If a bank fails to maintain the amount of collateral subject to a perfected security interest held by the treasurer of state required to comply with section 12C.22, subsections 2 and 3,* the treasurer of state shall notify the bank of the amount of additional collateral required. If the bank fails to provide the additional required collateral within ten days following the date the notice is given, the treasurer shall notify the office of thrift supervision, the office of the comptroller of the currency, or the superintendent as applicable, who may take such action against the bank, its board of directors and officers as permitted by law.
2002 Acts, ch 1096, §13, 17
*The pledging of collateral to the treasurer of state pursuant to §12C.22 is not required until July 1, 2003; 2002 Acts, ch 1096, §17
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