A state bank which owns or leases equipment to perform such bank services as check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices and similar items, or other clerical, bookkeeping, accounting, statistical, or other similar functions, may provide similarly related data processing services for others whether or not engaged in the business of banking. If a state bank holds shares in a corporation organized solely for the purpose of providing data processing services, pursuant to the authority granted by paragraph "c" of subsection 1 of section 524.803, other than a bank service corporation as defined by the laws of the United States, such corporation shall be authorized to perform services for the state bank owning such interest and for others, whether or not engaged in the business of banking.
[C62, 66, § 524.31; C71, 73, 75, 77, 79, 81, § 524.804]
Referred to in § 524.218, 524.803, 524.1201
Iowa General Assembly
Search: Iowa Code 1995
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