Text: H08330                            Text: H08332
Text: H08300 - H08399                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

House Amendment 8331

Amendment Text

PAG LIN
  1  1    Amend Senate File 2119, as passed by the Senate, as
  1  2 follows:
  1  3    #1.  Page 1, by inserting before line 1 the
  1  4 following:
  1  5    "Section 1.  Section 12C.22, subsection 1,
  1  6 paragraph b, Code 2003, is amended by striking the
  1  7 paragraph.
  1  8    Sec.    .  Section 12C.22, subsection 1, paragraph
  1  9 c, Code 2003, is amended to read as follows:
  1 10    c.  In the event an assessment is paid by a bank to
  1 11 the treasurer of state pursuant to section 12C.23A, or
  1 12 in the event that collateral pledged by the bank is
  1 13 liquidated pursuant to section 12C.23A, subsection 3,
  1 14 paragraph "e", and the proceeds are used to pay the
  1 15 assessment, the bank is subrogated to the claim of a
  1 16 public funds depositor to the extent the claim is paid
  1 17 from funds paid by the bank or proceeds of collateral
  1 18 pledged by the bank are used to pay the assessment."
  1 19    #2.  Page 1, by inserting after line 5 the
  1 20 following:
  1 21    "Sec.    .  Section 12C.23A, subsection 3,
  1 22 paragraph e, Code Supplement 2003, is amended to read
  1 23 as follows:
  1 24    e.  If a bank fails to pay its assessment when due,
  1 25 the treasurer of state shall satisfy the assessment by
  1 26 liquidating collateral pledged by the bank upon such
  1 27 notice as is required by chapter 554.  If the
  1 28 collateral pledged by the bank is inadequate to pay
  1 29 the assessment, the treasurer of state shall make
  1 30 additional assessments as may be necessary against
  1 31 other banks that hold uninsured public funds to
  1 32 satisfy any unpaid assessment.  Any additional
  1 33 assessments shall be determined, collected, and
  1 34 satisfied in the same manner as the first assessment
  1 35 except that in calculating the amount of each such
  1 36 additional assessment, the amount of uninsured public
  1 37 funds held by the bank that fails to pay the
  1 38 assessment shall not be counted.
  1 39    Sec.    .  Section 12C.23A, subsection 3, paragraph
  1 40 f, Code Supplement 2003, is amended by striking the
  1 41 paragraph.
  1 42    Sec.    .  Section 12C.23A, subsection 3, paragraph
  1 43 g, Code Supplement 2003, is amended to read as
  1 44 follows:
  1 45    g.  If a bank fails to pay its assessment when due
  1 46 and the proceeds from liquidation of the collateral
  1 47 pledged by the bank are not sufficient to pay the
  1 48 assessment against the bank, the treasurer of state
  1 49 shall notify the superintendent or the comptroller of
  1 50 the currency, as applicable, of the failure to pay the
  2  1 assessment.  If the bank that has failed to pay the
  2  2 assessment is a nationally chartered financial
  2  3 institution, the superintendent shall immediately
  2  4 notify the bank's primary federal regulator.  If the
  2  5 assessment is not paid within thirty days after the
  2  6 bank received the notice of assessment, the treasurer
  2  7 of state shall initiate a lawsuit to collect the
  2  8 amount of the assessment.  If a bank is found to have
  2  9 failed to pay the assessment as required by this
  2 10 subsection and is ordered to pay the assessment, the
  2 11 court shall also order that the bank pay court costs
  2 12 and reasonable attorney fees based on the amount of
  2 13 time the attorney general's office spent preparing and
  2 14 bringing the action, and reasonable expenses incurred
  2 15 by the treasurer of state.
  2 16    Sec.    .  EFFECTIVE DATE.  This Act, being deemed
  2 17 of immediate importance, takes effect upon enactment."
  2 18    #3.  Title page, line 1, by inserting before the
  2 19 word "collateral" the following:  "obligations secured
  2 20 by".
  2 21    #4.  Title page, line 3, by inserting after the
  2 22 word "moneys" the following:  ", and providing an
  2 23 effective date".  
  2 24 
  2 25 
  2 26                               
  2 27 COMMITTEE ON COMMERCE, REGULATION 
  2 28 AND LABOR
  2 29 JENKINS of Black Hawk, Chairperson
  2 30 SF 2119.302 80
  2 31 da/cf
     

Text: H08330                            Text: H08332
Text: H08300 - H08399                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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