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PAG LIN 1 1 Section 1. Section 524.1201, subsection 1, Code 2001, is 1 2 amended to read as follows: 1 3 1.A bank shall not open or maintain a branch bank.A 1 4 state bank may establish and operate any number of bank 1 5 offices at any location in this state subject to the approval 1 6 and regulation of the superintendentand to the restrictions1 7upon location and number imposed by section 524.1202. A bank 1 8 office may furnish all banking services ordinarily furnished 1 9 to customers and depositors at the principal place of business 1 10 of the state bank which operates the office, and a bank office 1 11 manager or an officer of the bank shall be physically present 1 12 at each bank office during a majority of its business hours. 1 13 The central executive and official business and principal 1 14 recordkeeping functions of a state bank shall be exercised 1 15 only at its principal place of business or at another bank 1 16 office as authorized by the superintendent for these 1 17 functions. 1 18 Sec. 2. Section 524.1202, Code 2001, is amended by adding 1 19 the following new subsection: 1 20 NEW SUBSECTION. 4. Notwithstanding other restrictions in 1 21 this chapter to the contrary, a state bank may establish up to 1 22 three bank offices at any location in Iowa in addition to the 1 23 bank offices that may be established pursuant to other 1 24 provisions of this chapter, subject to the approval of the 1 25 superintendent. 1 26 Sec. 3. Section 524.1204, Code 2001, is amended to read as 1 27 follows: 1 28 524.1204 PRIVILEGES EXTENDED TO NATIONAL BANKS. 1 29 The privileges extended to state banks by section 524.1201,1 30524.1202and 524.1212 and chapter 527 shall be available on 1 31 the same conditions to national banks to the extent they are 1 32 so authorized by federal law. 1 33 Sec. 4. Section 524.1205, Code 2001, is amended to read as 1 34 follows: 1 35 524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE 2 1 – SUPERINTENDENT'S AUTHORITY TO REGULATE. 2 2 1. Notwithstanding section 524.1201, subsection 1, and 2 3 section 524.1202, subsection 2, paragraph "b", upon 2 4 application to and approval by the superintendent, a state 2 5 bank may acquire in any manner, establish, maintain, operate, 2 6 retain, or relocate a branch or office in a state other than 2 7 this state. Subject to the approval of the superintendent, 2 8 such branch or office may engage in any activity authorized 2 9 for a branch or office of a bank organized under the laws of 2 10 that other state. 2 11 2. The superintendent shall supervise and regulate all 2 12 out-of-state branches and offices of a state bank. 2 13 3. Sections 524.1201 and 524.1203 apply to an out-of-state 2 14 branch or office of a state bank except as otherwise provided 2 15 by the laws of the state in which a branch or office is 2 16 located or by the superintendent pursuant to this section. 2 17 4. This section does not authorize or permit a state- 2 18 chartered bank located outside of this state or a national 2 19 bank located outside of this state to establish a de novo 2 20 branch or office in this state.This section does not2 21authorize or permit, before June 1, 1997, an interstate merger2 22transaction within the meaning of 12 U.S.C. } 1831u(a).2 23 Sec. 5. Section 524.1205, Code 2001, as amended by section 2 24 4 of this Act, is amended to read as follows: 2 25 524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE 2 26 – SUPERINTENDENT'S AUTHORITY TO REGULATE. 2 27 1. Notwithstanding section 524.1201, subsection 1,and2 28section 524.1202, subsection 2, paragraph "b",upon 2 29 application to and approval by the superintendent, a state 2 30 bank may acquire in any manner, establish, maintain, operate, 2 31 retain, or relocate a branch or office in a state other than 2 32 this state. Subject to the approval of the superintendent, 2 33 such branch or office may engage in any activity authorized 2 34 for a branch or office of a bank organized under the laws of 2 35 that other state. 3 1 2. The superintendent shall supervise and regulate all 3 2 out-of-state branches and offices of a state bank. 3 3 3. Sections 524.1201 and 524.1203 apply to an out-of-state 3 4 branch or office of a state bank except as otherwise provided 3 5 by the laws of the state in which a branch or office is 3 6 located or by the superintendent pursuant to this section. 3 7 4. This section does not authorize or permit a state- 3 8 chartered bank located outside of this state or a national 3 9 bank located outside of this state to establish a de novo 3 10 branch or office in this state. 3 11 Sec. 6. Section 524.1212, Code 2001, is amended to read as 3 12 follows: 3 13 524.1212 LOCATION OF SATELLITE TERMINALS. 3 14 Any state bank may utilize a satellite terminal, as defined 3 15 in section 527.2, when that satellite terminal is lawfully 3 16 being operated, at any location within this state.A3 17satellite terminal which complies with the requirements of3 18chapter 527 is not a branch bank or an office of a bank and is3 19not subject to the restrictions on location or number set3 20forth in section 524.1202.Any transaction engaged in through 3 21 the use of a satellite terminal shall be deemed to take place 3 22 at the principal place of business of a bank whose accounts 3 23 and records are affected by the transaction. 3 24 Sec. 7. Section 524.1213, Code 2001, is amended by adding 3 25 the following new subsection: 3 26 NEW SUBSECTION. 8A. A bank that is converted to the 3 27 principal place of business or to a bank office of a united 3 28 community bank as a result of a merger or consolidation under 3 29 subsection 3 may establish any number of additional bank 3 30 offices that could have been established by the bank pursuant 3 31 to section 524.1202, subsection 4, prior to the merger or 3 32 consolidation. 3 33 Sec. 8. Section 524.1419, Code 2001, is amended to read as 3 34 follows: 3 35 524.1419 OFFICES OF A RESULTING STATE BANK. 4 1 If a merger or conversion results in a state bank subject 4 2 to the provisions of this chapter, the resulting state bank, 4 3 after the effective date of the merger or conversion, shall be 4 4 subject to the provisions of sections 524.1201, 524.1202,and 4 5 524.1203 relating to the bank offices. 4 6 Sec. 9. Section 534.214, subsection 2, unnumbered 4 7 paragraph 2, Code 2001, is amended by striking the unnumbered 4 8 paragraph. 4 9 Sec. 10. Sections 524.1202 and 524.1213, Code 2001, are 4 10 repealed. 4 11 Sec. 11. FUTURE EFFECTIVE DATE. Sections 1, 3, 5, 6, 8, 4 12 9, and 10 of this Act take effect July 1, 2004. 4 13 Sec. 12. IMMEDIATE EFFECTIVE DATE. Except as provided in 4 14 section 10 of this Act, this Act, being deemed of immediate 4 15 importance, takes effect upon enactment. 4 16 EXPLANATION 4 17 This bill allows state banks to establish additional bank 4 18 offices, in two phases. 4 19 The first phase is effective upon enactment, and involves 4 20 an amendment to Code section 524.1202 to provide that, 4 21 notwithstanding other restrictions in the chapter to the 4 22 contrary and subject to approval by the superintendent, a 4 23 state bank can establish up to three bank offices at any 4 24 location in Iowa. In a related action, the bill amends Code 4 25 section 524.1213 to provide that a bank that changes to a 4 26 principal place of business or to a bank office of a united 4 27 community bank due to merger or consolidation may establish 4 28 the number of additional bank offices it would have been 4 29 entitled to establish under Code section 524.1202 prior to the 4 30 merger or consolidation. 4 31 The other Code section that is amended upon enactment is 4 32 Code section 524.1205. The bill divides the existing section 4 33 into subsections, and deletes an outdated reference 4 34 restricting interstate merger transactions under 12 U.S.C. } 4 35 1831(u) prior to June 1, 1997. 5 1 The second phase of the bill takes effect on July 1, 2004. 5 2 At that time, Code section 524.1201 is amended to provide that 5 3 a state bank may establish any number of bank offices at any 5 4 location in the state, subject to the approval and regulation 5 5 of the superintendent. In a related action, Code sections 5 6 524.1202 and 524.1213 are repealed at that time. Related 5 7 changes are made to Code sections 524.1204, 524.1205, 5 8 524.1212, and 524.1419 to delete references to the repealed 5 9 Code section 524.1202. Code section 534.214 deletes a 5 10 provision relating to the restrictions on the number of 5 11 offices a bank may establish. 5 12 Portions of the bill take effect upon enactment and will be 5 13 codified in the next edition of the Code. The provisions of 5 14 the bill that do not take effect until July 1, 2004, will not 5 15 be codified until that time. Prior to that time, references 5 16 to the session law will be contained in footnotes to the 5 17 appropriate Code sections. 5 18 LSB 1780HC 79 5 19 jj/pj/5
Text: HSB00050 Text: HSB00052 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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