House Journal: Page 943: Monday, March 25, 2002
45 "Sec. . NEW SECTION. 12C.20 PUBLIC FUND
46 REPORTS.
47 1. On or before the tenth day of February, May,
48 August, and November of each year, each savings and
49 loan and each out-of-state bank that has one or more
50 branches in the state shall calculate and certify to
Page 2
1 the superintendent of banking in the form prescribed
2 by the superintendent the amount of public funds on
3 deposit at the savings and loan and at each such
4 branch of the out-of-state bank as of the end of the
5 previous calendar quarter.
6 2. A bank shall, upon request of the
7 superintendent, certify to the superintendent the
8 amount of public funds on deposit at the bank and at
9 each branch of an out-of-state bank on any day
10 specified by the superintendent in such request.
11 3. The superintendent may at any time make such
12 investigation as the superintendent deems necessary
13 and appropriate to verify the information provided to
14 the superintendent pursuant to subsections 1 and 2.
15 4. On or before the twentieth day of February,
16 May, August, and November of each year, the
17 superintendent shall notify the treasurer of state of
18 the amount of collateral required to be pledged as of
19 the end of the previous calendar quarter based upon
20 the certification provided to the superintendent under
21 subsection 1 or 2 and a review by the superintendent
22 of the quarterly call report filed by each bank that
23 is not a savings and loan or an out-of-state bank."
24 5. Page 2, line 21, by striking the words
25 "financial institution that is a".
26 6. Page 2, lines 23 and 24, by striking the words
27 "before the first day of each calendar quarter".
28 7. Page 2, line 27, by striking the words "same
29 depository or holding company" and inserting the
30 following: "bank pledging the collateral or any
31 affiliate of the bank as defined in section 524.1101".
32 8. Page 3, line 7, by inserting after the word
33 "bank" the following: "by paying an assessment to the
34 treasurer of state".
35 9. Page 3, by striking lines 9 through 13 and
36 inserting the following:
37 "c. In the event an assessment is paid by a bank
38 to the treasurer of state pursuant to section 12C.23A,
39 or in the event that collateral pledged by the bank is
40 liquidated pursuant to section 12C.23A, subsection 3,
41 paragraph "e", and the proceeds are used to pay the
42 assessment, the bank is subrogated to the claim of a
43 public funds depositor to the extent the claim is paid
© 2002 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@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: Tue Mar 26 09:15:00 CST 2002
URL: /DOCS/GA/79GA/Session.2/HJournal/00900/00943.html
jhf