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House Journal: Page 614: Monday, March 11, 1996

H-5122

 1     Amend Senate File 376, as passed by the Senate, as
 2   follows:
 3     1.  Page 1, by striking lines 7 through 12 and
 4   inserting the following:  "payments on shares or as
 5   deposits, including the right to conduct Christmas
 6   clubs, vacation clubs, and other such thrift
 7   organizations within the membership.  Rules adopted
 8   allowing nonmember deposits in credit unions serving
 9   predominantly low-income members shall be designed
10   solely to meet the needs of the low-income members."
11     2.  Page 3, by inserting after line 18 the
12   following:
13     "Sec. ___.  Section 533.6, subsection 2, Code 1995,
14   is amended to read as follows:
15     2.  The superintendent may make or cause to be made
16   an examination of each credit union whenever the
17   superintendent believes such examination is necessary
18   or advisable, but in no event less frequently than
19   once during each eighteen-month period.  A credit
20   union designated as serving predominantly low-income
21   members shall be reviewed during each examination to
22   ensure that such credit union is continuing to meet
23   the standards established by rule of the
24   superintendent.  Each credit union and all of its
25   officers and agents shall give to the representatives
26   of the superintendent free access to all books,
27   papers, securities, records, and other sources of
28   information under their control.  A report of such
29   examination shall be forwarded to the chairperson of
30   each credit union within thirty days after the
31   completion of the examination.  Within thirty days of
32   the receipt of this report, a meeting of the directors
33   shall be called to consider matters contained in the
34   report and the action taken shall be set forth in the
35   minutes of the board.  The superintendent may accept,
36   in lieu of the examination of a credit union, an audit
37   report conducted by a certified public accounting firm
38   selected from a list of firms previously approved by
39   the superintendent.  The cost of the audit shall be
40   paid by the credit union."
41     3.  Page 12, by inserting after line 13 the
42   following:
43     "Sec. ___.  Section 533.61, subsection 2, Code
44   1995, is amended by adding the following new
45   paragraph:
46     NEW PARAGRAPH.  f.  A list of credit unions which
47   have been designated as serving predominantly low-
48   income members pursuant to section 533.4, subsection
49   1."
50     4.  By renumbering as necessary.
The committee amendment H- 5122 was adopted.

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Tue Mar 12 13:30:03 CST 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/00600/00614.html
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