House File 2024 - Introduced HOUSE FILE BY BOAL Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the naming of a national bank or a federal 2 savings association and including a retroactive applicability 3 provision. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 5597HH 81 6 kk/je/5 PAG LIN 1 1 Section 1. Section 524.310, subsection 1, Code Supplement 1 2 2005, is amended to read as follows: 1 3 1. The name of a state bank originally incorporated or 1 4 organized after the effective date of this chapter shall 1 5 include the word "bank" and may include the word "state" or 1 6 "trust" in its name. A state bank using the word "trust" in 1 7 its name must be authorized under this chapter to act in a 1 8 fiduciary capacity. A national bank or federal savings 1 9 association shall not use the word "state" in its legally 1 10 chartered name unless the national bank or federal savings 1 11 association was using the word "state" in its legally 1 12 chartered name prior to July 1, 2005. 1 13 Sec. 2. RETROACTIVE APPLICABILITY. This Act is 1 14 retroactively applicable to July 1, 2005, and is applicable on 1 15 and after that date. 1 16 EXPLANATION 1 17 This bill relates to the use of the word "state" in the 1 18 legally chartered name of a national bank or federal savings 1 19 association. The bill provides that a national bank or 1 20 federal savings association that was using the word "state" in 1 21 its legally chartered name prior to July 1, 2005, may continue 1 22 to use the word "state" in its legally chartered name. The 1 23 bill is retroactively applicable to July 1, 2005. 1 24 LSB 5597HH 81 1 25 kk:rj/je/5