House File 2232 - Introduced



                                       HOUSE FILE       
                                       BY  COMMERCE, REGULATION AND LABOR

                                       (SUCCESSOR TO HF 2024)


    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 5597HV 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 5597HV 81
  1 25 kk:rj/je/5