1. A person, other than a state bank which is subject to the provisions of this chapter and a national bank authorized by the laws of the United States to engage in the business of receiving money for deposit, shall not engage in this state in the business of receiving money for deposit, transact the business of banking, or establish in this state a place of business for such purpose.
2. A person doing business in this state shall not use the words "bank" or "trust" or use any derivative, plural, or compound of the words "bank", "banking", "bankers", or "trust" in any manner which would tend to create the impression that the person is authorized to engage in the business of banking or to act in a fiduciary capacity, except a state bank authorized to do so by this chapter, a national bank to the extent permitted by the laws of the United States, a state association pursuant to section 534.507, or a federal association to the extent permitted by the laws of the United States, or, insofar as the word "trust" is concerned, an individual permissibly serving as a fiduciary in this state, pursuant to section 633.63, or, insofar as the words "trust" and "bank" are concerned, a nonresident corporate fiduciary permissibly serving as a fiduciary in this state pursuant to section 633.64.
3. Notwithstanding subsections 1 and 2, an organization formed for educational purposes in association with an accredited school which engages in the receipt of deposits of no more than twenty dollars per depositor, may use the words "educational bank", the use of which is otherwise restricted in subsection 2, and such an educational bank is not a bank within the meaning or scope of regulation of this chapter.
[C97, § 1862, 1889; S13, § 1889, 1889-i; C24, 27, 31, 35, 39, § 9151, 9203, 9258, 9259, 9296; C46, 50, 54, 58, 62, 66, § 524.24, 527.2, 528.50, 528.52, 532.13; C71, 73, 75, 77, 79, 81, § 524.107]
89 Acts, ch 257, §4; 89 Acts, ch 319, §80; 95 Acts, ch 148, §6
Referred to in § 524.1005, 524.1603
© 1996 Cornell College and League of Women Voters of Iowa
Last update: Thu Feb 15 22:53:10 CST 1996