Senate File 418 S-3158 Amend Senate File 418 as follows: 1 1. Page 1, before line 1 by inserting: 2 < Section 1. Section 524.213, Code 2017, is amended 3 to read as follows: 4 524.213 Duties and powers of superintendent. 5 The superintendent shall have general control, 6 supervision and regulation of all state banks and shall 7 be charged with the administration, interpretation, 8 and execution of the laws, rules, and regulations 9 of this state and any other state or federal law or 10 regulation relating to banks and banking and with such 11 other duties and responsibilities as are imposed upon 12 the superintendent by the laws of this state. The 13 superintendent shall have power to adopt and promulgate 14 such rules and regulations as necessary to carry out 15 and enforce, properly and effectively, the provisions 16 of this chapter and chapter 12C applicable to banks. 17 Sec. ___. Section 524.612, subsections 1, 2, and 5, 18 Code 2017, are amended by striking the subsections. 19 Sec. ___. Section 524.612, subsection 3, Code 2017, 20 is amended to read as follows: 21 3. A director shall not receive terms or be paid a 22 rate of interest on deposits, by a state bank of which 23 the person is a director, which are more favorable 24 than that provided to any other customer under similar 25 circumstances. Any waiver of ordinary or customary 26 charges related to deposit accounts shall not violate 27 this subsection. 28 Sec. ___. Section 524.613, subsection 2, Code 2017, 29 is amended by striking the subsection. 30 Sec. ___. Section 524.706, subsection 1, Code 2017, 31 is amended by striking the subsection. 32 Sec. ___. Section 524.706, subsection 2, Code 2017, 33 is amended to read as follows: 34 2. Section 524.612 , subsection 2, applies to 35 -1- SF418.1460 (1) 87 gh/rn 1/ 3 #1.
executive officers , and section 524.612, subsections 3 1 and 4 , apply to all officers and employees . 2 Sec. ___. Section 524.710, subsection 2, Code 2017, 3 is amended by striking the subsection. 4 Sec. ___. Section 524.1601, subsection 1, paragraph 5 b, Code 2017, is amended to read as follows: 6 b. The amount by which the director’s , or executive 7 officer’s , or employee’s deposit account in the 8 state bank or bank holding company is overdrawn, 9 upon conviction of a in violation of section 524.613, 10 subsection 2, or of section 524.710, subsection 2 12 11 C.F.R. §215.4(e) . 12 Sec. ___. Section 524.1601, subsection 2, Code 13 2017, is amended to read as follows: 14 2. A director or officer who willfully makes or 15 receives a loan in violation of section 524.612, 16 subsection 1, or section 524.706, subsection 1 12 17 C.F.R. §215.4 or 215.5 , shall be guilty of a serious 18 misdemeanor and shall be subject to an additional fine 19 equal to that amount of the loan in excess of the 20 limitation imposed by such subsections regulations , 21 and shall be forever disqualified from acting as a 22 director or officer of any state bank or bank holding 23 company. For the purpose of this subsection , amounts 24 which are treated as obligations of an officer or 25 director pursuant to section 524.612, subsection 5, 26 shall be considered in determining whether the loan or 27 extension of credit is in violation of section 524.612, 28 subsection 1, and section 524.706, subsection 1 . 29 Sec. ___. Section 524.1806, Code 2017, is amended 30 to read as follows: 31 524.1806 Banks owned or controlled —— officers and 32 directors. 33 An individual who is a director or an officer of a 34 bank holding company, as specified by section 524.1801 , 35 -2- SF418.1460 (1) 87 gh/rn 2/ 3
is deemed to be a director or an officer, or both, as 1 the case may be, of each bank so owned or controlled by 2 that bank holding company, for the purposes of sections 3 524.612 , 524.613 and 524.706 , and for the purposes of 4 12 C.F.R. pt. 215 . 5 Sec. ___. Section 533.205, subsection 7, Code 2017, 6 is amended to read as follows: 7 7. A state credit union shall not may pay an 8 overdraft of a director, officer, or employee of 9 the state credit union on an account at the state 10 credit union, unless subject to the rules of the 11 superintendent, when the payment of funds is made in 12 accordance with either any of the following: 13 a. A written, preauthorized, interest-bearing 14 extension of credit plan that specifies a method of 15 repayment. 16 b. A written, preauthorized transfer of collected 17 funds from another account of the account holder at the 18 state credit union. 19 c. The overdraft is paid pursuant to an overdraft 20 protection plan or courtesy pay program. > 21 2. Page 1, by striking lines 25 and 26 and 22 inserting < may contract for an over-limit charge 23 up to fifteen dollars in accordance with 12 C.F.R. 24 §1026.52(b) if the balance of the account exceeds the 25 credit > 26 3. Title page, by striking lines 1 and 2 and 27 inserting < An Act relating to banks, credit unions, and 28 certain consumer credit transactions. > 29 4. By renumbering, redesignating, and correcting 30 internal references as necessary. 31 ______________________________ MICHAEL BREITBACH -3- SF418.1460 (1) 87 gh/rn 3/ 3 #2. #3. #4.