Text: HF00441 Text: HF00443 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 533.50 CREDIT UNION SERVICE
1 2 ORGANIZATION – TRUST SERVICES.
1 3 An organization, corporation, or association, the
1 4 membership or ownership of which is primarily confined or
1 5 restricted to credit unions or organizations of credit unions,
1 6 and which primarily provides services to credit unions,
1 7 organizations of credit unions, or credit union members, may
1 8 provide trust services and act in a fiduciary capacity as
1 9 approved by, and pursuant to rules adopted by, the
1 10 superintendent. The organization, corporation, or association
1 11 is subject to the state corporate income tax.
1 12 A credit union may participate in or receive trust services
1 13 from a service organization under this section, only if the
1 14 credit union has a policy of making cash or in-kind
1 15 contributions to local nonprofit groups or community
1 16 development projects which serve the needs of the community
1 17 and various population groups within the community in which
1 18 the credit union is located. The superintendent shall adopt
1 19 rules to administer this section.
1 20 This section only applies to trust services offered by
1 21 credit union service organizations.
1 22 EXPLANATION
1 23 This bill provides that an organization, corporation, or
1 24 association, the membership or ownership of which is primarily
1 25 confined or restricted to credit unions or organizations of
1 26 credit unions, and which primarily provides services to credit
1 27 unions, organizations of credit unions, or credit union
1 28 members, may provide trust services and act in a fiduciary
1 29 capacity as approved by, and pursuant to rules adopted by, the
1 30 superintendent. The bill provides that such organization,
1 31 corporation, or association is subject to the state corporate
1 32 income tax.
1 33 The bill further provides that a credit union may
1 34 participate in or receive trust services from a service
1 35 organization only if the credit union has a policy of making
2 1 cash or in-kind contributions to local nonprofit groups or
2 2 community development projects which serve the community and
2 3 various population groups within the community in which the
2 4 credit union is located.
2 5 The bill only applies to trust services offered by credit
2 6 union service organizations.
2 7 LSB 2831HH 80
2 8 rh/pj/5
Text: HF00441 Text: HF00443 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 2003 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 Mar 14 02:30:20 CST 2003
URL: /DOCS/GA/80GA/Legislation/HF/00400/HF00442/030305.html
jhf