House File 2168 S-5024 Amend House File 2168, as passed by the House, as 1 follows: 2 1. Page 2, after line 19 by inserting: 3 < Sec. ___. Section 12C.23A, subsection 3, 4 unnumbered paragraph 1, Code 2011, is amended to read 5 as follows: 6 If a bank is closed by its primary state or federal 7 regulator, including a bank that has accepted public 8 funds deposits under section 12B.10, subsection 7, each 9 public funds depositor with deposits in the bank shall 10 notify the treasurer of state of the amount of any 11 claim within thirty days of the closing. The treasurer 12 of state shall implement the following procedures: 13 Sec. ___. Section 12C.23A, subsection 3, paragraph 14 d, Code 2011, is amended to read as follows: 15 d. If the loss of public funds is not covered by 16 federal deposit insurance and the proceeds of the 17 closed bank’s assets that are liquidated within thirty 18 days of the closing of the bank are not sufficient to 19 cover the loss, then any further payments to cover 20 the loss will come from the state sinking fund for 21 public deposits in banks. If the balance in that 22 sinking fund is inadequate to pay the entire loss, 23 then the treasurer shall obtain the additional amount 24 needed by making an assessment against other banks that 25 are organized under chapter 524, national banks with 26 offices in this state, and branches of out-of-state 27 banks located in this state whose public funds deposits 28 exceed federal deposit insurance coverage. A bank’s 29 assessment shall be determined by multiplying the total 30 amount of the remaining loss to all public depositors 31 in the closed bank by a percentage that represents 32 the assessed bank’s proportional share of the total 33 of uninsured public funds deposits held by all banks 34 and all branches of out-of-state banks, based upon the 35 average of the uninsured public funds of the assessed 36 bank or branch of an out-of-state bank as of the end of 37 the four calendar quarters prior to the date of closing 38 of the closed bank and the average of the uninsured 39 public funds in all banks and branches of out-of-state 40 banks as of the end of the four calendar quarters prior 41 to the date of closing of the closed bank, excluding 42 the amount of uninsured public funds held by the closed 43 bank at the end of the four calendar quarters. Each 44 bank shall pay its assessment to the treasurer of 45 state within three business days after it receives 46 notice of assessment. For purposes of this section , 47 when calculating uninsured public funds, a bank shall 48 include all deposits of customers of other financial 49 institutions as permitted by section 12B.10, subsection 50 -1- HF2168.4282 (5) 84 rn/sc 1/ 2 #1.