Text: HSB00536 Text: HSB00538 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 8A.412, subsection 19, Code Supplement 1 2 2003, is amended to read as follows: 1 3 19. The superintendentand the deputy superintendentof 1 4 the banking division of the department of commerce, all 1 5 members of the state bankingboardcouncil, and all employees 1 6 of the banking division. 1 7 Sec. 2. Section 524.201, subsection 1, Code 2003, is 1 8 amended to read as follows: 1 9 1. The governor shall appoint, subject to confirmation by 1 10 the senate, a superintendent of banking. The appointee shall 1 11 be selected solely with regard to qualification and fitness to 1 12 discharge the duties of office, and a person shall not be 1 13 appointed who has not had at least five years' experience as 1 14 an executive officer in a bankor in the regulation or1 15examination of banks. 1 16 Sec. 3. Section 524.202, Code 2003, is amended to read as 1 17 follows: 1 18 524.202 SUPERINTENDENT – SALARY. 1 19 The superintendent shall receive a salary to be fixed by 1 20 the governor which shall be comparable in amount with 1 21 compensation received by chief executive officers of state 1 22 banks. 1 23 Sec. 4. Section 524.203, Code 2003, is amended by striking 1 24 the section and inserting in lieu thereof the following: 1 25 524.203 SUPERINTENDENT – VACANCY. 1 26 If the office of superintendent shall become vacant, the 1 27 governor may appoint an acting superintendent to complete the 1 28 unexpired term until an appointment is made as provided in 1 29 section 524.201. 1 30 Sec. 5. Section 524.204, Code 2003, is amended by striking 1 31 the section and inserting in lieu thereof the following: 1 32 524.204 DEPUTY SUPERINTENDENT OF BANKING. 1 33 The superintendent may appoint an employee of the division 1 34 of banking as deputy to perform the duties of the 1 35 superintendent during the absence or inability of the 2 1 superintendent to act. Any deputy so appointed shall be 2 2 removable at the pleasure of the superintendent. 2 3 Sec. 6. Section 524.205, Code 2003, is amended to read as 2 4 follows: 2 5 524.205 STATE BANKINGBOARDCOUNCIL. 2 6 1. The state bankingboardcouncil shallbe composed2 7 consist of the superintendent, who shall be an ex officio 2 8nonvotingmember and chairperson, and six other members, 2 9 appointed by the governor, who shall bechosenappointed, 2 10 where practical, from varioussectionsparts of the state. 2 11Provided, however, that in no event shall more than five2 12members of such board be engaged in the business of banking in2 13any executive capacity. In case of a vacancy in the state2 14banking board, other than one resulting from a vacancy in the2 15office of the superintendent, the governor shall appoint a new2 16member to fill such vacancy for the unexpired term.2 17 2. Theregular termterms of officeof each memberfor 2 18 members of the state banking council, other than the 2 19 superintendent, shall becontemporaneous with the regular term2 20of office of the superintendent as defined in subsection 2 of2 21section 524.201, and each such member shall hold office for2 22such term and until the member's successor shall have been2 23appointedfour-year staggered terms. Each member shall hold 2 24 office for the term for which the member is appointed or until 2 25 a successor is appointed. 2 26 3.A memberMembers of the state bankingboardcouncil, 2 27 other than the superintendent, shallnot receive a salary but2 28isbe entitled to reimbursement for actual expensesincurred2 29by the member in connection with the member's dutiesand to 2 30 receive a fee for attendance at council meetings consistent 2 31 with fees paid to nonsalaried directors of state banks.Each2 32member of the board may also be eligible to receive2 33compensation as provided in section 7E.6.2 34 4. The state bankingboardcouncil shall actwith the2 35superintendentin an advisory capacity concerningallmatters 3 1 submitted to the council by the superintendent pertaining to 3 2 the conduct of the administrationof the provisionsof this 3 3 chapterand shall perform such other duties as are3 4specifically provided for by the laws of this state. 3 5 5. The state bankingboardcouncil shall meet at least 3 6 once eachmonthcalendar quarter on such date and at such 3 7 place as thestate banking boardcouncil maydesignatedecide, 3 8 and shall meet at such other times asthe boardmaydeembe 3 9 deemed necessary, or when called by the chairperson of the3 10board, or any two members thereofby the superintendent or a 3 11 majority of the council members. 3 12 Sec. 7. Section 524.207, subsection 1, Code Supplement 3 13 2003, is amended to read as follows: 3 14 1. All expenses required in the discharge of the duties 3 15 and responsibilities imposed upon the banking division of the 3 16 department of commerce, the superintendent, and the state 3 17 bankingboardcouncil by the laws of this state shall be paid 3 18 from fees provided by the laws of this state and appropriated 3 19 by the general assembly from the general fund of the state. 3 20 All of these fees are payable to the superintendent. The 3 21 superintendent shall pay all the fees and other moneys 3 22 received by the superintendent to the treasurer of state 3 23 within the time required by section 12.10 and the fees and 3 24 other moneys shall be deposited into the general fund of the 3 25 state. The superintendent may keep on hand with the treasurer 3 26 of state funds in excess of the current needs of the division 3 27 to the extentapprovedrecommended by the state bankingboard3 28 council. 3 29 Sec. 8. Section 524.208, Code 2003, is amended to read as 3 30 follows: 3 31 524.208ASSISTANTS,EXAMINERS,AND OTHER EMPLOYEES. 3 32 The superintendent may appointassistants,examiners,and 3 33 other employees as the superintendent deems necessary to the 3 34 proper discharge of the duties imposed upon the superintendent 3 35 by the laws of this state. Pay plans shall be established for 4 1 employees, other than clerical, who examine the accounts and 4 2 affairs of state banks and who examine the accounts and 4 3 affairs of other persons, subject to supervision and 4 4 regulation by the superintendent, which are substantially 4 5 equivalent to those paid by theFederal Deposit Insurance4 6Corporationfederal deposit insurance corporation and other 4 7 federal supervisory agencies in this area of the United 4 8 States. 4 9 Sec. 9. Section 524.209, Code Supplement 2003, is amended 4 10 to read as follows: 4 11 524.209 EXPENSES. 4 12 The superintendent,deputy superintendent, assistants,4 13 examiners and other employees of the banking division shall be 4 14 entitled to receive reimbursement for expenses incurred in the 4 15 performance of their duties. The superintendent, and when 4 16 specifically authorized by the superintendent,the deputy4 17superintendent, assistants,examiners and other employees of 4 18 the banking division, shall be entitled to receive 4 19 reimbursement for expenses incurred while attending 4 20 conventions, meetings, conferences, schools, or seminars 4 21 relating to the performance of their duties, and such expenses 4 22 shall be paid by the treasurer of state on warrants drawn by 4 23 the director of the department of administrative services. 4 24 Sec. 10. Section 524.210, Code 2003, is amended to read as 4 25 follows: 4 26 524.210 INSURANCE AND SURETY BONDS. 4 27 The superintendent shall acquire good and sufficient bond 4 28 in a company authorized to do business in this state insuring 4 29 the faithful performance ofthe deputy superintendent,4 30assistants,examiners,and all other employees of the banking 4 31 division and insuring against any liability which may accrue 4 32 in the case of the loss of any property of a state bank, of a 4 33 customer of a state bank or of any other person, in the course 4 34 of any examination, investigation, or other function required 4 35 or allowed by the laws of this state. The superintendent 5 1 shall be bonded in accordance with the provisions of chapter 5 2 64. 5 3 Sec. 11. Section 524.211, subsections 1, 2, 3, 4, 5, and 5 4 7, Code 2003, are amended to read as follows: 5 5 1. The superintendent,deputy superintendent, an assistant5 6to the superintendent, a bank examination analyst,general 5 7 counsel,or an examinerexaminers, and other employees 5 8 assigned to the bank bureau of the banking divisionisare 5 9 prohibited from obtaining a loan of money or property from a 5 10 state-chartered bank or any person or entity affiliated with a 5 11 state-chartered bank. 5 12 2. The superintendent,deputy superintendent, finance5 13company bureau chief,general counsel,and allexaminers, and 5 14 other employees assigned to the financecompanybureau of the 5 15 banking division are prohibited from obtaining a loan of money 5 16 or property from a person or entity licensed pursuant to 5 17 chapter 533A, 533D, 536, or 536A, or a person or entity 5 18 affiliated with such licensee. 5 19 3. The superintendent,deputy superintendent, an assistant5 20to the superintendent, a bank examination analyst, finance5 21company bureau chief,general counsel,or an examiner5 22 examiners, and other employees of the banking division, who 5 23hashave credit relations with a person or entity licensed or 5 24 registered pursuant to chapter 535B or 536C,isare prohibited 5 25 from participating in decisions, oversight, and official 5 26 review of matters concerning the regulation of the licensee or 5 27 registrant. 5 28 4.An assistant to the superintendent, a bank examination5 29analyst, or an examinerExaminers and other employees assigned 5 30 to the bank bureau of the banking division whohashave credit 5 31 relations with a person or entity licensed pursuant to chapter 5 32 533A, 533D, 536, or 536A, or with a person or entity 5 33 affiliated with such licensee,isare prohibited from 5 34 participating in decisions, oversight, and official review of 5 35 matters concerning the regulation of the licensee. 6 1 5. An employee of the banking division, other than the 6 2 superintendent or a member of the state bankingboardcouncil, 6 3 shall not perform any services for, and shall not be a 6 4 shareholder, member, partner, owner, director, officer, or 6 5 employee of, any enterprise, person, or affiliate subject to 6 6 the regulatory purview of the banking division. 6 7 7. The superintendent,deputy superintendent, or any6 8assistant or examinerexaminers, or other employees whoisare 6 9 convicted of a felony while holding such position shall be 6 10 immediately discharged from employment and shall be forever 6 11 disqualified from holding any position in the banking 6 12 division. 6 13 Sec. 12. Section 524.212, Code Supplement 2003, is amended 6 14 to read as follows: 6 15 524.212 PROHIBITION AGAINST DISCLOSURE OF REGULATORY 6 16 INFORMATION. 6 17 The superintendent,deputy superintendent, assistant to the6 18superintendent, examinermembers of the state banking council, 6 19 general counsel, examiners, or otheremployeeemployees of the 6 20 banking division shall not disclose, in any manner, to any 6 21 person other than the person examined and those regulatory 6 22 agencies referred to in section 524.217, subsection 2, any 6 23 information relating specifically to the supervision and 6 24 regulation of any state bank, persons subject to the 6 25 provisions of chapter 533A, 533C, 536, or 536A, any affiliate 6 26 of any state bank, or an affiliate of a person subject to the 6 27 provisions of chapter 533A, 533C, 536, or 536A, except when 6 28 ordered to do so by a court of competent jurisdiction and then 6 29 only in those instances referred to in section 524.215, 6 30 subsections 1, 2, 3, and 5. 6 31 Sec. 13. Section 524.214, subsection 1, Code 2003, is 6 32 amended to read as follows: 6 33 1. The superintendent,the deputy superintendent,and upon 6 34 the approval of the superintendent, anyassistant orexaminer 6 35 or other employees of the banking division shall have the 7 1 power to subpoena witnesses, to compel their attendance, to 7 2 administer an oath, to examine any person under oath and to 7 3 require the production of any relevant books or papers. Such 7 4 examination may be conducted on any subject relating to the 7 5 duties imposed upon, or powers vested in, the superintendent 7 6 under the provisions of this chapter. 7 7 Sec. 14. Section 524.215, unnumbered paragraph 2, Code 7 8 2003, is amended to read as follows: 7 9 The superintendent,deputy superintendent, assistants, or7 10 members of the state banking council, examiners, or other 7 11 employees of the banking division shall not be subpoenaed in 7 12 any cause or proceeding to give testimony concerning 7 13 information relating specifically to the supervision and 7 14 regulation of any state bank or other person by the 7 15 superintendent pursuant to the laws of this state, and the 7 16 records of the banking division which relate specifically to 7 17 the supervision and regulation of any such state bank or other 7 18 such person shall not be offered in evidence in any court or 7 19 subject to subpoena by any party except, where relevant: 7 20 Sec. 15. Section 524.216, unnumbered paragraph 1, Code 7 21 2003, is amended to read as follows: 7 22 The superintendent shall make a report in writing annually 7 23 to the governor in the manner and within the time required by 7 24 chapter 7A.A copy of the report shall be furnished by the7 25superintendent to each state bank.7 26 Sec. 16. Section 524.217, subsection 1, paragraph a, Code 7 27 2003, is amended to read as follows: 7 28 a. Make or cause to be made an examination of every state 7 29 bank and trust company whenever in the superintendent's 7 30 judgment such examination is necessary or advisable, but in no7 31event less frequently than once during each two-year period. 7 32 During the course of each examination of a state bank or trust 7 33 company, inquiry shall be made as to its financial condition, 7 34 the security afforded to those to whom it is obligated, the 7 35 policies of its management, whether the requirements of law 8 1 have been complied with in the administration of its affairs, 8 2 and such other matters as the superintendent may prescribe. 8 3 Sec. 17. Section 524.218, Code 2003, is amended to read as 8 4 follows: 8 5 524.218 REGULATION AND EXAMINATION OF SERVICES. 8 6 A state bankmayshall not cause to be performed,by 8 7 contract or otherwise, any bank services, of a type referred 8 8 to in section 524.804,for itself or any affiliate, whether on 8 9 or off its premises, unlessassurances satisfactory to the8 10superintendent are furnished to the superintendent by both the8 11state bank and the person performing such services that the8 12performance thereofthe person performing such services will 8 13 be subject to supervision, regulation, and examination by the 8 14 superintendent to the same extent as if such services were 8 15 being performed by the state bank itself on its own premises. 8 16 Sec. 18. Section 524.219, Code 2003, is amended to read as 8 17 follows: 8 18 524.219 FEES. 8 19 1. A state bank subject to examination, supervision, and 8 20 regulation by the superintendent, shall pay to the 8 21 superintendent fees, established by thestate banking board8 22 superintendent, based on the costs and expenses incurred in 8 23 the discharge of the duties imposed upon the superintendent by 8 24 this chapter. The fees shall include, but are not limited to, 8 25 costs and expenses for salaries, expenses and travel for 8 26 employees, office facilities, supplies, and equipment. 8 27 2. The fees for examination of any affiliate of a state 8 28 bank as provided for in section 524.1105, and the examinations 8 29 provided for in section 524.217, subsection 1, paragraphs "c" 8 30 and "d", shall be established by thestate banking board8 31 superintendent, based on the time required for the examination 8 32 and the administrative costs and expenses incurred in the 8 33 discharge of the duties imposed upon the superintendent by 8 34 this chapter. The fees shall include, but not be limited to, 8 35 costs and expenses for salaries, expenses and travel for 9 1 employees, office facilities, supplies, and equipment. 9 2Upon completion of each examination required or allowed by9 3this chapter, the examiner in charge of the examination shall9 4render a bill for the fees, in duplicate, and shall deliver9 5one copy of the bill to the state bank and one copy to the9 6superintendent.9 7 3. Failure to pay the amount of the fees to the 9 8 superintendent within ten days after the date of billing shall 9 9 subject the state bank or any affiliate of a state bank to an 9 10 additional charge equal to five percent of the amount of the 9 11 fees for each day the payment is delinquent. 9 12 Sec. 19. Section 524.310, subsection 1, Code 2003, is 9 13 amended to read as follows: 9 14 1. The name of a state bank originally incorporated after 9 15 the effective date of this chapter shall include the word 9 16 "bank" and may include the word "state" or "trust" in its 9 17 name. A state bank using the word "trust" in its name must be 9 18 authorized under this chapter to act in a fiduciary capacity. 9 19 A national bank or federal savings bank shall not use the word 9 20 "state" in its legally chartered name. 9 21 Sec. 20. Section 524.405, subsection 1, unnumbered 9 22 paragraph 1, Code 2003, is amended to read as follows: 9 23 A state bank, with the approval of the superintendent,may 9 24 increase its capital structure or effect an allocation of 9 25 amounts within its capital structure, by the use of any of the 9 26 following methods: 9 27 Sec. 21. NEW SECTION. 524.607A ACTION WITHOUT MEETING. 9 28 1. Unless the articles of incorporation or bylaws provide 9 29 otherwise, action required or permitted to be taken under this 9 30 chapter at a board of directors' meeting may be taken without 9 31 a meeting if the action is consented to by all members of the 9 32 board. The action must be evidenced by one or more written 9 33 consents describing the action taken, signed by each director, 9 34 and included in the minutes or filed with the corporate 9 35 records reflecting the action taken. 10 1 2. Action taken under this section is effective when the 10 2 last director signs the consent, unless the consent specifies 10 3 a different effective date. 10 4 3. A written consent signed under this section has the 10 5 effect of a meeting vote and may be described as such in any 10 6 document. 10 7 Sec. 22. Section 524.610, unnumbered paragraph 1, Code 10 8 2003, is amended to read as follows: 10 9 The shareholders of a state bank shall fix the reasonable 10 10 compensation of directors for their services as members of the 10 11 board of directors. Subject tothe approval of the10 12superintendent andapproval by the shareholders at an annual 10 13 or special meeting called for that purpose, the shareholders 10 14 of a state bank may adopt a pension or profit sharing plan, or 10 15 both, or other plan of deferred compensation for directors, to 10 16 which a state bank may contribute. 10 17 Sec. 23. Section 524.703, unnumbered paragraph 2, Code 10 18 2003, is amended to read as follows: 10 19 Subject tothe approval of the superintendent, andapproval 10 20 by the shareholders at an annual or special meeting called for 10 21 the purpose, the board of directors of a state bank may adopt 10 22 a pension or profit-sharing plan, or both, or other plan of 10 23 deferred compensation, for both officers and employees, to 10 24 which the state bank may contribute. 10 25 Sec. 24. Section 524.802, subsection 5, Code 2003, is 10 26 amended to read as follows: 10 27 5. Act as agent for a depository institution affiliateto10 28the same extent that a national bank can act as an agent for a10 29depository institution under the provisions of section 18 of10 30the Federal Deposit Insurance Act, 12 U.S.C. } 1828. 10 31 Sec. 25. Section 524.903, subsections 2 and 3, Code 2003, 10 32 are amended to read as follows: 10 33 2. A state bank shall not accept such drafts in an amount 10 34 which exceeds at any time in the aggregate for all drawers 10 35 thirty percent of the state bank's aggregate capital.The11 1superintendent may authorize a state bank to accept drafts in11 2an amount not exceeding at any time in the aggregate for all11 3drawers sixty percent of the state bank's aggregate capital,11 4but the aggregate of acceptance growing out of domestic11 5transactions shall in no event exceed thirty percent of11 6aggregate capital.11 7 3. A state bank, with the prior approval of the11 8superintendent,may accept drafts, having not more than three 11 9 months after sight to run, drawn upon it by banks or bankers 11 10 in foreign countries, or in dependencies or insular 11 11 possessions of the United States, for the purpose of 11 12 furnishing dollar exchange as required by the usages of trade 11 13 where the drafts are drawn in an aggregate amount which shall 11 14 not at any time exceed for all such acceptance on behalf of a 11 15 single bank or banker seven and one-half percent of the state 11 16 bank's aggregate capital, and for all such acceptances, thirty 11 17 percent of the state bank's aggregate capital. 11 18 Sec. 26. Section 524.904, subsection 7, paragraph a, Code 11 19 2003, is amended to read as follows: 11 20 a. Additional funds advanced for taxes or for insurance if 11 21 the advance is for the protection of the state bank, and11 22provided that such amounts receive the prior approval of the11 23superintendent. 11 24 Sec. 27. Section 524.1201, subsection 3, Code 2003, is 11 25 amended to read as follows: 11 26 3. Notwithstanding any of the other provisions of this 11 27 section, original loan documentation and trust recordkeeping 11 28 functions may be located atanany authorized bank office or 11 29 at any other location approved by the superintendent. 11 30 Sec. 28. Section 524.1303, subsection 3, Code 2003, is 11 31 amended to read as follows: 11 32 3. Within thirty days after the application for 11 33 dissolution involving a provision of acquisition of the state 11 34 bank's assets and assumption of its liabilities by another 11 35 state bank is accepted for processing, the dissolving bank 12 1 shall publishonce each week for two consecutive weeks a12 2 notice of the proposed transaction. The notice shall be12 3publishedin a newspaper of general circulation published in 12 4 the municipal corporation or unincorporated area in which the 12 5 dissolving bank has its principal place of business, and in 12 6 the municipal corporation or unincorporated area in which the 12 7 acquiring state bank has its principal place of business, or 12 8 if there is none, a newspaper of general circulation published 12 9 in the county or counties, or in a county adjoining the county 12 10 or counties, in which the dissolving bank and the acquiring 12 11 bank have their principal place of business. The notice shall 12 12 be on forms provided by the superintendent, and proof of 12 13 publication of the notice shall be delivered to the 12 14 superintendent within fourteen days. 12 15 Sec. 29. Section 524.1402, subsection 4, Code 2003, is 12 16 amended to read as follows: 12 17 4. If a proposed merger will result in a state bank, 12 18 within thirty days after the application for merger is 12 19 accepted for processing, the parties to the plan shall 12 20 publish, once each week for two consecutive weeks,a notice of 12 21 the proposed transaction. The notices shall be publishedin a 12 22 newspaper of general circulation published in the municipal 12 23 corporation or unincorporated area in which each party to the 12 24 plan has its principal place of business, or if there is none, 12 25 in a newspaper of general circulation published in the county, 12 26 or in a county adjoining the county, in which each party to 12 27 the plan has its principal place of business. The notice 12 28 shall be on forms prescribed by the superintendent and shall 12 29 set forth the names of the parties to the plan and the 12 30 resulting state bank, the location and post office address of 12 31 the principal place of business of the resulting state bank 12 32 and of each office to be maintained by the resulting state 12 33 bank, and the purpose or purposes of the resulting state bank. 12 34 Proof of publication of the notice shall be delivered to the 12 35 superintendent within fourteen days. 13 1 Sec. 30. Section 524.1412, unnumbered paragraph 1, Code 13 2 2003, is amended to read as follows: 13 3 Within thirty days after the application for conversion has 13 4 been accepted for processing, the national bank or federal 13 5 savings association shall publish a notice of the delivery of 13 6 the articles of conversion to the superintendentonce each13 7week for two successive weeksin a newspaper of general 13 8 circulation published in the municipal corporation or 13 9 unincorporated area in which the national bank or federal 13 10 savings association has its principal place of business, or if 13 11 there is none, a newspaper of general circulation published in 13 12 the county, or in a county adjoining the county, in which the 13 13 national bank or federal savings association has its principal 13 14 place of business. Proof of publication of the notice shall 13 15 be delivered to the superintendent within fourteen days. The 13 16 notice shall set forth all of the following: 13 17 Sec. 31. Section 524.1416, subsection 2, Code 2003, is 13 18 amended to read as follows: 13 19 2. A state bank which converts into a national bank or 13 20 federal savings association shall notify the superintendent of 13 21 the proposed conversion, provide such evidence of the adoption 13 22 of the plan as the superintendent may request, notify the 13 23 superintendent of any abandonment or disapproval of the plan, 13 24 file with the superintendent and with the secretary of state a 13 25 certificate of the approval of the conversion by the 13 26 comptroller of the currency of the United States or director 13 27 of the office of thrift supervision, as applicable, and the 13 28 date upon which such conversion is to become effective. A 13 29 state bank that converts into a national bank or federal 13 30 savings association shall comply with the provisions of 13 31 section 524.310, subsection 1. 13 32 Sec. 32. Section 524.1611, subsection 1, Code 2003, is 13 33 amended to read as follows: 13 34 1. Any person violating the provisionsof subsection 1of 13 35 section 524.211, subsection 1, shall be guilty of a fraudulent 14 1 practice, and shall be subject to a further fine of a sum 14 2 equal to the amount of the value of the property given or 14 3 received or the money so loaned or borrowed.The deputy14 4superintendent, an assistant or examinerAn employee of the 14 5 division of banking convicted of a violation of such 14 6 subsection shall be immediately discharged from employment and 14 7 shall be forever disqualified from holding any position in the 14 8 banking division. 14 9 Sec. 33. Section 546.3, Code 2003, is amended to read as 14 10 follows: 14 11 546.3 BANKING DIVISION. 14 12 The banking division shall regulate and supervise banks 14 13 under chapter 524, regulated loan companies under chapter 536, 14 14 and industrial loan companies under chapter 536A, and shall 14 15 perform other duties assigned to the division by law. The 14 16 division is headed by the superintendent of banking who is 14 17 appointed pursuant to section 524.201. The state banking 14 18boardcouncil shallperform dutiesrender advice within the 14 19 divisionas prescribed by lawwhen requested by the 14 20 superintendent. 14 21 Sec. 34. STATE BANKING COUNCIL – INITIAL FOUR-YEAR TERMS. 14 22 The governor shall appoint members to the state banking 14 23 council for terms beginning on May 1, 2005, as follows: One 14 24 member shall be appointed for a one-year term, one member 14 25 shall be appointed for a two-year term, two members shall be 14 26 appointed for three-year terms, and two members shall be 14 27 appointed for four-year terms. 14 28 Sec. 35. Section 68B.35, Code Supplement 2003, and 14 29 sections 536.13, 536.23, and 536.28, Code 2003, are amended by 14 30 striking from the sections the words "state banking board" and 14 31 "banking board" and "board" when referring to the state 14 32 banking board and inserting in lieu thereof the words "state 14 33 banking council". 14 34 Sec. 36. CODE EDITOR'S DIRECTIVE. The Code editor shall 14 35 correct any references to the state banking council as the 15 1 successor to the state banking board, including grammatical 15 2 constructions, anywhere else in the Iowa Code, in any bills 15 3 awaiting codification, and in any bills enacted by the 15 4 Eightieth General Assembly, 2004 Regular Session. 15 5 EXPLANATION 15 6 This bill implements reorganization of the division of 15 7 banking by substantially eliminating the position of deputy 15 8 superintendent and references thereto. A deputy may be 15 9 appointed by a superintendent to act when the superintendent 15 10 is not able. The salary of the superintendent shall continue 15 11 to be fixed by the governor but must be comparable with 15 12 compensation paid to chief executives at state banks. The 15 13 governor may appoint an acting superintendent until an 15 14 official appointment can be made. 15 15 The bill changes the name of the state banking board to the 15 16 state banking council and delineates the appointment and terms 15 17 of council members. The superintendent's report to the 15 18 governor is no longer required to be distributed to each state 15 19 bank. The requirement that the superintendent examine every 15 20 state bank and trust company at least once every two years is 15 21 eliminated. The superintendent, instead of the state banking 15 22 board, shall set all fees. 15 23 The bill allows a board of directors of a bank to take 15 24 action by written consent without a meeting. Certain prior 15 25 approvals by the superintendent required for actions of state 15 26 banks are eliminated. Certain notices required to be 15 27 published by banks are no longer required to be published at 15 28 least once a week for two weeks. Proof of publication of the 15 29 notice must be provided to the superintendent within 14 days. 15 30 A state bank converting into a national bank or federal 15 31 savings association may not continue to use "state" in the 15 32 bank's legally chartered name. 15 33 The bill makes other grammatical and technical changes 15 34 regarding the division of banking and its regulation of 15 35 banking. 16 1 LSB 5315DP 80 16 2 kk/sh/8
Text: HSB00536 Text: HSB00538 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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