Text: H05121                            Text: H05123
Text: H05100 - H05199                   Text: H Index
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House Amendment 5122

Amendment Text

PAG LIN
  1  1    Amend Senate File 376, as passed by the Senate, as
  1  2 follows:
  1  3    #1.  Page 1, by striking lines 7 through 12 and
  1  4 inserting the following:  "payments on shares or as
  1  5 deposits, including the right to conduct Christmas
  1  6 clubs, vacation clubs, and other such thrift
  1  7 organizations within the membership.  Rules adopted
  1  8 allowing nonmember deposits in credit unions serving
  1  9 predominantly low-income members shall be designed
  1 10 solely to meet the needs of the low-income members."
  1 11    #2.  Page 3, by inserting after line 18 the
  1 12 following:
  1 13    "Sec.    .  Section 533.6, subsection 2, Code 1995,
  1 14 is amended to read as follows:
  1 15    2.  The superintendent may make or cause to be made
  1 16 an examination of each credit union whenever the
  1 17 superintendent believes such examination is necessary
  1 18 or advisable, but in no event less frequently than
  1 19 once during each eighteen-month period.  A credit
  1 20 union designated as serving predominantly low-income
  1 21 members shall be reviewed during each examination to
  1 22 ensure that such credit union is continuing to meet
  1 23 the standards established by rule of the
  1 24 superintendent.  Each credit union and all of its
  1 25 officers and agents shall give to the representatives
  1 26 of the superintendent free access to all books,
  1 27 papers, securities, records, and other sources of
  1 28 information under their control.  A report of such
  1 29 examination shall be forwarded to the chairperson of
  1 30 each credit union within thirty days after the
  1 31 completion of the examination.  Within thirty days of
  1 32 the receipt of this report, a meeting of the directors
  1 33 shall be called to consider matters contained in the
  1 34 report and the action taken shall be set forth in the
  1 35 minutes of the board.  The superintendent may accept,
  1 36 in lieu of the examination of a credit union, an audit
  1 37 report conducted by a certified public accounting firm
  1 38 selected from a list of firms previously approved by
  1 39 the superintendent.  The cost of the audit shall be
  1 40 paid by the credit union."
  1 41    #3.  Page 12, by inserting after line 13 the
  1 42 following:
  1 43    "Sec.    .  Section 533.61, subsection 2, Code
  1 44 1995, is amended by adding the following new
  1 45 paragraph:
  1 46    NEW PARAGRAPH.  f.  A list of credit unions which
  1 47 have been designated as serving predominantly low-
  1 48 income members pursuant to section 533.4, subsection
  1 49 1."
  1 50    #4.  By renumbering as necessary.  
  2  1 
  2  2 
  2  3                              
  2  4 COMMITTEE ON COMMERCE AND
  2  5 REGULATION
  2  6 METCALF of Polk, Chairperson
  2  7 SF 376.701 76
  2  8 mj/sc
     

Text: H05121                            Text: H05123
Text: H05100 - H05199                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

Iowa General Assembly

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