HF 358 (LSB 1208HV (1) 88)

HOUSE FILE 358

BY  COMMITTEE ON COMMERCE

(SUCCESSOR TO HSB 90)

A BILL FOR

An Act providing for the good-faith submission of information, records, applications, and documents to the credit union division.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  533.510  Submissions to credit union division —— good faith requirement.
   Any information, record, application, or document provided to the credit union division pursuant to this chapter shall be provided in good faith. A director, officer, agent, or employee of a state credit union, a credit union service organization, or any other person shall not intentionally publish, report, submit, file, or cause to be filed with the division any information, record, application, or document that is false or misleading by statement or omission. Any information, record, application, or document provided to the division in the absence of good faith or in violation of this section is subject to revocation of prior approval or denial, if applicable.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill provides that any information, record, application, or document provided to the credit union division pursuant to Code chapter 533 shall be provided in good faith. A director, officer, agent, or employee of a state credit union, a credit union service organization, or any other person shall not intentionally publish, report, submit, file, or cause to be filed with the division any information, record, application, or document that is false or misleading by statement or omission. The bill provides that any information, record, application, or document provided to the division in the absence of good faith or in violation of the bill is subject to revocation of prior approval or denial, if applicable.