.
3. The prohibitions contained in subsection 2 do not apply to any of the following entities:
a. A credit union organized under this chapter or the laws of another state.
b. A credit union organized under the Federal Credit Union Act, 12 U.S.C. §1751 et seq.
c. The Iowa credit union league, a chapter, affiliate, or subsidiary of the Iowa credit union league or a political action committee formed pursuant to the Federal Election Campaign Act, 2 U.S.C. §431 et seq., or chapter 68A by the Iowa credit union league or by credit unions organized under this chapter or federal law.
d. A joint service center operated by two or more credit unions where credit union services are made available to credit union members.
e. An organization formed for educational purposes in association with an accredited elementary or secondary school that engages in receipt of deposits of no more than twenty dollars per depositor and uses the words “educational credit union” in its name. An educational credit union must be affiliated with a state credit union organized under this chapter. Notwithstanding this recognition given to an educational credit union, an educational credit union is not a state credit union within the scope or regulation of this chapter.
4. A credit union organized in accordance with this chapter shall not include the name of any public university located in the state in its name. For purposes of this subsection, “public university located in the state” shall mean the state university of Iowa, the Iowa state university of science and technology, and the university of northern Iowa.
2007 Acts, ch 174, §29; 2018 Acts, ch 1172, §82, 86
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.213 - Corporate central credit union.

533.213 Corporate central credit union.
1. A corporate central credit union may be established.
a. Credit unions organized under this chapter, the Federal Credit Union Act, 12 U.S.C. §1751 et seq., or any other credit union act and credit union organizations may be members.
b. Regulated financial institutions, nonprofit organizations, and cooperative organizations may also be members to the extent and manner provided for in the bylaws of the corporate central credit union.
2. A corporate central credit union shall not be required to transfer to its legal reserve more than five percent of its net income for the year.
3. A corporate central credit union shall have all the powers, restrictions, and obligations imposed upon or granted to a state credit union under this chapter, except that the corporate central credit union may also exercise any of the following additional powers subject to the adoption of rules by the superintendent and with the prior written approval of the superintendent:
a. Borrow any amount from any source.
b. Invest in or purchase obligations or securities or other designated investments to the same extent authorized for other supervised financial institutions.
c. Invest in or acquire shares, stocks, or other obligations of an organization providing services that are associated with the operations of credit unions. However, the aggregate amount invested pursuant to this paragraph shall not exceed fifty percent of the total of all reserves and undivided earnings of the corporate central credit union.
d. Buy or sell investment securities and corporate bonds that are evidences of indebtedness. However, the purchase or sale is limited to marketable obligations of a corporation or state or federal agency issued without recourse.
e. Establish one or more capital accounts in the same manner as if it were a federal credit union.
f. Sell all or part of its assets to another corporate central credit union and assume the liabilities of a selling corporate central credit union if the action is pursuant to a plan agreed upon by a majority of the board of directors and, in the case of the sale of all of its assets, the affirmative vote of a majority of its members according to the provisions of section 533.203.
g. Invest in the shares or deposits of another similarly organized corporate central credit union, or central liquidity facility.
h. Make other investments approved by the superintendent.
2007 Acts, ch 174, §30; 2012 Acts, ch 1020, §11; 2013 Acts, ch 90, §163
Referred to in §12C.16, 12C.17
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.214 - Central credit unions.

533.214 Central credit unions.
Credit unions known as central credit unions may exist for the purpose of serving directors, officers, and employees of credit unions, members of dissolved and existing credit unions, credit unions, employee groups as described in section 533.301, subsection 13, and such other persons as the superintendent approves.
2007 Acts, ch 174, §31; 2008 Acts, ch 1031, §57
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.302 - Capital.

533.302 Capital.
1. The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. A credit union may charge an entrance fee as may be provided by the bylaws.
2. A credit union may establish an equity share having a par value not to exceed one hundred dollars which shall be a part of the capital of the credit union and shall not be withdrawn or transferred except upon expulsion or withdrawal from membership in the credit union, as provided in section 533.210.
3. At the option of the credit union, the equity share may earn a dividend and may be insured.
2007 Acts, ch 174, §33; 2012 Acts, ch 1020, §12
Referred to in §533.307
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.304 - Investment in certain shares or equity interests.

533.304 Investment in certain shares or equity interests.
1. For purposes of this section, unless the context otherwise requires:
a. “Equity interests” means limited partnership interests and other equity investments in which liability is limited to the amount of the investment, but does not mean general partnership interests or other interests involving general liability.
b. “Small business” means a corporation, partnership, proprietorship, or other entity formed under the laws of the United States, or a state, district, or territory of the United States, that meets the appropriate United States small business administration definition of small business and that is principally engaged in the development or exploitation of inventions, technological improvements, new processes, or other products not previously generally available in this state, or other investments which provide an economic benefit to this state.
c. “Venture capital fund” means a corporation, partnership, proprietorship, or other entity formed under the laws of the United States, or a state, district, or territory of the United States, whose principal business is or will be the making of investments in and the provision of significant managerial assistance to small businesses that meet the United States small business administration definition of small business.
2. A state credit union may invest in either of the following to the extent that the total investments under this section shall not be more than five percent of the state credit union’s assets:
a. Shares or equity interests in venture capital funds that agree to invest an amount equal to at least fifty percent of the state credit union’s investment in small businesses having their principal offices within this state and having either more than one-half of their assets within this state or more than one-half of their employees employed within this state.
b. Shares or equity interests in small businesses having their principal offices within this state and having either more than one-half of their assets within this state or more than one-half of their employees employed within this state. A state credit union shall not invest in more than twenty percent of the total capital and surplus of any one small business under this paragraph.
2007 Acts, ch 174, §35
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.305 - Investment in banks or savings banks — required findings.

533.305 Investment in banks or savings banks — required findings.
1. Investment in banks. A state credit union may, with the prior approval of the superintendent, invest in the capital stock, obligations, or other securities of a bank.
2. Investment in savings banks. A state credit union may, with the prior approval of the superintendent, invest in the capital stock, obligations, or other securities of a savings bank.
3. Findings required. The superintendent shall not grant an approval under subsection 1 or 2, unless the superintendent makes one of the following findings:
a. Based upon a preponderance of the evidence presented, the proposed investment will not have the immediate effect of significantly reducing competition between depository financial institutions located in the same community as the institution whose shares would be acquired.
b. Based upon a preponderance of the evidence presented, the proposed investment would have an anticompetitive effect as described in paragraph “a”, but other factors, specifically cited, outweigh the anticompetitive effect so that there would be a net public benefit as a result of the investment.
4. Competition preserved.
a. The subsequent liquidation of a bank or savings bank whose shares are acquired under this section shall not prevent the subsequent incorporation of another bank or savings bank in the same community.
b. The superintendent of banking shall not find the liquidation of a bank whose shares are acquired under this section to be grounds for disapproving the incorporation of another bank in the same community under section 524.305.
2007 Acts, ch 174, §36; 2012 Acts, ch 1017, §129
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.307 - Account insurance.

533.307 Account insurance.
Except as provided in section 533.302, subsection 3, a credit union organized under this chapter, as a condition of maintaining its privilege of organization, shall acquire and maintain insurance to protect each shareholder and each depositor against loss of funds held on account by the credit union. The insurance shall be obtained from the national credit union administrator or from some other share guarantor or insurance plan approved by the Iowa commissioner of insurance and the superintendent, provided that each credit union shall acquire deposit insurance from the appropriate agency of the federal government.
2007 Acts, ch 174, §38; 2012 Acts, ch 1020, §13
Referred to in §533.102
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.308 - Fidelity bond and general insurance coverage.

533.308 Fidelity bond and general insurance coverage.
1. A state credit union shall maintain a fidelity bond for state credit union employees and officials in a sufficient amount to indemnify the state credit union against losses that may be incurred by reason of any act or acts of fraud, dishonesty, forgery, theft, larceny, embezzlement, wrongful abstraction, misapplication, misappropriation, or other unlawful act committed by the employee or official directly or through connivance with others, and general insurance coverage for losses caused by persons not associated with the state credit union.
a. The fidelity bond and general insurance coverage shall be obtained from a company authorized to do business in this state.
b. The superintendent may require additional coverage for a state credit union if, in the opinion of the superintendent, current coverage is insufficient. The board of directors of the state credit union shall obtain the additional coverage within thirty days after written notice from the superintendent.
2. The superintendent may furnish to any official of an insurance plan by which the accounts of a state credit union are insured or by which its employees and officials are bonded, any information relating to examinations, investigations, and reports of the status of that state credit union or its employees and officials for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or resolution of a claim. The superintendent and the insurance company shall, whenever possible, execute a confidentiality agreement regarding the information provided by the superintendent that imposes standards of confidentiality comparable to those required by this chapter.
3. A state credit union may furnish to any official of an insurance plan by which the accounts of the state credit union are insured or by which its employees and officials are bonded, any information regarding transactions of the state credit union, examinations, investigations, or reports of the status of the state credit union or its employees and officials for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or resolution of a claim. The state credit union and the insurance company shall, whenever possible, execute a confidentiality agreement regarding the information provided by the state credit union that imposes standards of confidentiality comparable to those required by this chapter.
2007 Acts, ch 174, §39; 2012 Acts, ch 1020, §14, 15
Referred to in §533.108, 533.325
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.309 - Share accounts.

533.309 Share accounts.
A state credit union may have share accounts including but not limited to the following types:
1. Ownership share account. The ownership share account shall consist of an account balance held by the state credit union in accordance with the state credit union’s bylaws. Each member may acquire only one ownership share. In the case of a joint account, the joint account owners may acquire only one ownership share unless each joint account owner applies for and is accepted as an individual member.
2. Joint accounts. A member may designate any person or persons to hold shares, deposits, and thrift club accounts with the member in joint tenancy with the right of survivorship, but such joint tenants shall not be permitted to cast more than one vote per ownership share jointly held in the state credit union. However, a joint tenant may have other rights of a jointly held ownership share, including the ability to obtain loans, or hold office or be required to pay an entrance fee. Payment of part or all of such joint accounts to any of the joint tenants shall, to the extent of such payment, discharge the liability to all.
3. Account for minors. Shares may be issued and deposits accepted in the name of a minor. Such shares and deposits may be withdrawn by the minor and payments made on such withdrawals shall be valid. A minor under sixteen years of age shall not be entitled to vote in the meetings of the members either personally or through the minor’s parent or guardian, and a minor shall not become a director until the minor reaches the minor’s eighteenth birthday.
4. Beneficiary account. If a member makes a deposit for the benefit of a person other than the depositor, the name and residence address of the beneficiary shall be disclosed and the account shall be kept in the name of the depositor, for the benefit of the beneficiary. The account balance may be withdrawn by the depositor or, upon the death of the depositor, by the beneficiary or the beneficiary’s legal representative.
2007 Acts, ch 174, §40; 2012 Acts, ch 1020, §16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.310 - Deposits in the names of two or more individuals.

533.310 Deposits in the names of two or more individuals.
When a deposit is made in a state credit union in the names of two or more individuals that is payable to any one or more of them or is payable to the survivor or survivors, the deposit, including interest, or any part, may be paid to any one or more of the individuals, whether or not the others are living. The receipt or a quittance of the individuals who are paid is a valid and sufficient release and discharge of the state credit union for any payment made pursuant to this section.
2007 Acts, ch 174, §41
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.311 - Acceptance of deposits and investments while insolvent.

533.311 Acceptance of deposits and investments while insolvent.
When a state credit union is insolvent, the state credit union shall not do either of the following:
1. Accept any deposits or investments in ownership shares.
2. Renew or extend the term of any time deposits or time investments.
2007 Acts, ch 174, §42
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.312 - Dividends and interest.

533.312 Dividends and interest.
1. The board of directors may declare dividends at such rates and upon such classes of shares as are determined by the board, at such intervals and for such periods as the board may authorize, and after provision for required reserves pursuant to section 533.303.
2. Dividends shall be considered a normal operating expense of the state credit union and shall be paid on all paid-up shares outstanding at the close of the period for which the dividend is declared and shall be available only from undivided earnings.
3. The superintendent may restrict or prohibit the payment of a dividend or interest when an impairment of capital exists.
2007 Acts, ch 174, §43
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.313 - Share drafts.

533.313 Share drafts.
1. A state credit union may provide its members with share draft accounts.
a. “Share draft” means a negotiable draft which is payable upon demand and is used to withdraw funds from a share draft account.
b. A share draft is an item for purposes of chapter 554, article 4.
c. The term does not include a draft issued by a state credit union for the transfer of funds between the issuing credit union and another credit union, a bank, a savings and loan association chartered under federal law, or another depository financial institution.
2. A share draft account is an account that is a demand account from which a state credit union has agreed that funds may be withdrawn by means of a share draft. A share draft account may bear interest or dividends as determined by the board of directors, provided that the state credit union shall not pay interest or dividends on a share draft account at a rate that exceeds the maximum interest rate which a regulated financial institution is able to pay on comparable instruments as allowed by the depository institutions deregulatory committee.
3. A state credit union may guarantee payment for a share draft if both the following conditions are met:
a. A specific guarantee authorization is obtained for the share draft from the state credit union.
b. The guarantee authorization is immediately noted on the share draft account to prevent the withdrawal of funds needed to pay the guaranteed share draft.
4. A state credit union may charge fees and penalties on share drafts and apply fees and penalties to the state credit union’s income in relation to share draft services.
5. The superintendent may adopt rules relating to share draft programs as necessary to administer this chapter.
2007 Acts, ch 174, §44; 2012 Acts, ch 1017, §130
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.314 - Payment of share drafts during dissolution.

533.314 Payment of share drafts during dissolution.
Other provisions of section 533.404 notwithstanding, when a state credit union is dissolved, first priority of payment shall be given to unpaid share drafts. However, a share draft shall not be paid if any of the following conditions exist:
1. The share draft was issued on or after the date of dissolution, or on or after the date the state credit union is required by section 533.405, subsection 2, to cease doing business in the event of a voluntary dissolution.
2. The share draft is written against an account that does not contain sufficient funds with which to pay the share draft.
3. The share draft is payable to a member of the state credit union, or to a member of the family of the issuer of the share draft, or to a business in which the issuer of the share draft has an interest. However, the exception contained in this subsection does not apply to any person referred to in this subsection if the person is a holder in due course, as provided in chapter 554, article 3.
2007 Acts, ch 174, §45
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.316 - Interest rates.

533.316 Interest rates.
1. a. Interest rates on loans made by a state credit union, other than loans secured by a mortgage or deed of trust which is a first lien upon real property, shall not exceed the finance charge permitted in sections 537.2401 and 537.2402 on consumer loans.
b. Interest rates on business loans shall not exceed the finance charge permitted by section 535.2.
2. With respect to a loan secured by a mortgage or deed of trust which is a first lien upon real property, a state credit union shall not charge a rate of interest that exceeds the maximum rate permitted by section 535.2.
3. The provisions of this section do not apply to a loan that is subject to section 636.46.
2007 Acts, ch 174, §47
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.317 - Authority to lease safe deposit boxes.

533.317 Authority to lease safe deposit boxes.
1. A state credit union may lease safe deposit boxes for the storage of property on terms and conditions prescribed by the state credit union. The terms and conditions shall not bind any person to whom the state credit union does not give notice of the terms and conditions by delivery of a lease and agreement in writing containing the terms and conditions.
2. A state credit union may limit its liability provided that the limitations are set forth in the lease and agreement in at least the same size and type as the other substantive provisions of the contract.
3. The lease and agreement of a safe deposit box may provide that evidence tending to prove that property was left in a safe deposit box upon the last entry by the member or the member’s authorized agent, and that the property or any part of the property was found missing upon subsequent entry, is not sufficient to raise a presumption that the property was lost by any negligence or wrongdoing for which the state credit union is responsible, or put upon the state credit union the burden of proof that the alleged loss was not the fault of the state credit union.
4. A state credit union may lease a safe deposit box to a minor.
a. A state credit union may deal with a minor with respect to a safe deposit lease and agreement without the consent of a parent, guardian, or conservator and with the same effect as though the minor were an adult.
b. Any action of the minor with respect to such safe deposit lease and agreement is binding on the minor with the same effect as though the minor were an adult.
5. A state credit union that has on file a power of attorney of a member covering a safe deposit lease and agreement, which has not been revoked by the member, shall incur no liability as a result of continuing to honor the provisions of the power of attorney in the event of the death or incompetence of the donor of the power of attorney until the state credit union receives written notice of the death, or written notice of adjudication by a court of the incompetence of the member and the appointment of a guardian or conservator.
2007 Acts, ch 174, §48
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.319 - Adverse claims to property in safe deposit and safekeeping.

533.319 Adverse claims to property in safe deposit and safekeeping.
1. A state credit union shall not be required, in the absence of a court order or indemnity required by this section, to recognize any claim to, or claim of authority to exercise control over, property held in safe deposit or property held for safekeeping pursuant to section 533.321 made by a person or persons other than the following:
a. The member in whose name the property is held by the state credit union.
b. An individual or group of individuals who are authorized to have access to the safe deposit box, or to the property held for safekeeping, pursuant to a certified corporate resolution or other written arrangement with the member, currently on file with the state credit union, which has not been revoked by valid corporate action in the case of a corporation, or by a valid agreement or other valid action appropriate for the form of legal organization of any other member, of which the state credit union has received notice and which is not the subject of a dispute known to the state credit union as to its original validity. The safe deposit and safekeeping account records of a state credit union shall be presumptive evidence as to the identity of the member on whose behalf the property is held.
2. A person making an adverse claim to, or an adverse claim of authority to control, property held in a safe deposit box or for safekeeping, must do either of the following:
a. Obtain and serve on the state credit union an appropriate court order or judicial process directed to the state credit union, restraining any action with respect to the property until further order of the court or instructing the state credit union to deliver the property, in whole or in part, as indicated in the order or process.
b. Deliver to the state credit union a bond, in form and amount with sureties satisfactory to the state credit union, indemnifying the state credit union against any liability, loss, or expense which the state credit union might incur because of its refusal to deliver the property to any person described in subsection 1, paragraph “a” or “b”.
2007 Acts, ch 174, §50
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.321 - Authority to receive property for safekeeping.

533.321 Authority to receive property for safekeeping.
1. A state credit union may accept property for safekeeping if the state credit union issues a receipt for the property, except in the case of night depositories.
a. A state credit union accepting property for safekeeping shall purchase and maintain reasonable insurance coverage to ensure against loss incurred in connection with the acceptance of property for safekeeping.
b. Property held for safekeeping shall not be commingled with the property of the state credit union or the property of others.
2. A state credit union has a lien upon any property held for safekeeping and for expenses incurred in any sale made pursuant to this subsection.
a. If the charge for safekeeping of property is not paid within six months from the day the charge is due, at any time after the six months and while the charge remains unpaid, the state credit union may mail a notice to the member at the member’s last known address as shown upon the records of the state credit union, stating that if the amount due is not paid on or before a specified day, which shall be at least thirty days after the date of mailing the notice, the state credit union will remove the property from safekeeping and hold the property for the account of the member.
b. After the expiration of the period specified in the notice, if the charge for safekeeping has not been paid, the state credit union may remove the property from safekeeping, cause the property to be inventoried, and hold the property for the account of the member.
c. If the property is not claimed within two years after its removal from safekeeping, the state credit union may proceed to sell so much of the property as is necessary to pay the charge which remains unpaid and the expense incurred in making the sale in the manner provided for in section 533.320, subsections 4 and 5.
d. The proceeds of any sale made pursuant to this section, after payment of any amounts with respect to which the state credit union has a lien, any property that was not offered for sale, and property which, although offered for sale, was not sold, shall be retained by the state credit union until such time as the property is presumed abandoned according to section 556.2, and shall be handled pursuant to chapter 556.
2007 Acts, ch 174, §52
Referred to in §533.319
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.322 - Preservation of records.

533.322 Preservation of records.
1. The superintendent may adopt rules regarding the preservation of records and files of a state credit union or any other person supervised or regulated by the superintendent. A state credit union 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. However, account records showing unpaid balances due to depositors shall not be destroyed.
2. A copy of an original may be kept in lieu of any original records.
a. For purposes of this section, 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 that 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.
2007 Acts, ch 174, §53; 2011 Acts, ch 87, §3
Referred to in §533.404
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.323 - Photographic records.

533.323 Photographic records.
1. Any state credit union writing or record, or a photostatic or photographic reproduction of such writing or record, whether in the form of an entry in a book or otherwise, made as a memorandum or record of any act, transaction, occurrence, or event, shall be admissible in evidence as proof of the act, transaction, occurrence, or event, if made in the regular course of business.
2. 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, that 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.
2007 Acts, ch 174, §54
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.324 - Preservation of records — statute of limitations.

533.324 Preservation of records — statute of limitations.
1. All causes of action, other than actions for relief on the grounds of fraud or mistake, against a state credit union 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 credit union record, made in the ordinary 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.
2. In any cause or proceeding in which state credit union records or files may be called in question or be demanded of the state credit union, or any officer or employee of the state credit union, a showing that such records or files have been destroyed in accordance with the provisions of this chapter or rules adopted pursuant to this chapter shall be a sufficient excuse for the failure to produce them.
2007 Acts, ch 174, §55; 2011 Acts, ch 87, §4