reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1604 - Failure to file report or make statement.

524.1604 Failure to file report or make statement.
1. Any person whose duty it is to make statements or file reports as may be required by this chapter, and who willfully neglects or refuses to perform such duty, shall be guilty of a simple misdemeanor.
2. A state bank which fails to furnish to the superintendent the statement of condition required within the time required by this chapter, or fails to furnish the superintendent any report or other information the superintendent is legally authorized to request, within ten days of the superintendent’s request therefor, or within the time required by this chapter, shall pay to the superintendent a penalty of fifty dollars for each day of delinquency, unless prior to such delinquency the superintendent has extended the time within which the same may be filed.
3. Any officer or employee who violates section 524.709 shall be guilty of a simple misdemeanor.
[C97, §1886; S13, §1871; C24, 27, 31, 35, 39, §9226, 9230, 9281; C46, 50, 54, 58, 62, 66, §528.20, 528.24, 528.83; C71, 73, 75, 77, 79, 81, §524.1604]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1605 - False statements, reports, and felonious acts.

524.1605 False statements, reports, and felonious acts.
1. Any director, officer, or employee of a state bank who shall knowingly subscribe or make any false statements or false entries in the books, records, or memoranda of a state bank, or knowingly subscribe or exhibit false papers with intent to deceive any person authorized to examine its condition, or shall knowingly subscribe or make false reports, or shall knowingly divert the funds of the state bank to other purposes than those authorized by law, or who commits any other act with intent to defraud the state bank or any other person shall be guilty of a class “C” felony, and shall be forever disqualified from acting as a director, officer, or employee of any state bank.
2. Any officer or employee of a state bank who, with intent to defraud the state bank or any other person, certifies any check when there are not sufficient funds on hand available to the credit of the drawer of said check to pay the same, or who issues any certificate of deposit when funds have not been deposited equal to the amount of such certificate, or who, with intent to defraud the state bank or any other person, draws any draft or bill of exchange, makes any acceptance, or issues, puts forth or assigns any note, debenture, bond or other obligation or instrument, or participates in, or receives directly or indirectly any money, property or other benefit from any transaction, loan, contract or other act of a state bank shall be guilty of a class “C” felony, and shall, in either event be forever disqualified from acting as an officer or employee of any state bank.
[C97, §1887; C24, 27, §9282; C31, 35, §9282, 9283-c2; C39, §9282, 9283.02; C46, 50, 54, 58, 62, 66, §528.84, 528.87; C71, 73, 75, 77, 79, 81, §524.1605]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1606 - Fraudulent advertising or notice.

524.1606 Fraudulent advertising or notice.
A state bank shall not publish, disseminate, or distribute any advertising or notice containing any false, misleading, or deceptive statements concerning the rates, terms, or conditions on which loans are made or deposits are received, any charge which the state bank is authorized to impose pursuant to this chapter, or the financial condition of the state bank. Any officer or employee of a state bank who willfully violates the provisions of this section shall be guilty of a fraudulent practice.
[C97, §1859; C24, 27, 31, 35, 39, §9260; C46, 50, 54, 58, 62, 66, §526.44, 529.12; C71, 73, 75, 77, 79, 81, §524.1606]
Referred to in §524.1602
Fraudulent practices, see §714.8 – 714.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1607 - False statement for credit.

524.1607 False statement for credit.
1. For the purposes of this section, unless the context otherwise requires:
a. “Financial institution” means a financial institution as defined in 18 U.S.C. §20.
b. “Mortgage banker” means a person who makes or originates mortgage loans on real property located in this state.
c. “Mortgage broker” means a person who arranges or negotiates, or attempts to arrange or negotiate, mortgage loans on real property located in this state.
2. Any person who knowingly makes or causes to be made, directly or indirectly, any false statement in writing, or who procures, knowing that a false statement in writing has been made concerning the financial condition or means or ability to pay of such person, or any other person in which such person is interested or for whom such person is acting, with the intent that such statement shall be relied upon by a financial institution, a mortgage banker, a mortgage broker, or any other entity licensed by the banking division for the purpose of procuring the delivery of property, the payment of cash or the receipt of credit in any form, for the benefit of such person or of any other person in which such person is interested or for whom such person is acting, shall be guilty of a fraudulent practice.
[C31, 35, §9283-c3; C39, §9283.03; C46, 50, 54, 58, 62, 66, §528.88; C71, 73, 75, 77, 79, 81, §524.1607]
2008 Acts, ch 1160, §8
Fraudulent practices, see §714.8 – 714.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1608 - Penalty for accepting deposits while insolvent.

524.1608 Penalty for accepting deposits while insolvent.
If a state bank shall accept any deposit or renew any certificate of deposit in violation of section 524.805, subsection 4, any officer or employee knowing of such insolvency who willfully receives, accepts or renews or is accessory to or otherwise knowingly permits such acceptance shall be guilty of a fraudulent practice and shall, in either event be forever disqualified from acting as an officer or employee of any state bank.
[C97, §1885; C24, 27, 31, 35, 39, §9280; C46, 50, 54, 58, 62, 66, §528.82; C71, 73, 75, 77, 79, 81, §524.1608]
Fraudulent practices, see §714.8 – 714.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1609 - False statements concerning state banks.

524.1609 False statements concerning state banks.
Whoever maliciously or with intent to deceive makes, publishes, utters, repeats, or circulates any false statement concerning any state bank which imputes, or tends to impute, insolvency, unsound financial condition or financial embarrassment, or which may tend to cause or provoke, or aid in causing or provoking, a general withdrawal of deposits from such state bank, or which may otherwise injure or tend to injure the business or goodwill of such state bank, shall be guilty of a simple misdemeanor.
[C31, 35, §9283-c4; C39, §9283.04; C46, 50, 54, 58, 62, 66, §528.89; C71, 73, 75, 77, 79, 81, §524.1609]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1610 - Violation of prohibition against receiving a commission for organizing a state bank.

524.1610 Violation of prohibition against receiving a commission for organizing a state bank.
Any person violating the provisions of section 524.311 shall be guilty of a simple misdemeanor.
[C24, 27, 31, 35, 39, §9276; C46, 50, 54, 58, 62, 66, §528.75; C71, 73, 75, 77, 79, 81, §524.1610]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1611 - Offenses involving employees of banking division.

524.1611 Offenses involving employees of banking division.
1. Any person violating the provisions of section 524.211, subsection 1, shall be guilty of a fraudulent practice, and shall be subject to a further fine of a sum equal to the amount of the value of the property given or received or the money so loaned or borrowed. An employee of the division of banking convicted of a violation of such subsection shall be immediately discharged from employment and shall be forever disqualified from holding any position in the banking division.
2. Any examiner violating the provision of section 524.212 shall be guilty of a serious misdemeanor. Any examiner convicted of a violation of section 524.212 shall be immediately discharged from employment and shall be forever disqualified from holding any position in the banking division.
[C71, 73, 75, 77, 79, 81, §524.1611]
2004 Acts, ch 1141, §31
Fraudulent practices, see §714.8 – 714.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1801 - Definitions.

524.1801 Definitions.
As used in this subchapter unless the context otherwise requires:
1. “Bank holding company” means bank holding company as defined in 12 U.S.C. §1841(a), and also includes a company that would become a bank holding company upon completion of an acquisition.
2. “Company” means company as defined in 12 U.S.C. §1841(b).
3. “Control” means control as provided in 12 U.S.C. §1841(a).
4. “Location” means, for purposes of determining where a bank or bank holding company is located, the following:
a. A bank is located in the state in which its principal place of business or main office is physically located.
b. A bank holding company is located in the state which is its home state as determined under 12 U.S.C. §1841(o)(4).
5. “Out-of-state bank holding company” means out-of-state bank holding company as defined in 12 U.S.C. §1841(o).
[C73, 75, 77, 79, 81, §524.1801]
96 Acts, ch 1056, §17; 2022 Acts, ch 1062, §141
Referred to in §524.107, 524.1802, 524.1806, 527.5
Unnumbered paragraph 1 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1804 - Notice of acquisition.

524.1804 Notice of acquisition.
A bank holding company which proposes to directly or indirectly acquire control of, or directly or indirectly acquire all or substantially all of the assets of, a state bank or national bank, shall provide to the superintendent a copy of the application and any modifications or amendments to the application submitted to the federal reserve board for permission to take such action at the same time the application is transmitted to the federal reserve board. The superintendent may conduct such investigation into and evaluation of the proposed action as the superintendent deems necessary and appropriate, and may submit to the federal reserve board any information so obtained together with the superintendent’s own comments or recommendations regarding the proposed acquisition.
[C73, 75, 77, 79, 81, §524.1804]
96 Acts, ch 1056, §18
Referred to in §524.544, 524.1807
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1805 - Restrictions on acquisitions and mergers.

524.1805 Restrictions on acquisitions and mergers.
An out-of-state bank or out-of-state bank holding company that is organized under laws other than those of this state is subject to and shall comply with the provisions of chapter 490, subchapter XV, relating to foreign corporations, and shall immediately provide the superintendent of banking with a copy of each filing submitted to the secretary of state under chapter 490, subchapter XV.
[C73, 75, 77, 79, 81, §524.1805]
96 Acts, ch 1056, §19; 97 Acts, ch 50, §2; 2007 Acts, ch 88, §17; 2012 Acts, ch 1017, §120; 2016 Acts, ch 1011, §103; 2019 Acts, ch 24, §104; 2022 Acts, ch 1062, §143
Referred to in §524.1807
[ ()]Subsections 1 – 5 stricken and former subsection 6 redesignated as an unnumbered paragraph
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1806 - Banks owned or controlled — officers and directors.

524.1806 Banks owned or controlled — officers and directors.
An individual who is a director or an officer of a bank holding company, as specified by section 524.1801, is deemed to be a director or an officer, or both, as the case may be, of each bank so owned or controlled by that bank holding company, for the purposes of sections 524.612, 524.613 and 524.706, and for the purposes of
12 C.F.R. pt. 215
.
[C73, 75, 77, 79, 81, §524.1806]
95 Acts, ch 148, §134; 2017 Acts, ch 138, §10
Referred to in §524.1807
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1807 - Penalties.

524.1807 Penalties.
Any bank holding company which willfully violates any provision of sections 524.1802 through 524.1806 shall, upon conviction, be fined not less than one hundred dollars nor more than one thousand dollars for each day during which the violation continues. Any individual who willfully participates in a violation of any provisions of sections 524.1802 through 524.1806 shall be guilty of a serious misdemeanor.
[C73, 75, 77, 79, 81, §524.1807]
2020 Acts, ch 1063, §305; 2021 Acts, ch 80, §339
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1808 - Insurance sales.

524.1808 Insurance sales.
1. Insurance activities in Iowa of an out-of-state bank holding company and its subsidiaries are subject to regulation, including but not limited to regulation under Title XIII, subtitle 1, in the same manner and to the same extent as are the insurance activities of an Iowa bank holding company and its subsidiaries.
2. An authorization for a state bank to engage in activities regulated under Title XIII, subtitle 1, if any, does not grant an out-of-state bank holding company that acquires a state bank or any state bank owned or controlled by such bank holding company or any subsidiary or affiliate the ability or right to engage in such activities outside of this state.
90 Acts, ch 1002, §13; 90 Acts, ch 1266, §57
C91, §524.1912
96 Acts, ch 1056, §20, 23
C97, §524.1808
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.1809 - Mutual bank holding companies.

524.1809 Mutual bank holding companies.
1. A state bank may be owned, directly or indirectly, by a mutual bank holding company.
2. A mutual holding company authorized pursuant to 12 U.S.C. §1467a and regulations promulgated thereunder may convert to a mutual bank holding company authorized under this chapter.
3. A mutual corporation may reorganize as a mutual holding company in the manner provided in 12 U.S.C. §1467a(o). The resulting mutual holding company shall be a mutual bank holding company authorized under this chapter.
4. A mutual bank holding company authorized under this chapter shall also be subject to chapter 490, the Iowa business corporations Act. If a provision of chapter 490 conflicts with the provisions of this chapter or a rule of the superintendent adopted pursuant to this chapter, the provisions of this chapter or rule of the superintendent shall control.
5. The superintendent may adopt rules pursuant to chapter 17A pertaining to mutual bank holding companies and reorganizations into mutual bank holding companies under this chapter.
2012 Acts, ch 1017, §17, 18
2023 Iowa Code › Title XIII - COMMERCE › Chapter 524 - BANKS › Section 524.2001 - Applicability of other chapters.

524.2001 Applicability of other chapters.
Chapters 490, 491, 492, and 493 do not apply to banks except as provided by this chapter.
[C71, §524.1802; C73, 75, 77, 79, 81, §524.1902]
90 Acts, ch 1205, §50
C91, §524.2001
2004 Acts, ch 1141, §73; 2008 Acts, ch 1162, §151, 154, 155; 2022 Acts, ch 1062, §144
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 527 - ELECTRONIC TRANSFER OF FUNDS › Section 527.1 - Statement of intent.

527.1 Statement of intent.
The general assembly declares as its purpose in adopting this chapter to provide:
1. That electronic funds transfer systems should provide reliable service to the consumer with full protection of privacy of personal financial information.
2. That electronic funds transfer systems should not impair the safety and soundness of a person’s funds.
3. That electronic funds transfer systems are essential facilities in the channels of commerce.
4. That regulation of electronic funds transfer systems should be fair and not unduly impede the development of new technologies which benefit the public.
[C77, 79, 81, §527.1]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 527 - ELECTRONIC TRANSFER OF FUNDS › Section 527.4 - Establishment of satellite terminals — restrictions.

527.4 Establishment of satellite terminals — restrictions.
1. A satellite terminal shall not be established within this state except by a financial institution.
2. A financial institution may establish a satellite terminal at any location within this state. This subsection does not amend, modify, or supersede any provision of chapter 524 regulating the number or locations of bank offices of a state or national bank, or authorize the establishment by a financial institution of any offices or other facilities except satellite terminals at locations permitted by this subsection.
3. A financial institution whose licensed or principal place of business is not located in this state may establish, control, maintain, or operate any number of satellite terminals at any location within this state if all satellite terminals, wherever located, that are owned, controlled, maintained, or operated by the financial institution are available for use on a nondiscriminatory basis by any other financial institution which engages in electronic transactions in this state and by all customers who have minimum contact with this state and who have been designated by a financial institution using the satellite terminal and who have been provided with an access device, approved by the administrator, by which to engage in electronic transactions by means of the satellite terminal.
[C77, 79, 81, §527.4]
87 Acts, ch 158, §4; 89 Acts, ch 86, §8 – 11; 91 Acts, ch 216, §6; 2000 Acts, ch 1232, §100 – 103, 107
Referred to in §527.2, 527.5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 527 - ELECTRONIC TRANSFER OF FUNDS › Section 527.7 - Records maintained.

527.7 Records maintained.
1. All transactions engaged in through a satellite terminal shall be recorded in a form from which it will be possible to produce a humanly readable record of any transaction, and these recordings shall be retained by the utilizing financial institutions for the periods required by law.
2. The machine receipt provided to a satellite account transaction card user by a satellite terminal shall be admissible as evidence in any legal action or proceeding and shall constitute prima facie proof of the transaction evidence by that receipt.
3. A financial institution shall provide each of its satellite account holders with a periodic account statement that shall contain a brief description of all satellite terminal transactions sufficient to enable the account holder to identify any transaction and to relate it to machine receipts provided by satellite terminals.
4. When a periodic account statement includes both satellite terminal transactions and other nonsatellite terminal transactions, all satellite terminal transactions shall be indicated as such, and shall be accompanied by the description required by subsection 3.
5. The administrator may provide by rule for the recording and maintenance, by any financial institution utilizing a satellite terminal, of amounts involved in a transaction engaged in through the satellite terminal which are of a known tax consequence to the customer initiating the transaction. For the purpose of this subsection, “known tax consequences” means and includes but shall not be limited to the following:
a. An amount directly or indirectly received from a customer and applied to a loan account of the customer which represents interest paid by the customer to the financial institution.
b. In any transaction where the total amount involved is deducted from funds in a customer’s account and is simultaneously paid either directly or indirectly by the financial institution to the account of a third party, any portion of the transaction amount which represents a sales or other tax imposed upon or included within the transaction and collected by that third party from the customer, or any portion of the transaction amount which represents interest paid to the third party by the customer.
c. Any other transaction which the administrator determines to have direct tax consequences to the customer. The administrator also may provide for the periodic distribution to customers of summaries of transactions having known tax consequences.
[C77, 79, 81, §527.7]
91 Acts, ch 216, §12; 2012 Acts, ch 1023, §136
2023 Iowa Code › Title XIII - COMMERCE › Chapter 527 - ELECTRONIC TRANSFER OF FUNDS › Section 527.10 - Confidentiality.

527.10 Confidentiality.
1. A satellite terminal, data processing center, or central routing unit shall not be operated in any manner to permit any person to obtain information concerning the account of any person with a financial institution, unless such information is essential to complete or prevent the completion of a transaction then being engaged in through the use of that facility.
2. A financial institution, data processing center, central routing unit, or other person shall not disseminate any information relating to the use of a multiple use terminal without the written authorization of the retailer on whose premises the terminal is located, or of the owner or operator of the terminal or the financial institution controlling the terminal. This section shall not, however, prohibit or restrict the use of information received in the processing, authorization, or rejection of a requested electronic funds transfer transaction, where such use is necessary or incidental to the processing, authorization, or rejection, or to reconciling disputes or resolving questions raised by a retailer, financial institution, consumer, or any other person regarding the transaction.
[C77, 79, 81, §527.10]
87 Acts, ch 158, §15; 2021 Acts, ch 76, §150
2023 Iowa Code › Title XIII - COMMERCE › Chapter 527 - ELECTRONIC TRANSFER OF FUNDS › Section 527.11 - Rulemaking.

527.11 Rulemaking.
The administrator shall have the power to adopt and promulgate rules pursuant to chapter 17A as in the administrator’s opinion will be necessary to properly and effectively carry out and enforce the provisions of this chapter.
[C77, 79, 81, §527.11]
Referred to in §527.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 527 - ELECTRONIC TRANSFER OF FUNDS › Section 527.12 - Revocation of privilege.

527.12 Revocation of privilege.
Whenever the administrator determines, upon notice and hearing pursuant to chapter 17A, that a satellite facility or data processing center or central routing unit is being operated in violation of this chapter, the administrator may revoke the approval to operate that facility. If the administrator does not have any direct authority over the facility because of the provisions of section 527.3, the administrator may revoke with respect to any financial institution over which the administrator does have direct authority the privilege to engage in transactions through or with that facility. A revocation by the administrator shall be effective when ordered by the administrator, anything in chapter 17A to the contrary notwithstanding. The administrator may bring an action in the district court in the name of the state to enjoin any financial institution or other person who continues to utilize or to operate a satellite terminal or data processing center or central routing unit after the approval has been revoked. The administrator also may bring such an action to enjoin any person who fails to obtain any approval required by this chapter.
[C77, 79, 81, §527.12]
Referred to in §527.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 528 - ALTERNATIVE MORTGAGE LOANS › Section 528.2 - Definitions.

528.2 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Administrator” means the superintendent of banking and the superintendent of credit unions within the department of commerce.
2. “Alternative mortgage loan” means a mortgage loan which is a reverse annuity mortgage loan or graduated payment mortgage loan.
3. “Financial institution” means financial institution as defined in section 535A.1.
4. “Graduated payment mortgage loan” means a mortgage loan in which principal and interest payments, if any, and the making of additional advances, if any, are scheduled to reflect the prospective increasing or decreasing income of the mortgagor.
5. “Mortgage loan” means a loan secured by a first mortgage on one, two, three, or four family, owner-occupied residential real property.
6. “Reverse annuity mortgage loan” means a mortgage loan in which either the loan proceeds are used to purchase an annuity with the annuity proceeds to be advanced to the mortgagors, or the loan proceeds are directly advanced to the mortgagors, in ten or more installments, either directly or indirectly, and which together with unpaid interest, if any, are to be repaid in accordance with section 528.7.
89 Acts, ch 267, §2; 2012 Acts, ch 1017, §125
2023 Iowa Code › Title XIII - COMMERCE › Chapter 528 - ALTERNATIVE MORTGAGE LOANS › Section 528.3 - Financial institutions allowed to make alternative mortgages.

528.3 Financial institutions allowed to make alternative mortgages.
A financial institution may make alternative mortgage loans in accordance with this chapter. General provisions governing a financial institution’s mortgage loans apply to alternative mortgage loans unless inconsistent with the provisions of this chapter. This chapter does not prohibit a financial institution from making any loan which is not an alternative mortgage loan, provided such loan otherwise complies with applicable laws.
89 Acts, ch 267, §3
2023 Iowa Code › Title XIII - COMMERCE › Chapter 528 - ALTERNATIVE MORTGAGE LOANS › Section 528.4 - Prepayment penalty prohibited.

528.4 Prepayment penalty prohibited.
A financial institution making an alternative mortgage loan may contract with the mortgagor for interest to be paid currently or to accrue, and if accrued, for accrued interest to be added to the mortgage debt on which interest may be charged and collected. Accrued interest which is added to the mortgage debt shall be secured by the mortgage to the same extent as the principal of the alternative mortgage loan. An instrument evidencing an alternative mortgage loan shall not contain a provision imposing a penalty for prepayment of the loan.
89 Acts, ch 267, §4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 528 - ALTERNATIVE MORTGAGE LOANS › Section 528.5 - Disclosure of alternative mortgage loan information to applicants.

528.5 Disclosure of alternative mortgage loan information to applicants.
1. A financial institution that offers or makes an alternative mortgage loan shall include in any disclosure of the rates or availability of mortgage loans, the rates and availability of reverse annuity mortgages or graduated payment mortgage loans, if and when such loans are offered. The administrator may prescribe by rule forms for the required disclosures.
2. A prospective mortgage loan applicant shall have the choice of applying for a mortgage loan or any type of alternative mortgage loan offered by the financial institution.
89 Acts, ch 267, §5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 528 - ALTERNATIVE MORTGAGE LOANS › Section 528.6 - Prototype plan for alternative mortgage loans — approval by administrator.

528.6 Prototype plan for alternative mortgage loans — approval by administrator.
1. Before a financial institution makes an alternative mortgage loan, it shall submit to the administrator for that type of institution, for the administrator’s approval, the prototype plan and subsequent amendments to the plan under which alternative mortgage loans are to be made. A plan submitted shall include a copy of the form of note and mortgage instrument that will be used for that type of alternative mortgage loan, a detailed description of how the plan will function, and other information as the administrator requires. The administrator shall specifically review the mortgage instrument submitted as part of the plan to ensure that any default provisions included in the deed pursuant to section 528.7, subsection 2, paragraph “c”, are necessary to protect the interests of the mortgagee and are fair and equitable for the mortgagor. A reverse annuity mortgage shall provide that the mortgagor or mortgagors of the property shall retain a life estate in the property until the death of the mortgagor or all of the mortgagors, notwithstanding that the annuity may expire prior to the end of the life estate, depending upon the terms of the annuity.
2. The administrator may approve any plan and amendment to a plan that in the administrator’s opinion serves the best interests of prospective mortgagors and mortgagees. The administrator’s considerations shall include, without limitation, the flexibility of each plan to serve the differing needs of various persons who may apply for an alternative mortgage loan under the plan.
3. If the administrator approves the plan or amendment, the financial institution may make alternative mortgage loans in accordance with the approved plan and any approved amendments.
4. This section applies to all alternative mortgage loans made on or after January 1, 1990.
89 Acts, ch 267, §6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 528 - ALTERNATIVE MORTGAGE LOANS › Section 528.7 - Reduction in installment payments — repayment of mortgage debt.

528.7 Reduction in installment payments — repayment of mortgage debt.
1. If the mortgagee or its assignee and the mortgagor agree, any installment payment of either the loan proceeds or an annuity purchased with the loan proceeds of a reverse annuity mortgage loan may be reduced by an amount used for partial repayment of the mortgage debt, except as provided in subsection 2 of this section.
a. Notwithstanding any such reduction, each mortgagor shall receive a cash payment in each installment for the term of the annuity or, if no annuity, for the term during which the mortgagee contracted with the mortgagor to advance the loan proceeds.
b. Except as provided in subsection 2, no repayments of any part of the mortgage debt shall be required from the mortgagor after termination of the period during which loan proceeds or any annuity purchased with the loan proceeds are advanced to the mortgagor.
2. If the mortgagee or its assignee and the mortgagor agree, and at the option of the mortgagee, advances under a reverse annuity mortgage loan may terminate and the entire unpaid balance of the loan plus accrued interest may become due and payable upon the occurrence of any of the following events:
a. The death of the last surviving mortgagor.
b. The sale or other transfer of the real estate securing the loan to a person other than any of the original mortgagors.
c. Any other occurrence which materially decreases the value of the property securing the loan or which will have the likely effect of causing the loan not to be repaid. Any such additional occurrence shall be clearly described in the note or mortgage instrument.
89 Acts, ch 267, §7
Referred to in §528.2, 528.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 529 - IOWA FINANCIAL TRANSACTION REPORTING ACT › Section 529.3 - Investigations.

529.3 Investigations.
1. The attorney general or county attorney may conduct investigations within or outside this state to determine if any licensee, authorized delegate, money transmitter, or person engaged in a trade or business has failed to file a report required by this chapter or has engaged or is engaging in any act, practice, or transaction that constitutes a violation of this chapter.
2. Upon presentation of a subpoena from a prosecuting attorney, all licensees, authorized delegates, money transmitters, and financial institutions shall make their books and records available to the attorney general or county attorney or peace officer during normal business hours for inspection and examination in connection with an investigation pursuant to this section.
96 Acts, ch 1133, §36
2023 Iowa Code › Title XIII - COMMERCE › Chapter 529 - IOWA FINANCIAL TRANSACTION REPORTING ACT › Section 529.4 - Uniformity of construction and application.

529.4 Uniformity of construction and application.
1. The provisions of this chapter shall be liberally construed to effectuate its remedial purposes. Civil remedies under this chapter shall be supplemental and not mutually exclusive. The civil remedies do not preclude and are not precluded by other provisions of law.
2. The provisions of this chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting the law and to make the reporting requirements regarding financial transactions under Iowa law uniform with the reporting requirements regarding financial transactions under federal law.
3. The attorney general is authorized to enter into reciprocal agreements with the attorney general or chief prosecuting attorney of any state to effectuate the purposes of this chapter.
96 Acts, ch 1133, §37
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.102 - Definitions.

533.102 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Account insurance plan” means an arrangement providing account and share insurance which is of a type authorized under section 533.307.
2. “Common bond” means the shared characteristic of members of a credit union.
3. a. “Credit union” means a cooperative, nonprofit association, organized or incorporated in accordance with the provisions of this chapter or under the laws of another state or the Federal Credit Union Act, 12 U.S.C. §1751 et seq., for the purposes of creating a source of credit at a fair and reasonable rate of interest, of encouraging habits of thrift among its members, and of providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition.
b. A “credit union” is also a “supervised financial organization” as that term is defined and used in chapter 537, the Iowa consumer credit code.
4. “Credit union service organization” means a corporation, limited partnership, or limited liability company organized under state law to provide financial and financial-related services for one or more credit unions, each of which owns part of the capital stock of the credit union service organization, as authorized under section 533.301, subsection 5, paragraph “f”, and which corporation, limited partnership, or limited liability company is subject to examination by the credit union division of the Iowa department of commerce or a federal supervisory agency.
5. “Ownership share” means a share of a credit union acquired by a member at the time membership is initiated.
6. “Review board” means the credit union review board.
7. “State credit union” means a credit union organized pursuant to section 533.201.
8. “Superintendent” means the superintendent of credit unions appointed pursuant to section 533.104.
2007 Acts, ch 174, §2; 2012 Acts, ch 1023, §138; 2013 Acts, ch 17, §1
Referred to in §12C.13, 252I.1, 421.17A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.104 - Superintendent.

533.104 Superintendent.
1. A superintendent of credit unions shall be appointed by the governor, subject to confirmation by the senate, to regulate credit unions.
a. The appointee shall be selected solely with regard to qualification and fitness to discharge the duties of office.
b. The individual appointed shall have at least five years’ experience as a director or executive officer of a credit union, or comparable experience in the regulation or examination of credit unions. For purposes of this paragraph, credit union membership does not qualify as credit union experience.
2. The superintendent shall have an office at the seat of government. The superintendent’s term of office shall be four years beginning and ending as provided by section 69.19. The governor may remove the superintendent for malfeasance in office, or for any cause that renders the superintendent ineligible, incapable, or unfit to discharge the duties of the office.
3. The superintendent shall receive a salary set by the governor within a range established by the general assembly.
4. A vacancy in the office of superintendent shall be filled for the unexpired portion of the regular term.
5. The superintendent may adopt rules as necessary or appropriate to administer this chapter, subject to the prior approval of the rules by the review board.
2007 Acts, ch 174, §4
Referred to in §533.102, 546.4
Confirmation, see §2.32
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.105 - Deputy superintendent.

533.105 Deputy superintendent.
1. The superintendent may appoint an employee of the credit union division as deputy superintendent to perform the duties of the superintendent during the superintendent’s absence or inability to act.
2. The deputy superintendent shall serve at the pleasure of the superintendent. If the office of the superintendent becomes vacant, the deputy superintendent shall have all powers and duties of the superintendent until a new superintendent is appointed by the governor in accordance with this chapter.
3. The deputy superintendent shall receive a salary to be fixed by the superintendent.
2007 Acts, ch 174, §5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.106 - Employees.

533.106 Employees.
1. a. The superintendent may appoint assistants, examiners, and other employees as the superintendent considers necessary to the proper discharge of duties imposed upon the superintendent by the laws of this state.
b. Pay plans shall be established for the credit union division employees, other than clerical employees, who supervise and examine the accounts and affairs of credit unions and other persons, subject to supervision and regulation by the superintendent, that are substantially equivalent to those paid by the national credit union administration and other federal supervisory agencies in this area of the United States.
2. a. A state credit union, or its officers, directors, or employees, shall not directly or indirectly make a loan of money or property to the superintendent.
b. The superintendent shall not directly or indirectly accept a loan of money or property from a state credit union, or its officers, directors, or employees.
3. a. An employee of the credit union division, other than the superintendent, may borrow money from a state credit union only on comparable terms and conditions to those ordinarily extended to all members of the credit union. The employee shall notify the superintendent of the acceptance of a loan from a state credit union.
b. The superintendent may restrict borrowing by employees from state credit unions if the superintendent determines such borrowing will interfere with the functions of the credit union division.
c. An employee shall not participate in the examination of a credit union where the employee has a loan.
4. The superintendent or an employee of the credit union division, other than a member of the review board, shall not perform any services for or be an officer, director, or employee of a state credit union or any other entity supervised or regulated by the credit union division.
5. A person who violates subsections 1 through 4 shall be permanently disqualified from acting as an officer, director, or employee of a state credit union and permanently disqualified from acting as superintendent or an employee of the credit union division.
6. The superintendent or an employee of the credit union division who is convicted, or an applicant for employment with the credit union division who has been convicted, of theft, burglary, robbery, larceny, embezzlement, or other crime involving breach of trust, or a crime involving moral turpitude, shall be forever disqualified from holding any position in the credit union division.
2007 Acts, ch 174, §6; 2018 Acts, ch 1123, §5, 7; 2019 Acts, ch 59, §191
Referred to in §533.106A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.106A - Background investigations.

533.106A Background investigations.
1. The credit union division may conduct a background investigation on an applicant for employment with the division. The division shall inform an applicant that the position requires a background investigation and shall obtain the applicant’s written authorization prior to conducting the investigation.
2. The background investigation may include, without limitation, a review of at least the following subjects:
a. Work history and educational credentials.
b. Financial review.
c. Criminal history data, including a national criminal history check through the federal bureau of investigation.
3. If a background investigation is conducted, the applicant shall provide the applicant’s fingerprints to the credit union division. The division shall provide the fingerprints to the department of public safety for submission through the state criminal history repository to the federal bureau of investigation.
4. An employee of the credit union division may be subject to a national criminal history check through the federal bureau of investigation at least once every five years, or whenever circumstances arise giving the division reason to believe that the employee has been arrested, charged, or indicted for a crime as described in section 533.106, subsection 6.
5. The credit union division shall pay the actual cost of the background investigation, including fingerprinting and the national criminal history check, if any.
6. The results of a background investigation, including a criminal history check, shall not be considered a public record under chapter 22.
2018 Acts, ch 1123, §6, 7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.107 - Credit union review board.

533.107 Credit union review board.
1. A credit union review board is created. The review board shall consist of seven members, five of whom shall have been members in good standing for at least the previous five years of either an Iowa state chartered credit union, or a credit union chartered under the Federal Credit Union Act, 12 U.S.C. §1751 et seq., and having its principal place of business in Iowa. Two of the members may be public members; however, at no time shall more than five of the members be directors or employees of a credit union. The members shall serve for three-year staggered terms beginning and ending as provided by section 69.19.
2. The members of the review board shall be appointed by the governor subject to confirmation by the senate. The governor may appoint the members of the review board from a list of nominees submitted to the governor by the credit unions located in this state.
3. The review board shall meet at least four times each year and shall hold special meetings at the call of the chairperson. Four members constitute a quorum.
4. Each member of the review board shall receive actual and necessary expenses incurred in the discharge of official duties. Each member of the review board may also be eligible to receive compensation as provided in section 7E.6.
5. A member of the review board shall not take part in any action or participate in any decision when the matter under consideration specifically relates to a credit union of which the review board member is a member.
6. The review board may adopt rules pursuant to chapter 17A or take other action as it deems necessary or suitable, to administer this chapter.
2007 Acts, ch 174, §7; 2013 Acts, ch 90, §162
Confirmation, see §2.32
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.109 - Insurance and surety bond.

533.109 Insurance and surety bond.
1. The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state in order to ensure both of the following:
a. The faithful performance of the deputy superintendent, assistants, examiners, and all other employees of the credit union division.
b. Protection from any liability that may accrue in case of the loss of property of a state credit union, or of a member of a state credit union or of any other person, in the course of an examination, investigation, or other function required or allowed by the laws of this state.
2. The superintendent shall be bonded in accordance with chapter 64, provided that such bond shall be in the amount of one hundred thousand dollars.
2007 Acts, ch 174, §9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.110 - Reimbursement of expenses.

533.110 Reimbursement of expenses.
1. The superintendent, deputy superintendent, assistants, examiners, and other employees of the credit union division are entitled to receive reimbursement for expenses incurred in the performance of their duties.
2. The superintendent, and when specifically authorized by the superintendent, the deputy superintendent, assistants, examiners, and other employees of the division, are entitled to receive reimbursement for expenses incurred while attending conventions, meetings, conferences, schools, or seminars relating to the performance of their duties.
2007 Acts, ch 174, §10
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.113A - Meetings of the board called by superintendent.

533.113A Meetings of the board called by superintendent.
1. Whenever the superintendent deems it necessary and advisable, the superintendent may notify the board of directors of a state credit union that a meeting will be held at a place and time and manner as the superintendent directs. The superintendent’s notice may disclose the purpose of the meeting.
2. The superintendent may present to the board at the meeting any item the superintendent desires to bring to the attention of the board, including but not limited to any report of an examination required or allowed by this chapter, any conclusions or projections drawn by the superintendent, any recommendations made relative to a report of an examination, and any other matters concerning the operation and condition of the state credit union.
3. Each member of a board of directors required to hold a meeting with the superintendent pursuant to this section shall furnish a statement to the superintendent, on forms supplied by the superintendent, that the member acknowledges the matters presented by the superintendent.
4. A state credit union required to hold a meeting with the superintendent pursuant to this section shall cause the matters presented at such meeting to be recorded in the minutes of the meeting.
5. If the superintendent concludes that a state credit union’s affairs are in an unfavorable condition, the superintendent may direct the state credit union to consider consolidation, dissolution, or any other form of reorganization.
2017 Acts, ch 12, §2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533 - CREDIT UNIONS › Section 533.114 - Annual report of superintendent.

533.114 Annual report of superintendent.
1. The superintendent shall report annually to the governor in the manner and within the time required by chapter 7A. A copy of the report shall be furnished by the superintendent to each state credit union and to the Iowa credit union league and its affiliates.
2. In addition to the matters required by chapter 7A, the annual report of the superintendent shall contain all of the following:
a. A summary of applications approved or denied by the superintendent pursuant to this chapter since the last previous report.
b. A summary of the assets, liabilities, and capital structures of all state credit unions as of December 31 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 June 30 of the year for which the report is made and of the funds on hand on that June 30.
d. Information that the administrator of the Iowa consumer credit code may require to be included.
e. A list of state credit unions that have been designated as serving predominantly low-income members pursuant to section 533.301, subsection 1.
f. Other information the superintendent deems appropriate and advisable to disclose in the discharge of the duties imposed upon the superintendent by this chapter.
2007 Acts, ch 174, §14; 2016 Acts, ch 1030, §3