Senate File 260 - Enrolled

PAG LIN

  1  1                                             SENATE FILE 260
  1  2
  1  3                             AN ACT
  1  4 RELATING TO DEBT COLLECTION DISCLOSURE REQUIREMENTS FOR
  1  5    CERTAIN FINANCIAL INSTITUTION AFFILIATES.
  1  6
  1  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  8
  1  9    Section 1.  Section 537.1301, Code 2005, is amended by
  1 10 adding the following new subsections:
  1 11    NEW SUBSECTION.  2A.  "Affiliate" as used in reference to a
  1 12 state bank means the same as defined in section 524.1101.
  1 13 "Affiliate" as used in reference to a national banking
  1 14 association means the same as defined in section 524.1101,
  1 15 except that the term "national banking association" shall be
  1 16 substituted for the term "state bank".  "Affiliate" as used in
  1 17 reference to a savings and loan association shall mean the
  1 18 same as defined in 12 C.F.R. } 561.4.
  1 19    NEW SUBSECTION.  17A.  "Credit union service organization"
  1 20 means an organization, corporation, or association whose
  1 21 membership or ownership is primarily confined or restricted to
  1 22 credit unions or organizations of credit unions and whose
  1 23 purpose is primarily designed to provide services to credit
  1 24 unions, organizations of credit unions, or credit union
  1 25 members.
  1 26    Sec. 2.  Section 537.7103, subsection 4, paragraph b,
  1 27 subparagraph (2), Code 2005, is amended to read as follows:
  1 28    (2)  Communications issued directly by a state bank as
  1 29 defined in section 524.103 or its affiliate, a state bank
  1 30 chartered under the laws of any other state or its affiliate,
  1 31 a national banking association or its affiliate, a trust
  1 32 company, a federally chartered savings and loan association or
  1 33 savings bank or its affiliate, an out=of=state chartered
  1 34 savings and loan association or savings bank or its affiliate,
  1 35 a financial institution chartered by the federal home loan
  2  1 bank board, an association incorporated or authorized to do
  2  2 business under chapter 534, a state or federally chartered
  2  3 credit union, a credit union service organization, or a
  2  4 company or association organized or authorized to do business
  2  5 under chapter 515, 518, 518A, or 520, or an officer, employee,
  2  6 or agent of such company or association, provided the
  2  7 communication does not deceptively conceal its origin or its
  2  8 purpose.
  2  9
  2 10
  2 11                                                             
  2 12                               JOHN P. KIBBIE
  2 13                               President of the Senate
  2 14
  2 15
  2 16                                                             
  2 17                               CHRISTOPHER C. RANTS
  2 18                               Speaker of the House
  2 19
  2 20    I hereby certify that this bill originated in the Senate and
  2 21 is known as Senate File 260, Eighty=first General Assembly.
  2 22
  2 23
  2 24                                                             
  2 25                               MICHAEL E. MARSHALL
  2 26                               Secretary of the Senate
  2 27 Approved                , 2005
  2 28
  2 29
  2 30                                
  2 31 THOMAS J. VILSACK
  2 32 Governor