Senate File 74 - Introduced



                                       SENATE FILE       
                                       BY  COMMITTEE ON COMMERCE

                                       (SUCCESSOR TO SSB 1001)


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to financial institutions, by prohibiting the
  2    deceptive use of name, and providing remedies and penalties.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1492SV 81
  5 eg/gg/14

PAG LIN



  1  1    Section 1.  NEW SECTION.  535D.1  DEFINITION.
  1  2    As used in this chapter, unless the context otherwise
  1  3 requires, "financial institution" means the same as defined in
  1  4 section 527.2.
  1  5    Sec. 2.  NEW SECTION.  535D.2  MISUSE OF NAME == PENALTY.
  1  6    1.  A person who uses the name, trademark, logo, or symbol
  1  7 of a financial institution in connection with the sale,
  1  8 offering for sale, distribution, or advertising of any product
  1  9 or service without the consent of the financial institution,
  1 10 if such use is misleading or deceptive as to the source of
  1 11 origin or sponsorship of, or the affiliation with, the product
  1 12 or service, is guilty of a serious misdemeanor.
  1 13    2.  A financial institution may bring an action to enjoin
  1 14 the misleading or deceptive use prohibited in subsection 1 and
  1 15 recover all damages suffered by reason of the prohibited use,
  1 16 including reasonable attorney fees.  The financial institution
  1 17 may recover any profits derived from the prohibited use.  This
  1 18 subsection does not preclude any other remedy provided by law.
  1 19                           EXPLANATION
  1 20    This bill prohibits the misleading and deceptive use of a
  1 21 financial institution's name, trademark, logo, or symbol.
  1 22 Violators are guilty of a serious misdemeanor.  A serious
  1 23 misdemeanor is punishable by confinement for no more than one
  1 24 year and a fine of at least $250 but not more than $1,500.
  1 25 Financial institutions may seek to enjoin the prohibited use,
  1 26 and to recover damages and attorney fees.
  1 27 LSB 1492SV 81
  1 28 eg:rj/gg/14.1