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
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri Feb 1 03:30:00 CST 2002
URL: /DOCS/GA/79GA/Legislation/SF/00400/SF00472/010315.html
jhf