Text: HF00221 Text: HF00223 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 222 1 2 1 3 AN ACT 1 4 PERMITTING BANKS IN IOWA TO ESTABLISH ADDITIONAL BANK 1 5 OFFICES, AND CONTAINING EFFECTIVE DATES. 1 6 1 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 8 1 9 Section 1. Section 524.1201, subsection 1, Code 2001, is 1 10 amended to read as follows: 1 11 1.A bank shall not open or maintain a branch bank.A 1 12 state bank may establish and operate any number of bank 1 13 offices at any location in this state subject to the approval 1 14 and regulation of the superintendentand to the restrictions1 15upon location and number imposed by section 524.1202. A bank 1 16 office may furnish all banking services ordinarily furnished 1 17 to customers and depositors at the principal place of business 1 18 of the state bank which operates the office, and a bank office 1 19 manager or an officer of the bank shall be physically present 1 20 at each bank office during a majority of its business hours. 1 21 The central executive and official business and principal 1 22 recordkeeping functions of a state bank shall be exercised 1 23 only at its principal place of business or at another bank 1 24 office as authorized by the superintendent for these 1 25 functions. 1 26 Sec. 2. Section 524.1202, Code 2001, is amended by adding 1 27 the following new subsections: 1 28 NEW SUBSECTION. 4. Notwithstanding other restrictions in 1 29 this chapter to the contrary, a state bank may, subject to the 1 30 approval of the superintendent, establish up to three bank 1 31 offices at any location in Iowa in addition to the bank 1 32 offices that may be established pursuant to other provisions 1 33 of this chapter. 1 34 NEW SUBSECTION. 5. Notwithstanding any other restrictions 1 35 in this chapter to the contrary, a branch of an out-of-state 2 1 national bank or a branch of an out-of-state state bank may 2 2 establish up to three bank offices at any location in Iowa in 2 3 addition to the bank offices that may be established pursuant 2 4 to other provisions of this chapter, provided that no more 2 5 than a total of three such bank offices may be established by 2 6 all branches collectively of an out-of-state national bank or 2 7 an out-of-state state bank. 2 8 Sec. 3. Section 524.1204, Code 2001, is amended to read as 2 9 follows: 2 10 524.1204 PRIVILEGES EXTENDED TO NATIONAL BANKS. 2 11 The privileges extended to state banks by section 524.1201,2 12524.1202and 524.1212 and chapter 527 shall be available on 2 13 the same conditions to national banks to the extent they are 2 14 so authorized by federal law. 2 15 Sec. 4. Section 524.1205, Code 2001, is amended to read as 2 16 follows: 2 17 524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE 2 18 – SUPERINTENDENT'S AUTHORITY TO REGULATE. 2 19 1. Notwithstanding section 524.1201, subsection 1, and 2 20 section 524.1202, subsection 2, paragraph "b", upon 2 21 application to and approval by the superintendent, a state 2 22 bank may acquire in any manner, establish, maintain, operate, 2 23 retain, or relocate a branch or office in a state other than 2 24 this state. Subject to the approval of the superintendent, 2 25 such branch or office may engage in any activity authorized 2 26 for a branch or office of a bank organized under the laws of 2 27 that other state. 2 28 2. The superintendent shall supervise and regulate all 2 29 out-of-state branches and offices of a state bank. 2 30 3. Sections 524.1201 and 524.1203 apply to an out-of-state 2 31 branch or office of a state bank except as otherwise provided 2 32 by the laws of the state in which a branch or office is 2 33 located or by the superintendent pursuant to this section. 2 34 4. This section does not authorize or permit a state- 2 35 chartered bank located outside of this state or a national 3 1 bank located outside of this state to establish a de novo 3 2 branch or office in this state.This section does not3 3authorize or permit, before June 1, 1997, an interstate merger3 4transaction within the meaning of 12 U.S.C. } 1831u(a).3 5 Sec. 5. Section 524.1205, Code 2001, as amended by section 3 6 4 of this Act, is amended to read as follows: 3 7 524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE 3 8 – SUPERINTENDENT'S AUTHORITY TO REGULATE. 3 9 1. Notwithstanding section 524.1201, subsection 1,and3 10section 524.1202, subsection 2, paragraph "b",upon 3 11 application to and approval by the superintendent, a state 3 12 bank may acquire in any manner, establish, maintain, operate, 3 13 retain, or relocate a branch or office in a state other than 3 14 this state. Subject to the approval of the superintendent, 3 15 such branch or office may engage in any activity authorized 3 16 for a branch or office of a bank organized under the laws of 3 17 that other state. 3 18 2. The superintendent shall supervise and regulate all 3 19 out-of-state branches and offices of a state bank. 3 20 3. Sections 524.1201 and 524.1203 apply to an out-of-state 3 21 branch or office of a state bank except as otherwise provided 3 22 by the laws of the state in which a branch or office is 3 23 located or by the superintendent pursuant to this section. 3 24 4. This section does not authorize or permit a state- 3 25 chartered bank located outside of this state or a national 3 26 bank located outside of this state to establish a de novo 3 27 branch or office in this state. 3 28 Sec. 6. Section 524.1212, Code 2001, is amended to read as 3 29 follows: 3 30 524.1212 LOCATION OF SATELLITE TERMINALS. 3 31 Any state bank may utilize a satellite terminal, as defined 3 32 in section 527.2, when that satellite terminal is lawfully 3 33 being operated, at any location within this state.A3 34satellite terminal which complies with the requirements of3 35chapter 527 is not a branch bank or an office of a bank and is4 1not subject to the restrictions on location or number set4 2forth in section 524.1202.Any transaction engaged in through 4 3 the use of a satellite terminal shall be deemed to take place 4 4 at the principal place of business of a bank whose accounts 4 5 and records are affected by the transaction. 4 6 Sec. 7. Section 524.1213, Code 2001, is amended by adding 4 7 the following new subsection: 4 8 NEW SUBSECTION. 8A. A bank that is converted to the 4 9 principal place of business or to a united community bank 4 10 office as a result of a merger or consolidation under 4 11 subsection 3 that occurs after January 1, 2001, may establish 4 12 any number of additional bank offices that could have been 4 13 established by the bank pursuant to section 524.1202, 4 14 subsection 4, prior to the merger or consolidation. 4 15 Sec. 8. Section 524.1419, Code 2001, is amended to read as 4 16 follows: 4 17 524.1419 OFFICES OF A RESULTING STATE BANK. 4 18 If a merger or conversion results in a state bank subject 4 19 to the provisions of this chapter, the resulting state bank, 4 20 after the effective date of the merger or conversion, shall be 4 21 subject to the provisions of sections 524.1201, 524.1202,and 4 22 524.1203 relating to the bank offices. 4 23 Sec. 9. Section 534.214, subsection 2, unnumbered 4 24 paragraph 2, Code 2001, is amended by striking the unnumbered 4 25 paragraph. 4 26 Sec. 10. Sections 524.1202 and 524.1213, Code 2001, are 4 27 repealed. 4 28 Sec. 11. FUTURE EFFECTIVE DATE. Sections 1, 3, 5, 6, 8, 4 29 9, and 10 of this Act take effect July 1, 2004. 4 30 Sec. 12. IMMEDIATE EFFECTIVE DATE. Except as provided in 4 31 section 11 of this Act, this Act, being deemed of immediate 4 32 importance, takes effect upon enactment. 4 33 4 34 4 35 5 1 BRENT SIEGRIST 5 2 Speaker of the House 5 3 5 4 5 5 5 6 MARY E. KRAMER 5 7 President of the Senate 5 8 5 9 I hereby certify that this bill originated in the House and 5 10 is known as House File 222, Seventy-ninth General Assembly. 5 11 5 12 5 13 5 14 MARGARET THOMSON 5 15 Chief Clerk of the House 5 16 Approved , 2001 5 17 5 18 5 19 5 20 THOMAS J. VILSACK 5 21 Governor
Text: HF00221 Text: HF00223 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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