House Journal: Page 947: Monday, March 25, 2002
41 24. Page 8, by striking lines 20 and 21 and
42 inserting the following: "failure to pay the
43 assessment. If the bank that has failed to pay the
44 assessment is a nationally chartered financial
45 institution, the superintendent shall immediately
46 notify the bank's primary federal regulator. If the
47 assessment is not paid within thirty days after the
48 bank received the notice of assessment, the treasurer
49 of state shall initiate a lawsuit to collect the
50 amount of the assessment. If a bank is found to".
Page 6
1 25. By striking page 8, line 33, through page 9,
2 line 7, and inserting the following:
3 "e. h. Following collection of the assessments,
4 the state treasurer of state shall distribute funds to
5 the public depositors of the failed closed bank
6 according to their validated claims unless a public
7 depositor requests in writing that the claims of other
8 public depositors be paid prior to payment to the
9 public depositor making the request. If the assets
10 available are less than the total deposits, the
11 treasurer shall prorate the claims. a public
12 depositor By receiving payment under this section, a
13 public depositor shall assign be deemed to have
14 assigned to the treasurer of state any interest claim
15 the public depositor may have against the closed bank
16 by reason of the deposit of its public funds and all
17 rights the public depositor may have in funds that
18 subsequently become available to depositors of the
19 defaulting closed bank."
20 26. Page 9, by striking lines 12 through 26, and
21 inserting the following: "chapter in a financial
22 institution that is eligible to accept public funds
23 deposits at the time a deposit of public funds is
24 made, a public body depositing public funds or its
25 agents, employees, officers, and board members are,
26 and any person that is an agent, employee, officer, or
27 board member of the public funds depositor, is exempt
28 from liability for any loss resulting from the loss of
29 a depository public funds in the absence of
30 negligence, malfeasance, misfeasance, or nonfeasance
31 on the part of the official public body or such
32 person. If the treasurer of state sells a
33 depository's collateral securities, the depository
34 shall deposit additional collateral to meet required
35 collateral levels.
36 In making an assessment against depositories
37 holding public funds as a result of a failure, the
38 treasurer of state is exempt from any liability for
39 loss, damage or expense to a depository which has
© 2002 Cornell College and
League of Women Voters of Iowa
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