Text: SF00125 Text: SF00127 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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 subsections: 1 20 NEW SUBSECTION. 4. Notwithstanding other restrictions in 1 21 this chapter to the contrary, a state bank may, subject to the 1 22 approval of the superintendent, establish up to three bank 1 23 offices at any location in Iowa in addition to the bank 1 24 offices that may be established pursuant to other provisions 1 25 of this chapter. 1 26 NEW SUBSECTION. 5. Notwithstanding any other restrictions 1 27 in this chapter to the contrary, a branch of an out-of-state 1 28 national bank or a branch of an out-of-state state bank may 1 29 establish up to three bank offices at any location in Iowa in 1 30 addition to the bank offices that may be established pursuant 1 31 to other provisions of this chapter, provided that no more 1 32 than a total of three such bank offices may be established by 1 33 all branches collectively of an out-of-state national bank or 1 34 an out-of-state state bank. 1 35 Sec. 3. Section 524.1204, Code 2001, is amended to read as 2 1 follows: 2 2 524.1204 PRIVILEGES EXTENDED TO NATIONAL BANKS. 2 3 The privileges extended to state banks by section 524.1201,2 4524.1202and 524.1212 and chapter 527 shall be available on 2 5 the same conditions to national banks to the extent they are 2 6 so authorized by federal law. 2 7 Sec. 4. Section 524.1205, Code 2001, is amended to read as 2 8 follows: 2 9 524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE 2 10 – SUPERINTENDENT'S AUTHORITY TO REGULATE. 2 11 1. Notwithstanding section 524.1201, subsection 1, and 2 12 section 524.1202, subsection 2, paragraph "b", upon 2 13 application to and approval by the superintendent, a state 2 14 bank may acquire in any manner, establish, maintain, operate, 2 15 retain, or relocate a branch or office in a state other than 2 16 this state. Subject to the approval of the superintendent, 2 17 such branch or office may engage in any activity authorized 2 18 for a branch or office of a bank organized under the laws of 2 19 that other state. 2 20 2. The superintendent shall supervise and regulate all 2 21 out-of-state branches and offices of a state bank. 2 22 3. Sections 524.1201 and 524.1203 apply to an out-of-state 2 23 branch or office of a state bank except as otherwise provided 2 24 by the laws of the state in which a branch or office is 2 25 located or by the superintendent pursuant to this section. 2 26 4. This section does not authorize or permit a state- 2 27 chartered bank located outside of this state or a national 2 28 bank located outside of this state to establish a de novo 2 29 branch or office in this state.This section does not2 30authorize or permit, before June 1, 1997, an interstate merger2 31transaction within the meaning of 12 U.S.C. } 1831u(a).2 32 Sec. 5. Section 524.1205, Code 2001, as amended by section 2 33 4 of this Act, is amended to read as follows: 2 34 524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE 2 35 – SUPERINTENDENT'S AUTHORITY TO REGULATE. 3 1 1. Notwithstanding section 524.1201, subsection 1,and3 2section 524.1202, subsection 2, paragraph "b",upon 3 3 application to and approval by the superintendent, a state 3 4 bank may acquire in any manner, establish, maintain, operate, 3 5 retain, or relocate a branch or office in a state other than 3 6 this state. Subject to the approval of the superintendent, 3 7 such branch or office may engage in any activity authorized 3 8 for a branch or office of a bank organized under the laws of 3 9 that other state. 3 10 2. The superintendent shall supervise and regulate all 3 11 out-of-state branches and offices of a state bank. 3 12 3. Sections 524.1201 and 524.1203 apply to an out-of-state 3 13 branch or office of a state bank except as otherwise provided 3 14 by the laws of the state in which a branch or office is 3 15 located or by the superintendent pursuant to this section. 3 16 4. This section does not authorize or permit a state- 3 17 chartered bank located outside of this state or a national 3 18 bank located outside of this state to establish a de novo 3 19 branch or office in this state. 3 20 Sec. 6. Section 524.1212, Code 2001, is amended to read as 3 21 follows: 3 22 524.1212 LOCATION OF SATELLITE TERMINALS. 3 23 Any state bank may utilize a satellite terminal, as defined 3 24 in section 527.2, when that satellite terminal is lawfully 3 25 being operated, at any location within this state.A3 26satellite terminal which complies with the requirements of3 27chapter 527 is not a branch bank or an office of a bank and is3 28not subject to the restrictions on location or number set3 29forth in section 524.1202.Any transaction engaged in through 3 30 the use of a satellite terminal shall be deemed to take place 3 31 at the principal place of business of a bank whose accounts 3 32 and records are affected by the transaction. 3 33 Sec. 7. Section 524.1213, Code 2001, is amended by adding 3 34 the following new subsection: 3 35 NEW SUBSECTION. 8A. A bank that is converted to the 4 1 principal place of business or to a united community bank 4 2 office as a result of a merger or consolidation under 4 3 subsection 3 that occurs after January 1, 2001, may establish 4 4 any number of additional bank offices that could have been 4 5 established by the bank pursuant to section 524.1202, 4 6 subsection 4, prior to the merger or consolidation. 4 7 Sec. 8. Section 524.1419, Code 2001, is amended to read as 4 8 follows: 4 9 524.1419 OFFICES OF A RESULTING STATE BANK. 4 10 If a merger or conversion results in a state bank subject 4 11 to the provisions of this chapter, the resulting state bank, 4 12 after the effective date of the merger or conversion, shall be 4 13 subject to the provisions of sections 524.1201, 524.1202,and 4 14 524.1203 relating to the bank offices. 4 15 Sec. 9. Section 534.214, subsection 2, unnumbered 4 16 paragraph 2, Code 2001, is amended by striking the unnumbered 4 17 paragraph. 4 18 Sec. 10. Sections 524.1202 and 524.1213, Code 2001, are 4 19 repealed. 4 20 Sec. 11. FUTURE EFFECTIVE DATE. Sections 1, 3, 5, 6, 8, 4 21 9, and 10 of this Act take effect July 1, 2004. 4 22 Sec. 12. IMMEDIATE EFFECTIVE DATE. Except as provided in 4 23 section 11 of this Act, this Act, being deemed of immediate 4 24 importance, takes effect upon enactment. 4 25 EXPLANATION 4 26 This bill allows state banks to establish additional bank 4 27 offices, in two phases. 4 28 The first phase is effective upon enactment, and involves 4 29 an amendment to Code section 524.1202 to provide that, 4 30 notwithstanding other restrictions in the chapter to the 4 31 contrary and subject to approval by the superintendent, a 4 32 state bank can establish up to three bank offices at any 4 33 location in Iowa in addition to the bank offices that can be 4 34 established pursuant to Code chapter 524. A branch of an out- 4 35 of-state national or state bank is also permitted to establish 5 1 up to three bank offices at any location in Iowa in addition 5 2 to the bank offices that may be established pursuant to Code 5 3 chapter 524, provided that no more than a total of three such 5 4 bank offices may be established by all branches collectively 5 5 by an out-of-state bank. 5 6 In a related action, the bill amends Code section 524.1213 5 7 to provide that a bank that changes to a principal place of 5 8 business or to a united community bank office due to merger or 5 9 consolidation after January 1, 2001, may establish the number 5 10 of additional bank offices it would have been entitled to 5 11 establish under Code section 524.1202 prior to the merger or 5 12 consolidation. 5 13 The other Code section that is amended upon enactment is 5 14 Code section 524.1205. The bill divides the existing section 5 15 into subsections, and deletes an outdated reference 5 16 restricting interstate merger transactions under 12 U.S.C. } 5 17 1831(u) prior to June 1, 1997. 5 18 The second phase of the bill takes effect on July 1, 2004. 5 19 At that time, Code section 524.1201 is amended to provide that 5 20 a state bank may establish any number of bank offices at any 5 21 location in the state, subject to the approval and regulation 5 22 of the superintendent. In a related action, Code sections 5 23 524.1202 and 524.1213 are repealed at that time. Related 5 24 changes are made to Code sections 524.1204, 524.1205, 5 25 524.1212, and 524.1419 to delete references to the repealed 5 26 Code section 524.1202. Code section 534.214 is amended to 5 27 delete a provision relating to the restrictions on the number 5 28 of offices a bank may establish. 5 29 Portions of the bill take effect upon enactment and will be 5 30 codified in the next edition of the Code. The provisions of 5 31 the bill that do not take effect until July 1, 2004, will not 5 32 be codified until that time. Prior to that time, references 5 33 to the session law will be contained in footnotes to the 5 34 appropriate Code sections. 5 35 LSB 1780SV 79 6 1 jj/pj/5
Text: SF00125 Text: SF00127 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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