Text: SF00471 Text: SF00473 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 524.218A PRODUCTION OF RECORDS.
1 2 1. A state bank shall provide a reasonable number of
1 3 copies of any record in the custody of the state bank,
1 4 relating to a borrower or customer, upon the request of the
1 5 borrower or customer, the authorized agent or trustee of the
1 6 borrower or customer, or a person who holds a power of
1 7 attorney granted by the borrower or customer, upon the payment
1 8 of a fee, within ten business days of the request. The state
1 9 bank may extend the time for response for one additional ten-
1 10 day period, if the state bank informs the person making the
1 11 request, in writing, of the need for the additional time and
1 12 the date by which the records or copies will be available.
1 13 The superintendent shall provide by rule for sanctions for
1 14 noncompliance.
1 15 2. The fee for the copying service as determined by the
1 16 state bank shall not exceed the cost of providing the service,
1 17 including labor expended to locate the record and perform the
1 18 copying, and shall be at a rate usual and customary for
1 19 performing work of a clerical nature. The commissioner may
1 20 establish a maximum copying service charge by rule.
1 21 3. As used in this section, "records" includes but is not
1 22 limited to statements of account, applications for credit,
1 23 loan documents, mortgages or other evidence of indebtedness,
1 24 alternative mortgages regulated under chapter 528, letters of
1 25 credit, certificates of deposit, and descriptions of stock or
1 26 other items of value held for collateral, whether in the
1 27 possession of the bank or in the possession of the borrower.
1 28 "Records" does not include any electronic personal identifier
1 29 issued to the borrower or customer by the state bank for
1 30 access or security purposes.
1 31 4. If the state bank has possession of an abstract of
1 32 title for real estate, the abstract shall be maintained in a
1 33 location from which the abstract can be recalled within ten
1 34 business days of a request submitted by a person as provided
1 35 in subsection 1.
2 1 Sec. 2. Section 524.1204, Code 2001, is amended by adding
2 2 the following new unnumbered paragraph:
2 3 NEW UNNUMBERED PARAGRAPH. National banks doing business in
2 4 this state shall comply with the production of records
2 5 requirements in section 524.218A.
2 6 Sec. 3. NEW SECTION. 533.40 PRODUCTION OF RECORDS.
2 7 1. A credit union regulated under this chapter and doing
2 8 business in this state, including a federal credit union,
2 9 shall provide a reasonable number of copies of any record in
2 10 the custody of the credit union, relating to a borrower or
2 11 customer, upon the request of the borrower or customer, the
2 12 authorized agent or trustee of the borrower or customer, a
2 13 person who holds a power of attorney granted by the borrower
2 14 or customer, or a person authorized by a state or federal
2 15 court, upon the payment of a fee, within ten business days of
2 16 the request. The credit union may extend the time for
2 17 response for one additional ten-day period, if the credit
2 18 union informs the person making the request, in writing, of
2 19 the need for the additional time and the date by which the
2 20 records or copies will be available. The superintendent shall
2 21 provide by rule for sanctions for noncompliance.
2 22 2. The fee for the copying service as determined by the
2 23 credit union shall not exceed the cost of providing the
2 24 service, including labor expended to locate the record and
2 25 perform the copying, and shall be at a rate usual and
2 26 customary for performing work of a clerical nature. The
2 27 commissioner may establish a maximum charge by rule.
2 28 3. As used in this section, "records" includes but is not
2 29 limited to statements of account, applications for credit,
2 30 loan documents, mortgages or other evidence of indebtedness,
2 31 alternative mortgages regulated under chapter 528, letters of
2 32 credit, certificates of deposit, and descriptions of stock or
2 33 other items of value held for collateral, whether in the
2 34 possession of the credit union or in the possession of the
2 35 borrower. "Records" does not include any electronic personal
3 1 identifier issued to the borrower or customer by the credit
3 2 union for access or security purposes.
3 3 4. If the credit union has possession of an abstract of
3 4 title for real estate, the abstract shall be maintained in a
3 5 location from which the abstract can be recalled within ten
3 6 business days of a request submitted by a person as provided
3 7 in subsection 1.
3 8 Sec. 4. NEW SECTION. 534.410 PRODUCTION OF RECORDS.
3 9 1. An association doing business in this state, including
3 10 a federal savings and loan association incorporated under the
3 11 Home Owners' Loan Act of 1933, 12 U.S.C. } 1461-1468, as
3 12 amended, shall provide a reasonable number of copies of any
3 13 record in the custody of the association, relating to a
3 14 borrower or customer, upon the request of the borrower or
3 15 customer, the authorized agent or trustee of the borrower or
3 16 customer, a person who holds a power of attorney granted by
3 17 the borrower or customer, or a person authorized by a state or
3 18 federal court, upon the payment of a fee, within ten business
3 19 days of the request. The association may extend the time for
3 20 response for one additional ten-day period, if the association
3 21 informs the person making the request, in writing, of the need
3 22 for the additional time and the date by which the records or
3 23 copies will be available. The superintendent shall provide by
3 24 rule for sanctions for noncompliance.
3 25 2. The fee for the copying service as determined by the
3 26 association shall not exceed the cost of providing the
3 27 service, including labor expended to locate the record and
3 28 perform the copying, and shall be at a rate usual and
3 29 customary for performing work of a clerical nature, and the
3 30 commissioner may establish a maximum charge by rule.
3 31 3. As used in this section, "records" includes but is not
3 32 limited to statements of account, applications for credit,
3 33 loan documents, mortgages or other evidence of indebtedness,
3 34 alternative mortgages regulated under chapter 528, letters of
3 35 credit, certificates of deposit, and descriptions of stock or
4 1 other items of value held for collateral, whether in the
4 2 possession of the association or in the possession of the
4 3 borrower. "Records" does not include any electronic personal
4 4 identifier issued to the borrower or customer by the
4 5 association for access or security purposes.
4 6 4. If the association has possession of an abstract of
4 7 title for real estate, the abstract shall be maintained in a
4 8 location from which the abstract can be recalled within ten
4 9 business days of a request submitted by a person as provided
4 10 in subsection 1.
4 11 Sec. 5. NEW SECTION. 536.17 PRODUCTION OF RECORDS.
4 12 1. A licensee doing business in this state shall provide a
4 13 reasonable number of copies of any record in the custody of
4 14 the licensee, relating to a borrower or customer, upon the
4 15 request of the borrower or customer, the authorized agent or
4 16 trustee of the borrower or customer, a person who holds a
4 17 power of attorney granted by the borrower or customer, or a
4 18 person authorized by a state or federal court, upon the
4 19 payment of a fee, within ten business days of the request.
4 20 The licensee may extend the time for response for one
4 21 additional ten-day period, if the licensee informs the person
4 22 making the request, in writing, of the need for the additional
4 23 time and the date by which the records or copies will be
4 24 available. The superintendent shall provide by rule for
4 25 sanctions for noncompliance.
4 26 2. The fee for the copying service as determined by the
4 27 licensee shall not exceed the cost of providing the service,
4 28 including labor expended to locate the record and perform the
4 29 copying, and shall be at a rate usual and customary for
4 30 performing work of a clerical nature, and the commissioner may
4 31 establish a maximum charge by rule.
4 32 3. As used in this section, "records" includes but is not
4 33 limited to statements of account, applications for credit,
4 34 loan documents, mortgages or other evidence of indebtedness,
4 35 alternative mortgages regulated under chapter 528, letters of
5 1 credit, certificates of deposit, and descriptions of stock or
5 2 other items of value held for collateral, whether in the
5 3 possession of the association or in the possession of the
5 4 borrower. "Records" does not include any electronic personal
5 5 identifier issued to the customer by the licensee for access
5 6 or security purposes.
5 7 4. If the licensee has possession of an abstract of title
5 8 for real estate, the abstract shall be maintained in a
5 9 location from which the abstract can be recalled within ten
5 10 business days of a request submitted by a person as provided
5 11 in subsection 1.
5 12 Sec. 6. Section 536A.23, Code 2001, is amended by adding
5 13 the following new subsection:
5 14 NEW SUBSECTION. 6. Industrial loan companies licensed
5 15 under this chapter shall comply with the production of records
5 16 requirements in section 536.17.
5 17 Sec. 7. NEW SECTION. 537.1111 PRODUCTION OF RECORDS.
5 18 1. A person subject to the requirements of this chapter as
5 19 provided in section 537.6102, shall provide a reasonable
5 20 number of copies of any record in the custody of the person,
5 21 relating to a particular consumer, upon the request of the
5 22 consumer, the authorized agent or trustee of the consumer, a
5 23 person who holds a power of attorney granted by the consumer,
5 24 or a person authorized by a state or federal court, upon the
5 25 payment of a fee, within ten business days of the request.
5 26 The person may extend the time for response for one additional
5 27 ten-day period, if the person informs the person making the
5 28 request, in writing, of the need for the additional time and
5 29 the date by which the records or copies will be available.
5 30 The administrator shall provide by rule for sanctions for
5 31 noncompliance.
5 32 2. The fee for the copying service as determined by the
5 33 person shall not exceed the cost of providing the service,
5 34 including labor expended to locate the record and perform the
5 35 copying, and shall be at a rate usual and customary for
6 1 performing work of a clerical nature, and the administrator
6 2 may establish a maximum charge by rule.
6 3 3. As used in this section, "records" includes but is not
6 4 limited to statements of account, applications for credit,
6 5 leases, consumer rental purchase agreements, loan documents,
6 6 mortgages or other evidence of indebtedness, retail
6 7 installment sale contracts, letters of credit, certificates of
6 8 deposit, and descriptions of stock or other items of value
6 9 held for collateral, whether in the possession of the person
6 10 or in the possession of the consumer or person subject to this
6 11 chapter. "Records" does not include any electronic personal
6 12 identifier issued to the consumer by the person for access or
6 13 security purposes.
6 14 4. If the person has possession of an abstract of title
6 15 for real estate, the abstract shall be maintained in a
6 16 location from which the abstract can be recalled within ten
6 17 business days of a request submitted as provided in subsection
6 18 1.
6 19 EXPLANATION
6 20 This bill makes changes that require banks, credit unions,
6 21 savings and loan associations, regulated loan companies,
6 22 industrial loan companies, and persons who supply consumer
6 23 credit to produce copies of records related to a borrower,
6 24 customer, or consumer, or certain persons on behalf of the
6 25 borrower, customer, or consumer, within 10 business days of a
6 26 request. The banks, credit unions, savings and loan
6 27 associations, regulated loan companies, industrial loan
6 28 companies, and persons who supply consumer credit may extend
6 29 the time for response for one additional 10-day period, if the
6 30 person informs the person making the request, in writing, of
6 31 the need for the additional time and the date by which the
6 32 records or copies will be available. The administrator shall
6 33 provide by rule for sanctions for noncompliance.
6 34 The banks, credit unions, savings and loan associations,
6 35 regulated loan companies, industrial loan companies, and
7 1 persons who supply consumer credit may charge a fee for the
7 2 copying service that shall not exceed the cost of providing
7 3 the service, including labor expended to locate the record and
7 4 perform the copying. The fee shall be at a rate usual and
7 5 customary for performing work of a clerical nature, and the
7 6 commissioner of banking may establish a maximum charge by
7 7 rule.
7 8 The bill defines "records" as statements of account,
7 9 applications for credit, loan documents, mortgages or other
7 10 evidence of indebtedness, alternative mortgages regulated by
7 11 Code chapter 528, letters of credit, certificates of deposit,
7 12 consumer rental purchase agreements, retail installment sales
7 13 contracts, and descriptions of stock or other items of value
7 14 held for collateral. However, "records" does not include any
7 15 electronic personal identifier issued to the customer for
7 16 access or security purposes.
7 17 LSB 1981XS 79
7 18 vl/cf/24
Text: SF00471 Text: SF00473 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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