Text: SF02118 Text: SF02120 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 12C.22, subsection 1, paragraph b, Code 1 2 2003, is amended by striking the paragraph. 1 3 Sec. 2. Section 12C.22, subsection 1, paragraph c, Code 1 4 2003, is amended to read as follows: 1 5 c. In the event an assessment is paid by a bank to the 1 6 treasurer of state pursuant to section 12C.23A,or in the1 7event that collateral pledged by the bank is liquidated1 8pursuant to section 12C.23A, subsection 3, paragraph "e", and1 9the proceeds are used to pay the assessment,the bank is 1 10 subrogated to the claim of a public funds depositor to the 1 11 extent the claim is paid from funds paid by the bankor1 12proceeds of collateral pledged by the bank are used to pay the1 13assessment. 1 14 Sec. 3. Section 12C.22, subsection 5, paragraph d, Code 1 15 2003, is amended to read as follows: 1 16 d. Establish procedures for adding collateral, releasing 1 17 collateral, and substituting different collateral for 1 18 collateral pledged under this section. 1 19 Sec. 4. Section 12C.23A, subsection 3, paragraph e, Code 1 20 Supplement 2003, is amended to read as follows: 1 21 e. If a bank fails to pay its assessment when due, the 1 22 treasurer of state shallsatisfy the assessment by liquidating1 23collateral pledged by the bank upon such notice as is required1 24by chapter 554. If the collateral pledged by the bank is1 25inadequate to pay the assessment, the treasurer of state shall1 26 make additional assessments as may be necessary against other 1 27 banks that hold uninsured public funds to satisfy any unpaid 1 28 assessment. Any additional assessments shall be determined, 1 29 collected, and satisfied in the same manner as the first 1 30 assessment except that in calculating the amount of each such 1 31 additional assessment, the amount of uninsured public funds 1 32 held by the bank that fails to pay the assessment shall not be 1 33 counted. 1 34 Sec. 5. Section 12C.23A, subsection 3, paragraph f, Code 1 35 Supplement 2003, is amended by striking the paragraph. 2 1 Sec. 6. Section 12C.23A, subsection 3, paragraph g, Code 2 2 Supplement 2003, is amended to read as follows: 2 3 g. If a bank fails to pay its assessment when dueand the2 4proceeds from liquidation of the collateral pledged by the2 5bank are not sufficient to pay the assessment against the2 6bank, the treasurer of state shall notify the superintendent 2 7 or the comptroller of the currency, as applicable, of the 2 8 failure to pay the assessment. If the bank that has failed to 2 9 pay the assessment is a nationally chartered financial 2 10 institution, the superintendent shall immediately notify the 2 11 bank's primary federal regulator. If the assessment is not 2 12 paid within thirty days after the bank received the notice of 2 13 assessment, the treasurer of state shall initiate a lawsuit to 2 14 collect the amount of the assessment. If a bank is found to 2 15 have failed to pay the assessment as required by this 2 16 subsection and is ordered to pay the assessment, the court 2 17 shall also order that the bank pay court costs and reasonable 2 18 attorney fees based on the amount of time the attorney 2 19 general's office spent preparing and bringing the action, and 2 20 reasonable expenses incurred by the treasurer of state. 2 21 Sec. 7. EFFECTIVE DATE. This Act, being deemed of 2 22 immediate importance, takes effect upon enactment. 2 23 SF 2119 2 24 da/cc/26
Text: SF02118 Text: SF02120 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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