1. Each credit union shall pay to the superintendent an annual fee as established by the superintendent and adopted by the credit union review board. The fee shall be based upon the actual operating costs of the credit union division.
2. Failure of a credit union to pay a fee pursuant to subsection 1 within fifteen days after the fee is due shall result in the fee being considered delinquent and a penalty equal to five percent of the original fee may be assessed for each day or part of a day the payment remains delinquent. The delinquency may be grounds for revocation of the charter of the credit union.
3. All expenses required in the discharge of the duties and responsibilities imposed upon the superintendent and the board by the laws of this state shall be paid from funds appropriated from the general fund of the state. The superintendent shall pay all fees and other money received by the superintendent to the treasurer of state within the same time required by section 12.10. The treasurer of state shall deposit such funds in the general fund of the state. Funds appropriated to the credit union division shall be subject at all times to the warrant of the director of revenue and finance, drawn upon written requisition of the superintendent or a designated representative, for the payment of all salaries and other expenses necessary to carry out the duties of the credit union division.
4. The superintendent, deputy or employees of the credit union division shall not have any business dealings with an Iowa state chartered credit union, except that any of these persons may hold a membership in a credit union for the purpose of engaging in transactions involving savings of the person which are held or to be held in share accounts, deposit accounts, thrift club accounts or share-draft accounts. Credit unions shall not accept moneys for deposit and shall not have any business transaction with the superintendent, deputy or an employee of the credit union division, except to the extent permitted by the first sentence of this subsection. A person who willfully undertakes to establish a business dealing contrary to this section commits a serious misdemeanor, and shall be permanently disqualified from acting as an officer, director or employee of a state chartered credit union and permanently disqualified from acting as superintendent, deputy or employee of the credit union division.
[C79, 81, § 533.62]
92 Acts, ch 1039, § 4
Iowa General Assembly
Search: Iowa Code 1995
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