House
Study
Bill
635
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
SODERBERG)
A
BILL
FOR
An
Act
relating
to
matters
under
the
purview
of
the
banking
1
division
of
the
department
of
commerce,
and
including
2
effective
date
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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5258YC
(1)
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H.F.
_____
DIVISION
I
1
MUTUAL
OWNERSHIP
FOR
STATE-CHARTERED
BANKS
AND
STATE
HOLDING
2
COMPANIES
TO
FACILITATE
CONVERSIONS
BY
FEDERALLY
CHARTERED
3
SAVINGS
ASSOCIATIONS
4
Section
1.
Section
524.103,
subsections
27
and
28,
Code
5
2011,
are
amended
to
read
as
follows:
6
27.
“Member”
means
a
person
with
a
membership
interest
7
in
a
state
bank
organized
as
a
limited
liability
company
or
8
incorporated
as
a
mutual
corporation
under
this
chapter
.
9
28.
“Membership
interest”
means
a
member’s
share
of
the
10
profits
and
losses,
the
right
to
receive
distributions
of
11
assets,
and
any
right
to
vote
or
participate
in
management
of
a
12
state
bank
organized
as
a
limited
liability
company
under
this
13
chapter
or
of
a
state
bank
incorporated
as
a
mutual
corporation
14
under
this
chapter
.
15
Sec.
2.
Section
524.103,
Code
2011,
is
amended
by
adding
the
16
following
new
subsections:
17
NEW
SUBSECTION
.
27A.
“Member
vote”
means
one
vote
18
for
each
one
hundred
dollars,
or
fraction
thereof,
of
the
19
withdrawal
value
of
a
member’s
account
with
respect
to
a
mutual
20
corporation.
21
NEW
SUBSECTION
.
29A.
“Mutual
bank
holding
company”
means
a
22
bank
holding
company
that
is
a
mutual
corporation
or
that
owns
23
or
controls
a
mutual
corporation.
24
NEW
SUBSECTION
.
29B.
“Mutual
corporation”
means
a
25
corporation
that
is
incorporated
on
a
mutual
ownership
basis
26
under
this
chapter
or
converted
to
become
subject
to
this
27
chapter
and
is
not
authorized
to
issue
capital
stock.
28
Sec.
3.
Section
524.103,
subsections
35,
36,
and
39,
Code
29
2011,
are
amended
to
read
as
follows:
30
35.
“Shareholder”
means
one
who
is
a
holder
of
record
of
31
shares
in
a
state
bank.
If
a
state
bank
is
organized
as
a
32
limited
liability
company
under
this
chapter
,
“shareholder”
33
means
any
a
member
of
the
limited
liability
company.
If
a
34
state
bank
is
incorporated
as
a
mutual
corporation
under
35
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5258YC
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65
H.F.
_____
this
chapter,
“shareholder”
means
a
member
of
the
mutual
1
corporation.
2
36.
“Shares”
means
the
units
into
which
the
proprietary
3
interests
in
a
state
bank
incorporated
as
a
stock
corporation
4
are
divided,
including
any
membership
interests
of
a
state
bank
5
organized
as
a
limited
liability
company
under
this
chapter
.
6
39.
“State
bank”
means
any
bank
incorporated
pursuant
to
7
the
provisions
of
this
chapter
after
January
1,
1970,
and
any
8
“state
bank”
or
“savings
bank”
incorporated
pursuant
to
the
laws
9
of
this
state
and
doing
business
as
such
on
January
1,
1970,
10
or
a
bank
organized
as
a
limited
liability
company
or
a
mutual
11
corporation
under
this
chapter
.
12
Sec.
4.
Section
524.103,
Code
2011,
is
amended
by
adding
the
13
following
new
subsection:
14
NEW
SUBSECTION
.
39A.
“Stock
corporation”
means
a
15
corporation
which
is
authorized
to
issue
capital
stock.
16
Sec.
5.
Section
524.302,
subsection
1,
paragraph
d,
Code
17
2011,
is
amended
to
read
as
follows:
18
d.
(1)
The
If
the
state
bank
will
be
a
stock
corporation,
19
the
aggregate
number
of
common
and
preferred
shares
which
the
20
state
bank
shall
have
authority
to
issue
and
the
par
value
of
21
such
shares.
If
such
shares
are
to
be
divided
into
classes
22
or
series,
the
number
of
shares
of
each
class
or
series
and
23
a
statement
of
the
par
value
of
the
shares
of
each
class
or
24
series.
25
(2)
If
the
state
bank
will
be
a
mutual
corporation,
that
the
26
corporation
will
be
a
mutual
corporation.
27
Sec.
6.
NEW
SECTION
.
524.316
State
banks
as
mutual
28
corporations.
29
The
superintendent
may
adopt
rules
to
ensure
that
a
state
30
bank
incorporated
as
a
mutual
corporation
is
operating
in
a
31
safe
and
sound
manner
and
is
subject
to
the
superintendent’s
32
authority
in
the
same
manner
as
a
state
bank
incorporated
as
a
33
stock
corporation.
34
Sec.
7.
Section
524.405,
Code
2011,
is
amended
to
read
as
35
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_____
follows:
1
524.405
Increase
or
decrease
of
capital
structure.
2
1.
A
state
bank
incorporated
as
a
stock
corporation
may
3
increase
its
capital
structure
or
effect
an
allocation
of
4
amounts
within
its
capital
structure,
by
the
use
of
any
of
the
5
following
methods:
6
a.
Sale
of
authorized
but
unissued
shares.
7
b.
Transfer
of
surplus
or
undivided
profits
to
capital
for
8
authorized
but
unissued
shares.
9
c.
Transfer
of
undivided
profits
to
surplus.
10
d.
Authorization
and
issuance
of
common
shares,
preferred
11
shares,
or
capital
notes
or
debentures.
12
2.
The
superintendent,
whenever
it
appears
necessary
to
do
13
so
in
the
interest
of
the
safety
of
the
deposits
of
a
state
14
bank
incorporated
as
a
stock
corporation
,
may
require
that
the
15
capital
structure
of
the
state
bank
be
increased
by
either
of
16
the
methods
provided
for
in
subsection
1
,
paragraphs
“a”
and
17
“d”
.
18
3.
Capital
or
surplus
shall
not
be
decreased
except
with
the
19
approval
of
the
superintendent.
20
4.
A
state
bank
incorporated
as
a
mutual
corporation
21
may
raise
capital
by
accepting
payments
on
savings
and
22
demand
accounts
and
by
any
other
means
authorized
by
the
23
superintendent.
Whenever
it
appears
necessary
to
do
so
in
24
the
interest
of
the
safety
of
the
deposits
of
a
state
bank
25
incorporated
as
a
mutual
corporation,
the
superintendent
26
may
require
that
the
capital
structure
of
the
state
bank
be
27
increased
by
any
means
authorized
by
the
superintendent.
28
Sec.
8.
Section
524.521,
subsections
1
and
2,
Code
2011,
are
29
amended
to
read
as
follows:
30
1.
The
articles
of
incorporation
of
a
stock
corporation
31
must
prescribe
the
classes
of
shares
and
the
number
of
shares
32
of
each
class
that
the
state
bank
is
authorized
to
issue.
If
33
more
than
one
class
of
shares
is
authorized,
the
articles
of
34
incorporation
must
prescribe
a
distinguishing
designation
for
35
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_____
each
class.
Prior
to
the
issuance
of
shares
of
a
class,
the
1
preferences,
limitations,
and
relative
rights
of
that
class
2
must
be
described
in
the
articles
of
incorporation.
All
shares
3
of
a
class
must
have
preferences,
limitations,
and
relative
4
rights
identical
with
those
of
other
shares
of
the
same
class
5
except
to
the
extent
otherwise
permitted
by
section
524.523
.
6
2.
The
articles
of
incorporation
of
a
stock
corporation
must
7
authorize
both
of
the
following:
8
a.
One
or
more
classes
of
shares
that
together
have
9
unlimited
voting
rights.
10
b.
One
or
more
classes
of
shares,
which
may
be
the
same
11
class
or
classes
as
those
with
voting
rights,
that
together
12
are
entitled
to
receive
the
net
assets
of
the
state
bank
upon
13
dissolution.
14
Sec.
9.
Section
524.523,
subsection
1,
Code
2011,
is
amended
15
to
read
as
follows:
16
1.
The
shares
of
a
state
bank
incorporated
as
a
stock
17
corporation
shall
be
represented
by
certificates
signed
by
18
such
officers,
employees,
or
agents
as
are
authorized
by
the
19
articles
of
incorporation
or
bylaws
to
sign.
If
no
contrary
20
provisions
are
made
in
the
articles
of
incorporation
or
bylaws,
21
the
certificates
shall
be
signed
by
the
president
or
a
vice
22
president
and
the
cashier
or
an
assistant
cashier
of
the
state
23
bank.
24
Sec.
10.
Section
524.526,
subsection
1,
unnumbered
25
paragraph
1,
Code
2011,
is
amended
to
read
as
follows:
26
A
state
bank
incorporated
as
a
stock
corporation
may
do
any
27
of
the
following:
28
Sec.
11.
Section
524.527,
Code
2011,
is
amended
to
read
as
29
follows:
30
524.527
Liability
of
shareholders.
31
1.
A
purchaser
of
the
shares
of
a
state
bank
incorporated
as
32
a
stock
corporation
is
not
liable
to
the
bank,
its
creditors,
33
or
depositors
with
respect
to
the
shares
except
to
pay
the
34
consideration
for
which
the
shares
were
authorized
to
be
issued
35
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_____
under
section
524.521
,
or
the
consideration
specified
in
the
1
subscription
agreement
authorized
under
section
524.525
.
2
2.
Unless
otherwise
provided
in
the
articles
of
3
incorporation,
a
shareholder
of
a
state
bank
is
not
personally
4
liable
for
the
acts
or
debts
of
the
state
bank
,
its
creditors,
5
or
depositors
.
6
3.
A
member
of
a
state
bank
incorporated
as
a
mutual
7
corporation
is
not
personally
liable
for
the
acts
or
debts
of
8
the
state
bank,
its
creditors,
or
depositors.
9
Sec.
12.
NEW
SECTION
.
524.538A
Voting
by
member
of
mutual
10
corporation.
11
All
holders
of
savings,
demand,
or
other
authorized
12
accounts
of
a
bank
incorporated
as
or
converted
to
be
a
13
mutual
corporation
are
members
of
the
state
bank.
In
the
14
consideration
of
all
questions
requiring
action
by
the
members
15
of
the
state
bank,
each
holder
of
an
account
shall
be
permitted
16
to
cast
one
vote
for
each
one
hundred
dollars,
or
fraction
17
thereof,
of
the
withdrawal
value
of
the
member’s
account.
No
18
member,
however,
shall
cast
more
than
one
thousand
member
19
votes.
All
accounts
shall
be
nonassessable.
20
Sec.
13.
Section
524.545,
Code
2011,
is
amended
to
read
as
21
follows:
22
524.545
Options
for
shares.
23
A
state
bank
incorporated
as
a
stock
corporation
may
24
authorize
the
granting
of
options
to
officers
and
employees
to
25
purchase
unissued
shares
of
the
state
bank
in
accordance
with
a
26
plan
approved
by
the
superintendent.
27
Sec.
14.
NEW
SECTION
.
524.1421
Mutual
to
stock
conversions.
28
1.
A
mutual
corporation,
a
mutual
holding
company,
a
29
federal
mutual
association,
or
a
federal
mutual
holding
30
company,
subject
to
the
provisions
of
this
chapter,
may
convert
31
into
a
stock
corporation
that
is
either
a
state
bank
or
a
32
state
bank
mutual
bank
holding
company
upon
approval
of
the
33
superintendent.
34
2.
A
mutual
corporation,
a
mutual
holding
company,
a
federal
35
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_____
mutual
association,
or
a
federal
mutual
holding
company
shall
1
make
an
application
to
the
superintendent
for
approval
of
2
the
conversion
in
a
manner
prescribed
by
the
superintendent
3
and
shall
deliver
to
the
superintendent,
when
available,
the
4
following:
5
a.
Articles
of
conversion.
6
b.
A
business
plan
addressing
factors
prescribed
by
the
7
superintendent.
8
c.
Proof
of
publication
of
the
notice
required
by
section
9
524.1422.
10
d.
The
applicable
fee
payable
to
the
secretary
of
state,
11
under
section
490.122,
for
the
filing
and
recording
of
the
12
articles
of
conversion.
13
3.
The
superintendent
may
adopt
rules
governing
mutual
to
14
stock
conversions.
15
Sec.
15.
NEW
SECTION
.
524.1422
Notice
of
mutual
to
stock
16
conversion.
17
Within
thirty
days
after
an
application
for
conversion
has
18
been
accepted
for
processing,
the
mutual
corporation,
mutual
19
holding
company,
federal
mutual
association,
or
federal
mutual
20
holding
company
shall
publish
a
notice
of
the
delivery
of
the
21
articles
of
conversion
to
the
superintendent
in
a
newspaper
of
22
general
circulation
published
in
the
municipal
corporation
or
23
unincorporated
area
in
which
the
mutual
corporation,
mutual
24
holding
company,
federal
mutual
association,
or
federal
mutual
25
holding
company
has
its
principal
place
of
business,
or
if
26
there
is
none,
a
newspaper
of
general
circulation
published
27
in
the
county,
or
in
a
county
adjoining
the
county,
in
which
28
the
mutual
corporation,
mutual
holding
company,
federal
29
mutual
association,
or
federal
mutual
holding
company
has
its
30
principal
place
of
business.
The
notice
shall
set
forth
the
31
information
required
by
the
superintendent.
32
Sec.
16.
Section
524.1504,
subsection
1,
paragraphs
e
and
f,
33
Code
2011,
are
amended
to
read
as
follows:
34
e.
The
For
a
stock
corporation,
the
number
of
shares
35
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_____
entitled
to
vote
on
the
amendment,
and
if
the
shares
of
any
1
class
are
entitled
to
vote
thereon
as
a
class,
the
number
of
2
shares
of
each
class.
For
a
mutual
corporation,
the
number
of
3
member
votes
entitled
to
be
cast.
4
f.
The
number
of
shares
or
member
votes
voted
for
and
5
against
such
amendment,
respectively,
and
if
the
shares
of
any
6
class
are
entitled
to
vote
thereon
as
a
class,
the
number
of
7
shares
of
each
such
class
voted
for
and
against
such
amendment.
8
Sec.
17.
NEW
SECTION
.
524.1809
Mutual
bank
holding
9
companies.
10
1.
A
state
bank
may
be
owned,
directly
or
indirectly,
by
a
11
mutual
bank
holding
company.
12
2.
A
mutual
holding
company
authorized
pursuant
to
12
U.S.C.
13
§
1467a
and
regulations
promulgated
thereunder
may
convert
to
a
14
mutual
bank
holding
company
authorized
under
this
chapter.
15
3.
A
mutual
corporation
may
reorganize
as
a
mutual
holding
16
company
in
the
manner
provided
in
12
U.S.C.
§
1467a(o).
The
17
resulting
mutual
holding
company
shall
be
a
mutual
bank
holding
18
company
authorized
under
this
chapter.
19
4.
A
mutual
bank
holding
company
authorized
under
this
20
chapter
shall
also
be
subject
to
chapter
490,
the
Iowa
business
21
corporations
Act.
If
a
provision
of
chapter
490
conflicts
with
22
the
provisions
of
this
chapter
or
a
rule
of
the
superintendent
23
adopted
pursuant
to
this
chapter,
the
provisions
of
this
24
chapter
or
rule
of
the
superintendent
shall
control.
25
5.
The
superintendent
may
adopt
rules
pursuant
to
26
chapter
17A
pertaining
to
mutual
bank
holding
companies
and
27
reorganizations
into
mutual
bank
holding
companies
under
this
28
chapter.
29
Sec.
18.
EFFECTIVE
UPON
ENACTMENT.
This
division
of
this
30
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
31
enactment.
32
DIVISION
II
33
MISCELLANEOUS
PROVISIONS
34
Sec.
19.
Section
524.226,
unnumbered
paragraph
4,
Code
35
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rn/nh
7/
65
H.F.
_____
2011,
is
amended
to
read
as
follows:
1
The
superintendent,
during
the
period
of
the
2
superintendent’s
management
of
the
property
and
business
of
the
3
state
bank,
and
prior
to
such
time
as
the
superintendent
may
4
apply
to
the
district
court
for
appointment
as
receiver,
may
5
require
reimbursement
by
the
state
bank
to
the
extent
of
the
6
expenses
incurred
by
the
superintendent
in
connection
with
such
7
management.
8
Sec.
20.
Section
524.802,
subsection
9,
Code
2011,
is
9
amended
to
read
as
follows:
10
9.
Acquire
and
hold
shares
of
stock
in
the
appropriate
11
federal
home
loan
bank
and
to
exercise
all
powers
conferred
on
12
member
banks
of
the
federal
home
loan
bank
system
that
are
not
13
inconsistent
with
this
chapter
.
A
purchase
of
federal
home
14
loan
bank
shares
which
causes
the
state
bank’s
holdings
to
15
exceed
fifteen
percent
of
aggregate
capital
requires
the
prior
16
approval
of
the
superintendent.
In
addition,
a
state
bank
17
may
own
federal
home
loan
bank
shares
in
an
amount
exceeding
18
fifteen
percent
of
the
state
bank’s
aggregate
capital,
but
not
19
exceeding
twenty-five
percent
of
the
state
bank’s
aggregate
20
capital,
if
the
ownership
of
shares
exceeding
fifteen
percent
21
is
needed
to
support
the
state
bank’s
participation
in
the
22
federal
home
loan
bank’s
acquired
member
assets
program
as
23
provided
for
in
12
C.F.R.
pt.
955.
24
Sec.
21.
Section
524.1103,
Code
2011,
is
amended
to
read
as
25
follows:
26
524.1103
Exceptions.
27
1.
The
provisions
of
section
524.1102
shall
not
apply
to
any
28
affiliate:
29
1.
a.
Engaged
solely
in
holding
or
operating
real
30
estate
used
wholly
or
substantially
by
the
state
bank
in
its
31
operations
or
acquired
for
its
future
use.
32
2.
b.
Engaged
solely
in
conducting
a
safe-deposit
business
33
or
the
business
of
an
agricultural
credit
corporation
eligible
34
to
discount
loans
with
a
farm
credit
bank.
35
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65
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_____
3.
c.
Engaged
solely
in
holding
obligations
of
the
United
1
States,
the
farm
credit
banks,
the
federal
home
loan
banks,
2
or
obligations
fully
guaranteed
by
the
United
States
as
to
3
principal
and
interest.
4
4.
d.
Where
the
affiliate
relationship
has
arisen
as
5
a
result
of
shares
acquired
in
satisfaction
of
a
bona
fide
6
debt
contracted
prior
to
the
date
of
the
creation
of
such
7
relationship
provided
that
such
shares
shall
be
sold
at
public
8
or
private
sale
within
one
year
from
the
date
of
the
creation
9
of
the
relationship,
unless
the
time
is
extended
by
the
10
superintendent.
11
5.
e.
Where
the
affiliate
relationship
exists
by
reason
12
of
the
ownership
or
control
of
any
voting
shares
thereof
by
13
a
state
bank
as
executor,
administrator,
trustee,
receiver,
14
agent,
depository,
or
in
any
other
fiduciary
capacity,
except
15
where
such
shares
are
held
for
the
benefit
of
all
or
a
majority
16
of
the
shareholders
of
such
state
bank.
17
6.
f.
Which
is
a
bank.
18
7.
g.
Which
is
an
operations
subsidiary
or
other
subsidiary
19
in
which
the
state
bank
owns
or
controls
eighty
percent
or
more
20
of
the
voting
shares.
However,
an
operations
subsidiary
shall
21
not
conduct
any
activity
at
any
location
where
the
state
bank
22
itself
would
not
be
permitted
to
conduct
that
activity
without
23
the
prior
approval
of
the
superintendent.
24
2.
a.
The
superintendent
may,
in
the
superintendent’s
25
discretion,
by
regulation
or
order,
exempt
transactions
or
26
relationships
from
the
requirements
of
section
524.1102
if
27
the
superintendent
finds
such
exemptions
to
be
in
the
public
28
interest
and
consistent
with
the
purposes
of
section
524.1102.
29
b.
A
state
bank
may
request
an
exemption
from
the
30
requirements
of
section
524.1102
by
submitting
a
written
31
request
to
the
superintendent
including
all
of
the
following:
32
(1)
A
detailed
description
of
the
transaction
or
33
relationship
for
which
the
state
bank
seeks
an
exemption.
34
(2)
A
statement
of
the
reasons
for
exemption
of
the
35
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_____
transaction
or
relationship.
1
(3)
An
explanation
of
how
the
exemption
would
be
in
the
2
public
interest
and
consistent
with
the
purposes
of
section
3
524.1102.
4
Sec.
22.
Section
524.1305,
subsection
9,
Code
2011,
is
5
amended
to
read
as
follows:
6
9.
If
at
any
time
during
the
course
of
dissolution
7
proceedings
the
superintendent
finds
that
the
assets
of
the
8
state
bank
will
not
be
sufficient
to
discharge
its
obligations,
9
the
superintendent
shall
apply
to
the
district
court
for
10
appointment
as
receiver
tender
to
the
federal
deposit
insurance
11
corporation
the
receivership
in
the
manner
required
by
section
12
524.1310
,
and
the
dissolution
shall
thereafter
be
treated
as
an
13
involuntary
dissolution
in
accordance
with
the
terms
of
that
14
section
and
sections
524.1311
and
524.1312
.
15
Sec.
23.
Section
524.1310,
Code
2011,
is
amended
to
read
as
16
follows:
17
524.1310
Involuntary
dissolution
after
commencement
of
18
business
——
superintendent
as
receiver.
19
1.
a.
In
a
situation
in
which
the
superintendent
has
20
required,
in
accordance
with
section
524.226
,
that
the
state
21
bank
cease
to
carry
on
its
business,
the
superintendent
shall
22
apply
to
the
district
court
for
the
county
in
which
the
state
23
bank
is
located
for
appointment
as
receiver
for
the
state
24
bank.
The
district
court
shall
appoint
the
superintendent
as
25
receiver
unless
the
superintendent
has
tendered
the
appointment
26
to
the
federal
deposit
insurance
corporation
as
provided
for
27
in
section
524.1313
,
in
which
case
the
district
court
shall
28
appoint
tender
to
the
federal
deposit
insurance
corporation
29
as
receiver
the
receivership
for
the
state
bank
.
The
affairs
30
of
the
state
bank
shall
thereafter
be
under
the
direction
of
31
the
district
court,
and
the
assets
of
the
state
bank
shall
be
32
distributed
in
accordance
with
section
524.1312
governed
by
33
this
section,
section
524.1311,
and
the
provisions
of
federal
34
law,
and
shall
be
subject
to
federal
court
jurisdiction,
and
35
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_____
the
assets
of
the
state
bank
shall
be
distributed
in
accordance
1
with
section
524.1312.
If
there
is
a
conflict
between
the
2
provisions
of
state
and
federal
law,
federal
law
shall
govern
.
3
b.
All
amounts
due
creditors
and
shareholders
described
4
in
section
490.1440
shall
be
deposited
with
the
treasurer
of
5
state
in
accordance
with
that
section.
Such
amounts
shall
be
6
retained
by
the
treasurer
of
state
and
subject
to
claim
in
7
the
manner
provided
for
in
section
490.1440
.
Amounts
due
to
8
depositors
who
are
unknown,
or
who
are
under
a
disability
and
9
there
is
no
person
legally
competent
to
receive
the
amount,
or
10
who
cannot
be
found
after
the
exercise
of
reasonable
diligence,
11
shall
be
transmitted
to
the
treasurer
of
state
in
the
manner
12
required
by
section
524.1305,
subsection
6
.
Such
property
13
shall
be
treated
as
abandoned,
retained
by
the
treasurer
of
14
state,
and
is
subject
to
claim,
in
the
manner
provided
for
in
15
sections
556.14
to
556.21
.
The
attorney
general,
or
assistants
16
appointed
by
the
court,
shall
represent
the
superintendent
in
17
all
proceedings
connected
with
the
receivership.
18
2.
Under
the
receivership,
the
rights
of
depositors
and
19
other
creditors
of
the
insured
state
bank
shall
be
determined
20
in
accordance
with
the
laws
of
this
state.
21
3.
The
federal
deposit
insurance
corporation
as
receiver
22
shall
possess
all
the
powers,
rights,
and
privileges
provided
23
under
section
524.1311,
except
insofar
as
that
section
may
be
24
in
conflict
with
the
laws
of
the
United
States.
25
4.
If
the
federal
deposit
insurance
corporation
pays
or
26
makes
available
for
payment
the
insured
deposit
liabilities
27
of
an
insured
state
bank,
the
federal
deposit
insurance
28
corporation
shall
be
subrogated
by
operation
of
law
to
all
29
rights
against
such
insured
state
bank
of
the
owners
of
30
such
deposits
in
the
same
manner
and
to
the
same
extent
as
31
subrogation
of
the
federal
deposit
insurance
corporation
32
is
provided
for
in
applicable
federal
law
in
the
case
of
a
33
national
bank.
34
Sec.
24.
Section
524.1311,
Code
2011,
is
amended
to
read
as
35
-11-
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rn/nh
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65
H.F.
_____
follows:
1
524.1311
Involuntary
dissolution
after
commencement
of
2
business
——
receivership
procedure.
3
1.
In
all
situations
in
which
the
superintendent
has
4
been
named
the
receiver
as
provided
in
section
524.1310
the
5
superintendent
shall
make
Under
the
receivership,
a
diligent
6
effort
shall
be
made
to
collect
and
realize
on
the
assets
of
7
the
state
bank
,
and
to
make
distribution
of
the
proceeds
from
8
time
to
time
to
those
entitled
thereto.
The
superintendent
9
federal
deposit
insurance
corporation
may
execute
assignments,
10
releases
,
and
satisfactions
to
effectuate
sales
and
transfers
11
as
receiver
or
after
the
receivership
has
terminated.
Upon
12
the
order
of
the
court
in
which
the
receivership
is
pending,
13
the
superintendent
The
federal
deposit
insurance
corporation
14
may
sell
or
compound
all
bad
or
doubtful
debts,
and
,
on
a
like
15
order,
may
sell
all
the
real
and
personal
property
of
such
16
state
bank
,
on
such
terms
as
the
court
shall
direct
.
17
2.
All
expenses
of
the
receivership
and
dissolution
shall
18
be
fixed
by
the
superintendent,
subject
to
the
approval
of
19
the
district
court,
and
shall
be
paid
out
of
the
assets
of
20
the
state
bank.
After
the
involuntary
dissolution
of
a
state
21
bank,
the
superintendent
shall
file
notice
of
the
dissolution
22
with
the
secretary
of
state
and
the
county
recorder
of
the
23
county
in
which
the
state
bank
is
located.
No
fee
shall
be
24
charged
by
the
secretary
of
state
or
the
county
recorder
for
25
the
filing
or
recording.
The
corporate
existence
of
the
state
26
bank
shall
cease
upon
filing
of
the
notice
of
dissolution
with
27
the
secretary
of
state.
28
3.
At
the
termination
of
the
receivership,
the
29
superintendent
shall
file
a
final
report
containing
the
details
30
of
the
superintendent’s
actions
therein,
together
with
such
31
additional
facts
as
the
court
may
require.
32
4.
Upon
the
submission
and
approval
of
the
final
report,
the
33
court
shall
enter
a
decree
dissolving
the
state
bank
whereupon
34
the
corporate
existence
of
the
state
bank
shall
cease.
It
35
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_____
shall
be
the
duty
of
the
clerk
of
such
court
to
cause
certified
1
copies
of
the
decree
to
be
filed
with
and
recorded
by
the
2
secretary
of
state
and
the
county
recorder
of
the
county
in
3
which
is
located
the
state
bank.
No
fee
shall
be
charged
by
the
4
secretary
of
state
or
said
county
recorder
for
the
filing
or
5
recording
thereof.
6
Sec.
25.
Section
535B.10,
subsection
6,
Code
2011,
is
7
amended
by
adding
the
following
new
paragraph:
8
NEW
PARAGRAPH
.
h.
The
administrator
may
furnish
9
information
relating
to
supervision
of
closing
agent
licensees
10
whose
activities
relate
to
the
issuance
of
title
guaranty
11
certificates
issued
by
the
title
guaranty
division
of
the
12
Iowa
finance
authority
to
the
title
guaranty
division.
The
13
title
guaranty
division
may
use
this
information
to
satisfy
14
its
reinsurance
requirements
and
may
provide
the
information
15
to
its
reinsurer
to
the
extent
necessary
to
satisfy
reinsurer
16
requirements
provided
the
reinsurer
agrees
to
maintain
the
17
confidentiality
of
the
information.
The
title
guaranty
18
division
shall
maintain
the
confidentiality
of
the
information
19
provided
pursuant
to
this
paragraph
in
all
other
respects.
20
Sec.
26.
Section
602.8102,
subsection
72,
Code
2011,
is
21
amended
by
striking
the
subsection.
22
Sec.
27.
REPEAL.
Section
524.1313,
Code
2011,
is
repealed.
23
Sec.
28.
EFFECTIVE
UPON
ENACTMENT.
The
following
24
provisions
of
this
division
of
this
Act,
being
deemed
of
25
immediate
importance,
take
effect
upon
enactment:
26
1.
The
section
of
this
Act
amending
section
524.226,
27
unnumbered
paragraph
4.
28
2.
The
section
of
this
Act
amending
section
524.1305,
29
subsection
9.
30
3.
The
section
of
this
Act
amending
section
524.1310.
31
4.
The
section
of
this
Act
amending
section
524.1311.
32
5.
The
section
of
this
Act
repealing
section
524.1313.
33
6.
The
section
of
this
Act
striking
section
602.8102,
34
subsection
72.
35
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65
H.F.
_____
DIVISION
III
1
SAVINGS
AND
LOAN
ASSOCIATIONS
2
Sec.
29.
Section
7C.9,
Code
2011,
is
amended
to
read
as
3
follows:
4
7C.9
Nonbusiness
days.
5
If
the
expiration
date
of
either
the
one-hundred-twenty-day
6
period
or
the
thirty-day
extension
period
described
in
7
subsection
1
or
2
of
section
7C.7
is
a
Saturday,
Sunday,
or
any
8
day
on
which
the
offices
of
the
state
,
or
banking
institutions
,
9
or
savings
and
loan
associations
in
the
state
are
authorized
10
or
required
to
close,
the
expiration
date
is
extended
to
the
11
first
day
thereafter
which
is
not
a
Saturday,
Sunday,
or
other
12
previously
described
day.
13
Sec.
30.
Section
12.61,
subsection
1,
paragraph
a,
Code
14
2011,
is
amended
to
read
as
follows:
15
a.
“Financial
institution”
means
a
state
bank
as
defined
in
16
section
524.103,
subsection
39
,
a
federally
chartered
state
17
bank
having
its
principal
office
within
this
state,
a
federally
18
chartered
credit
union
having
its
principal
office
within
this
19
state,
a
federally
chartered
savings
and
loan
association
20
having
its
principal
office
within
the
state,
a
credit
union
21
organized
under
chapter
533
,
an
association
incorporated
or
22
authorized
to
do
business
under
chapter
534
,
or
a
trust
company
23
organized
or
incorporated
under
the
laws
of
this
state.
24
Sec.
31.
Section
12.71,
subsection
5,
Code
2011,
is
amended
25
to
read
as
follows:
26
5.
The
bonds
are
securities
in
which
public
officers
and
27
bodies
of
this
state;
political
subdivisions
of
this
state;
28
insurance
companies
and
associations
and
other
persons
carrying
29
on
an
insurance
business;
banks,
trust
companies,
savings
30
associations,
savings
and
loan
associations,
and
investment
31
companies;
administrators,
guardians,
executors,
trustees,
32
and
other
fiduciaries;
and
other
persons
authorized
to
invest
33
in
bonds
or
other
obligations
of
the
state,
may
properly
and
34
legally
invest
funds,
including
capital,
in
their
control
or
35
-14-
LSB
5258YC
(1)
84
rn/nh
14/
65
H.F.
_____
belonging
to
them.
1
Sec.
32.
Section
12.81,
subsection
5,
Code
2011,
is
amended
2
to
read
as
follows:
3
5.
The
bonds
are
securities
in
which
public
officers
and
4
bodies
of
this
state;
political
subdivisions
of
this
state;
5
insurance
companies
and
associations
and
other
persons
carrying
6
on
an
insurance
business;
banks,
trust
companies,
savings
7
associations,
savings
and
loan
associations,
and
investment
8
companies;
administrators,
guardians,
executors,
trustees,
9
and
other
fiduciaries;
and
other
persons
authorized
to
invest
10
in
bonds
or
other
obligations
of
the
state,
may
properly
and
11
legally
invest
funds,
including
capital,
in
their
control
or
12
belonging
to
them.
13
Sec.
33.
Section
12.87,
subsection
5,
Code
Supplement
2011,
14
is
amended
to
read
as
follows:
15
5.
The
bonds
are
securities
in
which
public
officers
and
16
bodies
of
this
state;
political
subdivisions
of
this
state;
17
insurance
companies
and
associations
and
other
persons
carrying
18
on
an
insurance
business;
banks,
trust
companies,
savings
19
associations,
savings
and
loan
associations,
and
investment
20
companies;
administrators,
guardians,
executors,
trustees,
21
and
other
fiduciaries;
and
other
persons
authorized
to
invest
22
in
bonds
or
other
obligations
of
the
state,
may
properly
and
23
legally
invest
funds,
including
capital,
in
their
control
or
24
belonging
to
them.
25
Sec.
34.
Section
12.91,
subsection
6,
Code
2011,
is
amended
26
to
read
as
follows:
27
6.
The
bonds
are
securities
in
which
public
officers
and
28
bodies
of
this
state;
political
subdivisions
of
this
state;
29
insurance
companies
and
associations
and
other
persons
carrying
30
on
an
insurance
business;
banks,
trust
companies,
savings
31
associations,
savings
and
loan
associations,
and
investment
32
companies;
administrators,
guardians,
executors,
trustees,
33
and
other
fiduciaries;
and
other
persons
authorized
to
invest
34
in
bonds
or
other
obligations
of
the
state
may
properly
and
35
-15-
LSB
5258YC
(1)
84
rn/nh
15/
65
H.F.
_____
legally
invest
funds,
including
capital,
in
their
control
or
1
belonging
to
them.
2
Sec.
35.
Section
12A.4,
subsection
4,
Code
2011,
is
amended
3
to
read
as
follows:
4
4.
Bonds
issued
under
this
chapter
are
investment
5
securities
and
negotiable
instruments
within
the
meaning
of
6
and
for
purposes
of
the
uniform
commercial
code,
chapter
7
554
.
Bonds
are
securities
in
which
public
officers
and
8
bodies
of
this
state;
political
subdivisions
of
this
state;
9
insurance
companies
and
associations
and
other
persons
carrying
10
on
an
insurance
business;
banks,
trust
companies,
savings
11
associations,
savings
and
loan
associations,
and
investment
12
companies;
administrators,
guardians,
executors,
trustees,
and
13
other
fiduciaries;
and
other
persons
authorized
to
invest
in
14
bonds
of
the
state,
may
properly
and
legally
invest
funds,
15
including
capital,
in
their
control
or
belonging
to
them.
16
Sec.
36.
Section
12C.1,
subsection
2,
Code
Supplement
2011,
17
is
amended
to
read
as
follows:
18
2.
As
used
in
this
chapter
unless
the
context
otherwise
19
requires:
20
a.
“Bank”
means
a
corporation
or
limited
liability
company
21
engaged
in
the
business
of
banking
and
organized
under
the
laws
22
of
this
state,
another
state,
or
the
United
States.
“Bank”
also
23
means
a
savings
and
loan,
savings
association,
or
savings
bank
24
organized
under
the
laws
of
this
state,
another
state
,
or
the
25
United
States.
26
b.
“Credit
union”
means
a
cooperative,
nonprofit
association
27
incorporated
under
chapter
533
or
the
federal
Credit
Union
Act,
28
12
U.S.C.
§
1751
et
seq.,
and
that
is
insured
by
the
national
29
credit
union
administration
and
includes
an
office
of
a
credit
30
union.
31
c.
“Depository”
means
a
bank
,
a
savings
and
loan,
or
a
32
credit
union
in
which
public
funds
are
deposited
under
this
33
chapter
.
34
d.
“Financial
institution”
means
a
bank
or
a
credit
union.
35
-16-
LSB
5258YC
(1)
84
rn/nh
16/
65
H.F.
_____
e.
“Public
funds”
and
“public
deposits”
mean
any
of
the
1
following:
2
(1)
The
moneys
of
the
state
or
a
political
subdivision
3
or
instrumentality
of
the
state
including
a
county,
4
school
corporation,
special
district,
drainage
district,
5
unincorporated
town
or
township,
municipality,
or
municipal
6
corporation
or
any
agency,
board,
or
commission
of
the
state
7
or
a
political
subdivision.
Moneys
of
the
state
include
8
moneys
which
are
transmitted
to
a
depositary
for
purposes
of
9
completing
an
electronic
financial
transaction
pursuant
to
10
section
159.35
.
11
(2)
The
moneys
of
any
court
or
public
body
noted
in
12
subsection
1
.
13
(3)
The
moneys
of
a
legal
or
administrative
entity
created
14
pursuant
to
chapter
28E
.
15
(4)
The
moneys
of
an
electric
power
agency
as
defined
in
16
section
28F.2
or
390.9
.
17
(5)
Federal
and
state
grant
moneys
of
a
quasi-public
18
state
entity
that
are
placed
in
a
depository
pursuant
to
this
19
chapter
.
20
(6)
Moneys
placed
in
a
depository
for
the
purpose
of
21
completing
an
electronic
financial
transaction
pursuant
to
22
section
8A.222
or
331.427
.
23
f.
“Public
officer”
means
the
person
authorized
by
and
24
acting
for
a
public
body
to
deposit
public
funds
of
the
public
25
body.
26
g.
“Savings
and
loan”
means
a
corporation
authorized
to
27
operate
under
chapter
534
or
the
federal
Home
Owner’s
Loan
Act
28
of
1933,
12
U.S.C.
§
1461
et
seq.,
and
includes
a
savings
and
29
loan
association,
a
savings
bank,
or
any
branch
of
a
savings
30
and
loan
association
or
savings
bank.
31
h.
g.
“Superintendent”
means
the
superintendent
of
32
banking
of
this
state
when
the
depository
is
a
bank,
and
33
the
superintendent
of
credit
unions
of
this
state
when
the
34
depository
is
a
credit
union.
35
-17-
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5258YC
(1)
84
rn/nh
17/
65
H.F.
_____
i.
h.
“Uninsured
public
funds”
means
any
amount
of
1
public
funds
of
a
public
funds
depositor
on
deposit
in
an
2
account
at
a
financial
institution
that
exceeds
the
amount
of
3
public
funds
in
that
account
that
are
insured
by
the
federal
4
deposit
insurance
corporation
or
the
national
credit
union
5
administration.
6
Sec.
37.
Section
12C.13,
Code
2011,
is
amended
to
read
as
7
follows:
8
12C.13
Deposit
not
membership.
9
Notwithstanding
chapter
534
524
,
the
deposit
of
public
10
funds
in
a
credit
union
as
defined
in
section
533.102
or
an
11
association
defined
in
section
534.102
a
mutual
corporation
12
as
defined
in
section
524.103
does
not
constitute
being
13
a
shareholder,
stockholder,
or
owner
of
a
corporation
in
14
violation
of
Article
VIII
of
the
Constitution
of
the
State
of
15
Iowa
or
any
other
provision
of
law.
16
Sec.
38.
Section
12C.20,
subsections
1
and
4,
Code
2011,
are
17
amended
to
read
as
follows:
18
1.
On
or
before
the
tenth
day
of
February,
May,
August,
19
and
November
of
each
year,
each
savings
and
loan
and
each
20
out-of-state
bank
that
has
one
or
more
branches
in
the
state
21
shall
calculate
and
certify
to
the
superintendent
of
banking
in
22
the
form
prescribed
by
the
superintendent
the
amount
of
public
23
funds
on
deposit
at
the
savings
and
loan
and
at
each
such
24
branch
of
the
out-of-state
bank
as
of
the
end
of
the
previous
25
calendar
quarter.
26
4.
On
or
before
the
twentieth
day
of
February,
May,
August,
27
and
November
of
each
year,
the
superintendent
shall
notify
the
28
treasurer
of
state
of
the
amount
of
collateral
required
to
be
29
pledged
as
of
the
end
of
the
previous
calendar
quarter
based
30
upon
the
certification
provided
to
the
superintendent
under
31
subsection
1
or
2
and
a
review
by
the
superintendent
of
the
32
quarterly
call
report
filed
by
each
bank
that
is
not
a
savings
33
and
loan
or
an
out-of-state
bank.
34
Sec.
39.
Section
12E.11,
subsection
8,
Code
2011,
is
amended
35
-18-
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5258YC
(1)
84
rn/nh
18/
65
H.F.
_____
to
read
as
follows:
1
8.
The
bonds
issued
under
this
chapter
are
securities
in
2
which
insurance
companies
and
associations
and
other
persons
3
engaged
in
the
business
of
insurance;
banks,
trust
companies,
4
savings
associations,
savings
and
loan
associations,
and
5
investment
companies;
administrators,
guardians,
executors,
6
trustees,
and
other
fiduciaries;
and
other
persons
authorized
7
to
invest
in
bonds
or
other
obligations
of
the
state
may
8
properly
and
legally
invest
funds,
including
capital,
in
their
9
control
or
belonging
to
them.
10
Sec.
40.
Section
16.1,
subsection
1,
paragraph
y,
Code
11
Supplement
2011,
is
amended
to
read
as
follows:
12
y.
“Mortgage
lender”
means
any
bank,
trust
company,
mortgage
13
company,
national
banking
association,
federal
savings
and
loan
14
association,
life
insurance
company,
any
governmental
agency,
15
or
any
other
financial
institution
authorized
to
make
mortgage
16
loans
in
this
state
and
includes
a
financial
institution
as
17
defined
in
section
496B.2,
subsection
4
,
which
lends
moneys
for
18
industrial
or
business
purposes.
19
Sec.
41.
Section
16.30,
Code
2011,
is
amended
to
read
as
20
follows:
21
16.30
Bonds
and
notes
as
legal
investments.
22
Bonds
and
notes
of
the
authority
are
securities
in
which
23
public
officers,
state
departments
and
agencies,
political
24
subdivisions,
insurance
companies,
and
other
persons
carrying
25
on
an
insurance
business,
banks,
trust
companies,
savings
and
26
loan
associations,
investment
companies
and
other
persons
27
carrying
on
a
banking
business,
administrators,
executors,
28
guardians,
conservators,
trustees
and
other
fiduciaries,
29
and
other
persons
authorized
to
invest
in
bonds
or
other
30
obligations
of
this
state,
may
properly
and
legally
invest
31
funds
including
capital
in
their
control
or
belonging
to
them.
32
The
bonds
and
notes
are
also
securities
which
may
be
deposited
33
with
and
may
be
received
by
public
officers,
state
departments
34
and
agencies,
and
political
subdivisions,
for
any
purpose
for
35
-19-
LSB
5258YC
(1)
84
rn/nh
19/
65
H.F.
_____
which
the
deposit
of
bonds
or
other
obligations
of
this
state
1
is
authorized.
2
Sec.
42.
Section
16.177,
subsection
5,
Code
2011,
is
amended
3
to
read
as
follows:
4
5.
The
bonds
are
securities
in
which
public
officers
and
5
bodies
of
this
state,
political
subdivisions
of
this
state,
6
insurance
companies
and
associations
and
other
persons
carrying
7
on
an
insurance
business,
banks,
trust
companies,
savings
8
associations,
savings
and
loan
associations,
and
investment
9
companies,
administrators,
guardians,
executors,
trustees,
10
and
other
fiduciaries,
and
other
persons
authorized
to
invest
11
in
bonds
or
other
obligations
of
the
state,
may
properly
and
12
legally
invest
funds,
including
capital,
in
their
control
or
13
belonging
to
them.
14
Sec.
43.
Section
28J.18,
Code
2011,
is
amended
to
read
as
15
follows:
16
28J.18
Revenue
bonds
are
lawful
investments.
17
Port
authority
revenue
bonds
issued
pursuant
to
this
18
chapter
are
lawful
investments
of
banks,
credit
unions,
trust
19
companies,
savings
and
loan
associations,
deposit
guaranty
20
associations,
insurance
companies,
trustees,
fiduciaries,
21
trustees
or
other
officers
having
charge
of
the
bond
retirement
22
funds
or
sinking
funds
of
port
authorities
and
governmental
23
agencies,
and
taxing
districts
of
this
state,
the
pension
24
and
annuity
retirement
system,
the
Iowa
public
employees’
25
retirement
system,
the
police
and
fire
retirement
systems
under
26
chapters
410
and
411
,
a
revolving
fund
of
a
governmental
agency
27
of
this
state,
and
are
acceptable
as
security
for
the
deposit
28
of
public
funds
under
chapter
12C
.
29
Sec.
44.
Section
68A.503,
subsections
1
through
4,
Code
30
2011,
are
amended
to
read
as
follows:
31
1.
Except
as
provided
in
subsections
3,
4,
5,
and
6
,
an
32
insurance
company,
savings
and
loan
association,
bank,
credit
33
union,
or
corporation
shall
not
make
a
monetary
or
in-kind
34
contribution
to
a
candidate
or
committee
except
for
a
ballot
35
-20-
LSB
5258YC
(1)
84
rn/nh
20/
65
H.F.
_____
issue
committee.
1
2.
Except
as
provided
in
subsection
3
,
a
candidate
or
2
committee,
except
for
a
ballot
issue
committee,
shall
not
3
receive
a
monetary
or
in-kind
contribution
from
an
insurance
4
company,
savings
and
loan
association,
bank,
credit
union,
or
5
corporation.
6
3.
An
insurance
company,
savings
and
loan
association,
7
bank,
credit
union,
or
corporation
may
use
money,
property,
8
labor,
or
any
other
thing
of
value
of
the
entity
for
the
9
purposes
of
soliciting
its
stockholders,
administrative
10
officers,
professional
employees,
and
members
for
contributions
11
to
a
political
committee
sponsored
by
that
entity
and
for
12
financing
the
administration
of
a
political
committee
sponsored
13
by
that
entity.
The
entity’s
employees
to
whom
the
foregoing
14
authority
does
not
extend
may
voluntarily
contribute
to
15
such
a
political
committee
but
shall
not
be
solicited
for
16
contributions.
A
candidate
or
committee
may
solicit,
request,
17
and
receive
money,
property,
labor,
and
any
other
thing
of
18
value
from
a
political
committee
sponsored
by
an
insurance
19
company,
savings
and
loan
association,
bank,
credit
union,
or
20
corporation
as
permitted
by
this
subsection
.
21
4.
The
prohibitions
in
subsections
1
and
2
shall
not
apply
22
to
an
insurance
company,
savings
and
loan
association,
bank,
23
credit
union,
or
corporation
engaged
in
any
of
the
following
24
activities:
25
a.
Using
its
funds
to
encourage
registration
of
voters
and
26
participation
in
the
political
process
or
to
publicize
public
27
issues.
28
b.
Using
its
funds
to
expressly
advocate
the
passage
or
29
defeat
of
ballot
issues.
30
c.
Using
its
funds
for
independent
expenditures
as
provided
31
in
section
68A.404
.
32
d.
Using
its
funds
to
place
campaign
signs
as
permitted
33
under
section
68A.406
.
34
Sec.
45.
Section
175.2,
subsection
1,
paragraphs
l
and
o,
35
-21-
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5258YC
(1)
84
rn/nh
21/
65
H.F.
_____
Code
2011,
are
amended
to
read
as
follows:
1
l.
“Lending
institution”
means
a
bank,
trust
company,
2
mortgage
company,
national
banking
association,
savings
3
and
loan
association,
life
insurance
company,
any
state
or
4
federal
governmental
agency
or
instrumentality,
including
5
without
limitation
the
federal
land
bank
or
any
of
its
local
6
associations,
or
any
other
financial
institution
or
entity
7
authorized
to
make
farm
operating
loans
in
this
state.
8
o.
“Mortgage
lender”
means
a
bank,
trust
company,
9
mortgage
company,
national
banking
association,
savings
10
and
loan
association,
life
insurance
company,
any
state
or
11
federal
governmental
agency
or
instrumentality,
including
12
without
limitation
the
federal
land
bank
or
any
of
its
local
13
associations,
or
any
other
financial
institution
or
entity
14
authorized
to
make
mortgage
loans
or
secured
loans
in
this
15
state.
16
Sec.
46.
Section
175.21,
Code
2011,
is
amended
to
read
as
17
follows:
18
175.21
Bonds
and
notes
as
legal
investments.
19
Bonds
and
notes
are
securities
in
which
public
officers,
20
state
departments
and
agencies,
political
subdivisions,
21
insurance
companies
and
other
persons
carrying
on
an
22
insurance
business,
banks,
trust
companies,
savings
and
loan
23
associations,
investment
companies
and
other
persons
carrying
24
on
a
banking
business,
administrators,
executors,
guardians,
25
conservators,
trustees
and
other
fiduciaries
and
other
persons
26
authorized
to
invest
in
bonds
or
other
obligations
of
this
27
state
may
properly
and
legally
invest
funds
including
capital
28
in
their
control
or
belonging
to
them.
The
bonds
and
notes
29
are
also
securities
which
may
be
deposited
with
and
may
be
30
received
by
public
officers,
state
departments
and
agencies
and
31
political
subdivisions
for
any
purpose
for
which
the
deposit
of
32
bonds
or
other
obligations
of
this
state
is
authorized.
33
Sec.
47.
Section
179.1,
subsection
8,
Code
2011,
is
amended
34
to
read
as
follows:
35
-22-
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5258YC
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84
rn/nh
22/
65
H.F.
_____
8.
“Qualified
financial
institution”
means
a
bank
,
or
credit
1
union
,
or
savings
and
loan
as
defined
in
section
12C.1
.
2
Sec.
48.
Section
181.1,
subsection
7,
Code
2011,
is
amended
3
to
read
as
follows:
4
7.
“Qualified
financial
institution”
means
a
bank
,
or
credit
5
union
,
or
savings
and
loan
as
defined
in
section
12C.1
.
6
Sec.
49.
Section
183A.1,
subsection
9,
Code
2011,
is
amended
7
to
read
as
follows:
8
9.
“Qualified
financial
institution”
means
a
bank
,
or
credit
9
union
,
or
savings
and
loan
as
defined
in
section
12C.1
.
10
Sec.
50.
Section
184.1,
subsection
10,
Code
2011,
is
amended
11
to
read
as
follows:
12
10.
“Qualified
financial
institution”
means
a
bank
,
or
13
credit
union
,
or
savings
and
loan
as
defined
in
section
12C.1
.
14
Sec.
51.
Section
184A.1,
subsection
8,
Code
2011,
is
amended
15
to
read
as
follows:
16
8.
“Qualified
financial
institution”
means
a
bank
,
or
credit
17
union
,
or
savings
and
loan
as
defined
in
section
12C.1
.
18
Sec.
52.
Section
185.1,
subsection
13,
Code
2011,
is
amended
19
to
read
as
follows:
20
13.
“Qualified
financial
institution”
means
a
bank
,
or
21
credit
union
,
or
savings
and
loan
as
defined
in
section
12C.1
.
22
Sec.
53.
Section
185C.1,
subsection
13,
Code
2011,
is
23
amended
to
read
as
follows:
24
13.
“Qualified
financial
institution”
means
a
bank
,
or
25
credit
union
,
or
savings
and
loan
as
defined
in
section
12C.1
.
26
Sec.
54.
Section
202C.1,
subsection
4,
Code
2011,
is
amended
27
to
read
as
follows:
28
4.
“Financial
institution”
means
a
bank
or
savings
and
29
loan
association
authorized
by
this
state
or
by
the
laws
of
30
the
United
States,
which
is
a
member
of
the
federal
deposit
31
insurance
corporation,
the
federal
savings
and
loan
insurance
32
corporation,
or
the
national
bank
for
cooperatives
established
33
in
the
Agricultural
Credit
Act,
Pub.
L.
No.
100-233.
34
Sec.
55.
Section
203.1,
subsection
7,
paragraph
a,
Code
35
-23-
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5258YC
(1)
84
rn/nh
23/
65
H.F.
_____
2011,
is
amended
to
read
as
follows:
1
a.
A
bank
or
savings
and
loan
association
authorized
by
2
the
laws
of
this
state,
any
other
state
,
or
the
United
States,
3
which
is
a
member
of
the
federal
deposit
insurance
corporation.
4
Sec.
56.
Section
206.2,
subsection
12,
Code
2011,
is
amended
5
to
read
as
follows:
6
12.
“Financial
institution”
means
a
bank
or
savings
and
7
loan
association
authorized
by
this
state
or
by
the
laws
of
8
the
United
States,
which
is
a
member
of
the
federal
deposit
9
insurance
corporation
or
the
federal
savings
and
loan
insurance
10
corporation.
11
Sec.
57.
Section
216.10,
subsection
1,
paragraph
b,
Code
12
2011,
is
amended
to
read
as
follows:
13
b.
Person
authorized
or
licensed
to
do
business
in
this
14
state
pursuant
to
chapter
524
,
533
,
534
,
536
,
or
536A
to
refuse
15
to
loan
or
extend
credit
or
to
impose
terms
or
conditions
16
more
onerous
than
those
regularly
extended
to
persons
of
17
similar
economic
backgrounds
because
of
age,
color,
creed,
18
national
origin,
race,
religion,
marital
status,
sex,
sexual
19
orientation,
gender
identity,
physical
disability,
or
familial
20
status.
21
Sec.
58.
Section
234.37,
Code
2011,
is
amended
to
read
as
22
follows:
23
234.37
Department
may
establish
accounts
for
certain
24
children.
25
The
department
of
human
services
is
authorized
to
establish
26
an
account
in
the
name
of
any
child
committed
to
the
director
27
of
human
services
or
the
director’s
designee,
or
whose
legal
28
custody
has
been
transferred
to
the
department,
or
who
is
29
voluntarily
placed
in
foster
care
pursuant
to
section
234.35.
30
Any
money
which
the
child
receives
from
the
United
States
31
government
or
any
private
source
shall
be
placed
in
the
child’s
32
account,
unless
a
guardian
of
the
child’s
property
has
been
33
appointed
and
demands
the
money,
in
which
case
it
shall
be
34
paid
to
the
guardian.
The
account
shall
be
maintained
by
the
35
-24-
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65
H.F.
_____
department
as
trustee
for
the
child
in
an
interest-bearing
1
account
at
a
reputable
bank
or
savings
and
loan
association,
2
except
that
if
the
child
is
residing
at
an
institution
3
administered
by
the
department
a
limited
amount
of
the
child’s
4
funds
may
be
maintained
in
a
separate
account,
which
need
not
5
be
interest
bearing,
in
the
child’s
name
at
the
institution.
6
Any
money
held
in
an
account
in
the
child’s
name
or
in
trust
7
for
the
child
under
this
section
may
be
used,
at
the
discretion
8
of
the
department
and
subject
to
restrictions
lawfully
imposed
9
by
the
United
States
government
or
other
source
from
which
10
the
child
receives
the
funds,
for
the
purchase
of
personal
11
incidentals,
desires
and
comforts
of
the
child.
All
of
the
12
money
held
for
a
child
by
the
department
under
this
section
13
and
not
used
in
the
child’s
behalf
as
authorized
by
law
shall
14
be
promptly
paid
to
the
child
or
the
child’s
parent
or
legal
15
guardian
upon
termination
of
the
commitment
of
the
child
to
16
the
director
or
the
director’s
designee,
or
upon
transfer
or
17
cessation
of
legal
custody
of
the
child
by
the
department.
18
Sec.
59.
Section
235B.19,
subsection
3,
paragraph
d,
19
subparagraph
(2),
Code
Supplement
2011,
is
amended
to
read
as
20
follows:
21
(2)
Withdrawing
funds
from
any
bank,
savings
and
loan
22
association,
credit
union,
or
other
financial
institution,
or
23
from
an
account
containing
securities
in
which
the
dependent
24
adult
has
an
interest.
25
Sec.
60.
Section
235B.19,
subsection
8,
paragraph
f,
Code
26
Supplement
2011,
is
amended
to
read
as
follows:
27
f.
Withdrawing
funds
from
any
bank,
savings
and
loan
28
association,
credit
union,
or
other
financial
institution,
29
or
from
a
stock
account
in
which
the
dependent
adult
has
an
30
interest.
31
Sec.
61.
Section
252I.1,
subsection
1,
Code
2011,
is
amended
32
to
read
as
follows:
33
1.
“Account”
means
“account”
as
defined
in
section
524.103
,
34
“share
account
or
shares”
as
defined
in
section
534.102
,
35
-25-
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5258YC
(1)
84
rn/nh
25/
65
H.F.
_____
the
savings
or
deposits
of
a
member
received
or
being
held
1
by
a
credit
union,
or
certificates
of
deposit.
“Account”
2
also
includes
deposits
held
by
an
agent,
a
broker-dealer,
3
or
an
issuer
as
defined
in
section
502.102
and
money-market
4
mutual
fund
accounts
and
“account”
as
defined
in
42
U.S.C.
5
§
666(a)(17).
However,
“account”
does
not
include
amounts
held
6
by
a
financial
institution
as
collateral
for
loans
extended
by
7
the
financial
institution.
8
Sec.
62.
Section
252I.1,
subsection
7,
Code
2011,
is
amended
9
by
striking
the
subsection.
10
Sec.
63.
Section
257C.8,
subsection
7,
Code
2011,
is
amended
11
to
read
as
follows:
12
7.
The
bonds
of
the
authority
are
securities
in
which
public
13
officers
and
bodies
of
this
state;
political
subdivisions
of
14
this
state;
insurance
companies
and
associations
and
other
15
persons
carrying
on
an
insurance
business;
banks,
trust
16
companies,
savings
associations,
savings
and
loan
associations,
17
and
investment
companies;
administrators,
guardians,
executors,
18
trustees,
and
other
fiduciaries;
and
other
persons
authorized
19
to
invest
in
bonds
or
other
obligations
of
the
state,
may
20
properly
and
legally
invest
funds,
including
capital,
in
their
21
control
or
belonging
to
them.
22
Sec.
64.
Section
260C.64,
Code
2011,
is
amended
to
read
as
23
follows:
24
260C.64
Who
may
invest.
25
All
banks,
trust
companies,
building
and
loan
associations,
26
savings
and
loan
associations,
investment
companies,
and
other
27
persons
carrying
on
an
investment
business,
all
insurance
28
companies,
insurance
associations,
and
other
persons
carrying
29
on
an
insurance
business,
and
all
executors,
administrators,
30
guardians,
trustees,
and
other
fiduciaries
may
legally
invest
31
any
sinking
funds,
moneys
or
other
funds
belonging
to
them
or
32
within
their
control
in
any
bonds
or
notes
issued
pursuant
to
33
this
division
.
However,
this
section
shall
not
be
construed
as
34
relieving
any
persons
from
any
duty
of
exercising
reasonable
35
-26-
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5258YC
(1)
84
rn/nh
26/
65
H.F.
_____
care
in
selecting
securities
for
purchase
or
investment.
1
Sec.
65.
Section
261.71,
subsection
2,
Code
2011,
is
amended
2
to
read
as
follows:
3
2.
The
contract
for
the
loan
repayment
shall
stipulate
4
the
time
period
the
chiropractor
shall
practice
in
an
5
underserved
area
in
this
state.
In
addition,
the
contract
6
shall
stipulate
that
the
chiropractor
repay
any
funds
paid
on
7
the
chiropractor’s
loan
by
the
commission
if
the
chiropractor
8
fails
to
practice
in
an
underserved
area
in
this
state
for
the
9
required
period
of
time.
Forgivable
loans
made
to
eligible
10
students
shall
not
become
due,
for
repayment
purposes,
until
11
one
year
after
the
student
has
graduated.
A
loan
that
has
12
not
been
forgiven
may
be
sold
to
a
bank,
savings
and
loan
13
association,
credit
union,
or
nonprofit
agency
eligible
to
14
participate
in
the
guaranteed
student
loan
program
under
the
15
federal
Higher
Education
Act
of
1965,
20
U.S.C.
§
1071
et
seq.,
16
by
the
commission
when
the
loan
becomes
due
for
repayment.
17
Sec.
66.
Section
261A.19,
Code
2011,
is
amended
to
read
as
18
follows:
19
261A.19
Investment
of
funds
of
authority.
20
Except
as
otherwise
provided
in
section
261A.18,
subsection
21
3
,
the
authority
may
invest
funds
in
direct
obligations
22
of
the
United
States
of
America;
obligations
for
which
the
23
timely
payment
of
principal
and
interest
is
fully
guaranteed
24
by
the
United
States
of
America;
obligations
of
the
federal
25
intermediate
credit
banks,
federal
banks
for
cooperatives,
26
federal
land
banks,
federal
home
loan
banks,
federal
national
27
mortgage
association,
government
national
mortgage
association
28
and
the
student
loan
marketing
association;
certificates
of
29
deposit
or
time
deposits
constituting
direct
obligations
of
a
30
bank
as
defined
by
chapter
524
;
and
in
withdrawable
capital
31
accounts
or
deposits
of
state
or
federal
chartered
savings
and
32
loan
associations
which
are
insured
by
the
federal
savings
33
and
loan
deposit
insurance
corporation.
However,
investments
34
may
be
made
only
in
certificates
of
deposit
or
time
deposits
35
-27-
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5258YC
(1)
84
rn/nh
27/
65
H.F.
_____
in
banks
which
are
insured
by
the
federal
deposit
insurance
1
corporation
if
then
in
existence.
Securities
authorized
in
2
this
section
may
be
purchased
at
the
offering
or
market
price
3
at
the
time
of
the
purchase.
The
securities
purchased
shall
4
mature
or
be
redeemable
on
dates
prior
to
the
time
when,
in
the
5
judgment
of
the
authority,
the
funds
invested
will
be
required
6
for
expenditure.
The
judgment
of
the
authority
as
to
the
time
7
when
funds
will
be
required
for
expenditure
or
be
redeemable
is
8
final.
9
Sec.
67.
Section
261A.20,
Code
2011,
is
amended
to
read
as
10
follows:
11
261A.20
Obligations
as
legal
investments.
12
Banks,
bankers,
trust
companies,
savings
banks
and
13
institutions,
building
and
loan
associations,
federally
14
chartered
savings
and
loan
associations,
investment
companies,
15
and
other
persons
carrying
on
a
banking
or
investment
business,
16
insurance
companies
and
insurance
associations,
and
executors,
17
administrators,
guardians,
trustees,
and
other
fiduciaries
18
may
legally
invest
sinking
funds,
moneys,
or
other
funds
19
belonging
to
them
or
within
their
control
in
obligations
of
the
20
authority.
21
Sec.
68.
Section
262.63,
Code
2011,
is
amended
to
read
as
22
follows:
23
262.63
Who
may
invest.
24
All
banks,
trust
companies,
building
and
loan
associations,
25
savings
and
loan
associations,
investment
companies
,
and
other
26
persons
carrying
on
an
investment
business,
all
insurance
27
companies,
insurance
associations
,
and
other
persons
carrying
28
on
an
insurance
business
,
and
all
executors,
administrators,
29
guardians,
trustees
,
and
other
fiduciaries
may
legally
invest
30
any
sinking
funds,
moneys
,
or
other
funds
belonging
to
them
or
31
within
their
control
in
any
bonds
or
notes
issued
pursuant
to
32
this
division
;
provided,
however,
that
nothing
contained
in
33
this
section
may
be
construed
as
relieving
any
persons
from
any
34
duty
of
exercising
reasonable
care
in
selecting
securities
for
35
-28-
LSB
5258YC
(1)
84
rn/nh
28/
65
H.F.
_____
purchase
or
investment.
1
Sec.
69.
Section
262A.11,
Code
2011,
is
amended
to
read
as
2
follows:
3
262A.11
Bonds
as
security
for
investments.
4
All
banks,
trust
companies,
bankers,
savings
banks
and
5
institutions,
building
and
loan
associations,
savings
and
6
loan
associations,
investment
companies
,
and
other
persons
7
carrying
on
a
banking
or
investment
business,
all
insurance
8
companies,
insurance
associations,
and
other
persons
carrying
9
on
an
insurance
business
,
and
all
executors,
administrators,
10
guardians,
trustees,
and
other
fiduciaries
may
legally
invest
11
any
sinking
funds,
moneys,
or
other
funds
belonging
to
them
12
or
within
their
control
in
any
bonds
issued
pursuant
to
this
13
chapter
;
provided,
however,
that
nothing
contained
in
this
14
section
may
be
construed
as
relieving
any
persons
from
any
15
duty
of
exercising
reasonable
care
in
selecting
securities
for
16
purchase
or
investment.
17
Sec.
70.
Section
263A.9,
Code
2011,
is
amended
to
read
as
18
follows:
19
263A.9
Investment
in
bonds
or
notes
by
financial
20
institutions.
21
All
banks,
trust
companies,
bankers,
savings
banks
and
22
institutions,
building
and
loan
associations,
savings
and
23
loan
associations,
investment
companies,
and
other
persons
24
carrying
on
a
banking
or
investment
business,
all
insurance
25
companies,
insurance
associations,
and
other
persons
carrying
26
on
an
insurance
business
,
and
all
executors,
administrators,
27
guardians,
trustees,
and
other
fiduciaries
may
legally
invest
28
any
sinking
funds,
moneys,
or
other
funds
belonging
to
them
29
or
within
their
control
in
any
bonds
or
notes
issued
pursuant
30
to
this
chapter
;
provided,
however,
that
nothing
contained
in
31
this
section
may
be
construed
as
relieving
any
persons
from
any
32
duty
of
exercising
reasonable
care
in
selecting
securities
for
33
purchase
or
investment.
34
Sec.
71.
Section
322.7A,
subsection
6,
paragraph
e,
Code
35
-29-
LSB
5258YC
(1)
84
rn/nh
29/
65
H.F.
_____
2011,
is
amended
to
read
as
follows:
1
e.
Banks,
credit
unions,
and
savings
and
loan
associations.
2
Sec.
72.
Section
331.301,
subsection
10,
paragraph
g,
Code
3
Supplement
2011,
is
amended
to
read
as
follows:
4
g.
A
lease
or
lease-purchase
contract
to
which
a
county
is
5
a
party
or
in
which
a
county
has
a
participatory
interest
is
6
an
obligation
of
a
political
subdivision
of
this
state
for
the
7
purposes
of
chapters
502
and
636
,
and
is
a
lawful
investment
8
for
banks,
trust
companies,
building
and
loan
associations,
9
savings
and
loan
associations,
investment
companies,
insurance
10
companies,
insurance
associations,
executors,
guardians,
11
trustees,
and
any
other
fiduciaries
responsible
for
the
12
investment
of
funds.
13
Sec.
73.
Section
331.402,
subsection
3,
paragraph
f,
Code
14
Supplement
2011,
is
amended
to
read
as
follows:
15
f.
A
loan
agreement
to
which
a
county
is
a
party
or
in
which
16
a
county
has
a
participatory
interest
is
an
obligation
of
a
17
political
subdivision
of
this
state
for
the
purpose
of
chapters
18
502
and
636
,
and
is
a
lawful
investment
for
banks,
trust
19
companies,
savings
and
loan
associations,
investment
companies,
20
insurance
companies,
insurance
associations,
executors,
21
guardians,
trustees,
and
any
other
fiduciaries
responsible
for
22
the
investment
of
funds.
23
Sec.
74.
Section
331.602,
subsection
27,
Code
2011,
is
24
amended
by
striking
the
subsection.
25
Sec.
75.
Section
364.4,
subsection
4,
paragraph
g,
Code
26
Supplement
2011,
is
amended
to
read
as
follows:
27
g.
A
lease
or
lease-purchase
contract
to
which
a
city
is
28
a
party
or
in
which
a
city
has
a
participatory
interest
is
an
29
obligation
of
a
political
subdivision
of
this
state
for
the
30
purposes
of
chapters
502
and
636
,
and
is
a
lawful
investment
31
for
banks,
trust
companies,
building
and
loan
associations,
32
savings
and
loan
associations,
investment
companies,
insurance
33
companies,
insurance
associations,
executors,
guardians,
34
trustees,
and
any
other
fiduciaries
responsible
for
the
35
-30-
LSB
5258YC
(1)
84
rn/nh
30/
65
H.F.
_____
investment
of
funds.
1
Sec.
76.
Section
384.24A,
subsection
6,
Code
2011,
is
2
amended
to
read
as
follows:
3
6.
A
loan
agreement
to
which
a
city
is
a
party
or
in
4
which
the
city
has
a
participatory
interest
is
an
obligation
5
of
a
political
subdivision
of
this
state
for
the
purposes
of
6
chapters
502
and
636
,
and
is
a
lawful
investment
for
banks,
7
trust
companies,
building
and
loan
associations,
savings
and
8
loan
associations,
investment
companies,
insurance
companies,
9
insurance
associations,
executors,
guardians,
trustees,
and
any
10
other
fiduciaries
responsible
for
the
investment
of
funds.
11
Sec.
77.
Section
390.20,
subsection
1,
Code
2011,
is
amended
12
to
read
as
follows:
13
1.
A
bank,
trust
company,
savings
association,
building
and
14
loan
association,
savings
and
loan
association,
or
investment
15
company.
16
Sec.
78.
Section
403.10,
Code
2011,
is
amended
to
read
as
17
follows:
18
403.10
Bonds
as
legal
investment.
19
All
banks,
trust
companies,
building
and
loan
associations,
20
savings
and
loan
associations,
investment
companies
,
and
other
21
persons
carrying
on
an
investment
business;
all
insurance
22
companies,
insurance
associations,
and
other
persons
carrying
23
on
an
insurance
business;
and
all
executors,
administrators,
24
curators,
trustees,
and
other
fiduciaries,
may
legally
invest
25
any
sinking
funds,
moneys,
or
other
funds
belonging
to
them
or
26
within
their
control
in
any
bonds
or
other
obligations
issued
27
by
a
municipality
pursuant
to
this
chapter
,
or
those
issued
28
by
any
urban
renewal
agency
vested
with
urban
renewal
project
29
powers
under
section
403.14
.
Such
bonds
and
other
obligations
30
shall
be
authorized
security
for
all
public
deposits.
It
is
31
the
purpose
of
this
section
to
authorize
any
persons,
political
32
subdivisions
and
officers,
public
or
private,
to
use
any
funds
33
owned
or
controlled
by
them
for
the
purchase
of
any
such
bonds
34
or
other
obligations.
Nothing
contained
in
this
section
with
35
-31-
LSB
5258YC
(1)
84
rn/nh
31/
65
H.F.
_____
regard
to
legal
investments
shall
be
construed
as
relieving
any
1
person
of
any
duty
of
exercising
reasonable
care
in
selecting
2
securities.
3
Sec.
79.
Section
421.17A,
subsection
1,
paragraph
a,
Code
4
2011,
is
amended
to
read
as
follows:
5
a.
“Account”
means
“account”
as
defined
in
section
524.103
,
6
“share
account
or
shares”
as
defined
in
section
534.102
,
or
7
the
savings
or
deposits
of
a
member
received
or
being
held
by
8
a
credit
union
or
a
savings
association
,
or
certificates
of
9
deposit.
“Account”
also
includes
deposits
held
by
an
agent,
10
a
broker-dealer,
or
an
issuer
as
defined
in
section
502.102
.
11
However,
“account”
does
not
include
amounts
held
by
a
financial
12
institution
as
collateral
for
loans
extended
by
the
financial
13
institution.
14
Sec.
80.
Section
421.17A,
subsection
1,
paragraph
e,
Code
15
2011,
is
amended
to
read
as
follows:
16
e.
“Financial
institution”
includes
a
bank,
credit
union,
17
or
savings
and
loan
association.
“Financial
institution”
also
18
includes
an
institution
which
holds
deposits
for
an
agent,
19
broker-dealer,
or
an
issuer
as
defined
in
section
502.102
.
20
Sec.
81.
Section
421.17A,
subsection
1,
paragraph
g,
Code
21
2011,
is
amended
by
striking
the
paragraph.
22
Sec.
82.
Section
422.34,
subsection
1,
Code
2011,
is
amended
23
to
read
as
follows:
24
1.
All
state,
national,
private,
cooperative,
and
savings
25
banks,
credit
unions,
title
insurance
and
trust
companies,
26
federally
chartered
savings
and
loan
associations,
production
27
credit
associations,
insurance
companies
or
insurance
28
associations,
reciprocal
or
inter-insurance
exchanges,
and
29
fraternal
beneficiary
associations.
30
Sec.
83.
Section
422.61,
subsection
1,
Code
2011,
is
amended
31
to
read
as
follows:
32
1.
“Financial
institution”
means
a
state
bank
as
defined
in
33
section
524.103,
subsection
39
,
a
state
bank
chartered
under
34
the
laws
of
any
other
state,
a
national
banking
association,
35
-32-
LSB
5258YC
(1)
84
rn/nh
32/
65
H.F.
_____
a
trust
company,
a
federally
chartered
savings
and
loan
1
association,
an
out-of-state
state
chartered
savings
bank,
a
2
financial
institution
chartered
by
the
federal
home
loan
bank
3
board,
a
non-Iowa
chartered
savings
and
loan
association,
an
4
association
incorporated
or
authorized
to
do
business
under
5
chapter
534
,
or
a
production
credit
association.
6
Sec.
84.
Section
423.2,
subsection
6,
paragraph
b,
Code
7
Supplement
2011,
is
amended
to
read
as
follows:
8
b.
For
the
purposes
of
this
subsection
,
“financial
9
institutions”
means
all
national
banks,
federally
chartered
10
savings
and
loan
associations,
federally
chartered
savings
11
banks,
federally
chartered
credit
unions,
banks
organized
under
12
chapter
524
,
savings
and
loan
associations
and
savings
banks
13
organized
under
chapter
534
,
credit
unions
organized
under
14
chapter
533
,
and
all
banks,
savings
banks,
credit
unions,
and
15
savings
and
loan
associations
chartered
or
otherwise
created
16
under
the
laws
of
any
state
and
doing
business
in
Iowa.
17
Sec.
85.
Section
445.5,
subsection
2,
paragraph
a,
18
subparagraph
(4),
Code
Supplement
2011,
is
amended
to
read
as
19
follows:
20
(4)
Financial
institution
organized
or
chartered
or
holding
21
an
authorization
certificate
pursuant
to
chapter
524
,
or
533
,
22
or
534
.
23
Sec.
86.
Section
455G.6,
subsection
11,
Code
2011,
is
24
amended
to
read
as
follows:
25
11.
The
bonds
are
securities
in
which
public
officers
and
26
bodies
of
this
state;
political
subdivisions
of
this
state;
27
insurance
companies
and
associations
and
other
persons
carrying
28
on
an
insurance
business;
banks,
trust
companies,
savings
29
associations,
savings
and
loan
associations,
and
investment
30
companies;
administrators,
guardians,
executors,
trustees,
31
and
other
fiduciaries;
and
other
persons
authorized
to
invest
32
in
bonds
or
other
obligations
of
the
state,
may
properly
and
33
legally
invest
funds,
including
capital,
in
their
control
or
34
belonging
to
them.
35
-33-
LSB
5258YC
(1)
84
rn/nh
33/
65
H.F.
_____
Sec.
87.
Section
463C.12,
subsection
5,
Code
2011,
is
1
amended
to
read
as
follows:
2
5.
The
bonds
are
securities
in
which
public
officers
and
3
bodies
of
this
state,
political
subdivisions
of
this
state,
4
insurance
companies
and
associations
and
other
persons
carrying
5
on
an
insurance
business,
banks,
trust
companies,
savings
6
associations,
savings
and
loan
associations,
and
investment
7
companies,
administrators,
guardians,
executors,
trustees,
8
and
other
fiduciaries,
and
other
persons
authorized
to
invest
9
in
bonds
or
other
obligations
of
the
state,
may
properly
and
10
legally
invest
funds,
including
capital,
in
their
control
or
11
belonging
to
them.
12
Sec.
88.
Section
483A.55,
Code
2011,
is
amended
to
read
as
13
follows:
14
483A.55
Bonds
as
legal
investments.
15
Bonds
are
securities
in
which
all
public
officers
and
bodies
16
of
the
state
and
all
municipalities
and
political
subdivisions
17
of
this
state,
all
insurance
companies
and
associations
18
and
other
persons
carrying
on
an
insurance
business,
all
19
banks,
bankers,
trust
companies,
savings
banks,
and
savings
20
associations,
including
savings
and
loan
associations,
building
21
loan
associations,
investment
companies,
and
other
persons
22
carrying
on
a
banking
business,
all
administrators,
guardians,
23
executors,
trustees,
and
other
fiduciaries
and
all
other
24
persons
who
are
now
or
may
be
authorized
to
invest
in
bonds
or
25
other
obligations
of
this
state
may
properly
and
legally
invest
26
funds
including
capital
in
their
control
or
belonging
to
them.
27
The
bonds
are
also
securities
which
may
be
deposited
with
and
28
may
be
received
by
all
public
officers
and
bodies
of
the
state
29
and
all
municipalities
and
legal
subdivisions
of
this
state
for
30
any
purpose
for
which
the
deposit
of
bonds
or
other
obligations
31
of
the
state
is
now
or
may
be
authorized.
32
Sec.
89.
Section
490.1701,
subsection
2,
Code
2011,
is
33
amended
to
read
as
follows:
34
2.
Unless
otherwise
provided,
this
chapter
does
not
apply
to
35
-34-
LSB
5258YC
(1)
84
rn/nh
34/
65
H.F.
_____
an
entity
subject
to
chapter
174
,
497
,
498
,
499
,
499A
,
524
,
or
1
533
,
or
534
or
a
corporation
organized
on
the
mutual
plan
under
2
chapter
491
,
or
a
telephone
company
organized
as
a
corporation
3
under
chapter
491
qualifying
pursuant
to
an
internal
revenue
4
service
letter
ruling
under
Internal
Revenue
Code
§
501(c)(12)
5
as
a
nonprofit
corporation
entitled
to
distribute
profits
in
a
6
manner
similar
to
a
chapter
499
corporation,
unless
such
entity
7
voluntarily
elects
to
adopt
the
provisions
of
this
chapter
and
8
complies
with
the
procedure
prescribed
by
subsection
3
of
this
9
section
.
10
A
corporation
organized
under
chapter
496C
may
voluntarily
11
elect
to
adopt
the
provisions
of
this
chapter
by
complying
with
12
the
provisions
prescribed
by
subsection
3
.
13
Sec.
90.
Section
491.10,
Code
2011,
is
amended
to
read
as
14
follows:
15
491.10
Interpretative
clause.
16
Nothing
in
sections
491.5
to
491.9
shall
be
construed
as
17
repealing
or
modifying
any
statute
now
in
force
in
respect
to
18
the
approval
of
articles
of
incorporation
relating
to
insurance
19
companies
,
building
and
loan
associations
or
investment
20
companies.
21
Sec.
91.
Section
491.50,
unnumbered
paragraph
2,
Code
2011,
22
is
amended
to
read
as
follows:
23
The
provisions
of
sections
491.46
and
491.47
and
this
24
section
shall
not
apply
to
building
and
loan
associations,
25
savings
and
loan
associations,
deposit,
loan
,
and
investment
26
records
of
banks
,
and
trust
companies,
or
insurance
companies
27
organized
under
the
laws
of
the
state
of
Iowa,
and
to
whom
the
28
provisions
of
this
chapter
would
otherwise
be
applicable.
29
Sec.
92.
Section
491.58,
Code
2011,
is
amended
to
read
as
30
follows:
31
491.58
Liability
of
stockholders.
32
Neither
anything
in
this
chapter
contained,
nor
any
33
provisions
in
the
articles
of
corporation,
shall
exempt
the
34
stockholders
from
individual
liability
to
the
amount
of
the
35
-35-
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5258YC
(1)
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rn/nh
35/
65
H.F.
_____
unpaid
installments
on
the
stock
owned
by
them,
or
transferred
1
by
them
for
the
purpose
of
defrauding
creditors;
and
execution
2
against
the
company
may,
to
that
extent,
be
levied
upon
3
the
private
property
of
any
such
individual.
The
foregoing
4
provisions
shall
not
apply
to
building
and
loan
associations,
5
and
savings
and
loan
associations.
6
Sec.
93.
Section
492.5,
Code
2011,
is
amended
to
read
as
7
follows:
8
492.5
Par
value
required.
9
No
corporation
organized
under
the
laws
of
this
state
,
10
except
building
and
loan
associations,
shall
issue
any
11
certificate
of
a
share
of
capital
stock,
or
any
substitute
12
therefor,
until
the
corporation
has
received
the
par
value
13
thereof.
14
Sec.
94.
Section
492.9,
Code
2011,
is
amended
to
read
as
15
follows:
16
492.9
Certificate
of
issuance
of
stock.
17
It
shall
be
the
duty
of
every
corporation
,
except
18
corporations
qualified
under
chapter
534
,
to
file
a
certificate
19
under
oath
with
the
secretary
of
state,
within
thirty
days
20
after
the
issuance
of
any
capital
stock,
stating
the
date
of
21
issue,
the
amount
issued,
the
sum
received
therefor,
if
payment
22
be
made
in
money,
or
the
property
or
thing
taken,
if
such
be
23
the
method
of
payment.
If
the
corporation
fails
to
file
said
24
certificate
of
issuance
of
stock
within
the
thirty-day
period
25
herein
provided,
it
may
thereafter
file
the
same
upon
first
26
paying
to
the
secretary
of
state
a
penalty
of
ten
dollars
when
27
the
said
certificate
is
offered
for
filing.
Provided
further
28
that
the
penalty
herein
provided
for
is
first
paid
and
provided
29
the
said
report
contains
the
specific
information
required
30
by
this
section
as
to
the
issuance
of
any
capital
stock
not
31
previously
reported,
then
the
first
annual
report
filed
by
32
such
corporation
following
such
failure
to
comply
with
the
33
provisions
of
this
section
,
shall
be
received
by
the
secretary
34
of
state
as
a
compliance
with
this
section
.
35
-36-
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36/
65
H.F.
_____
Sec.
95.
Section
493.1,
Code
2011,
is
amended
to
read
as
1
follows:
2
493.1
Authorization.
3
Any
corporation,
heretofore
or
hereafter
organized
for
4
pecuniary
profit
under
the
laws
of
this
state,
except
state
5
banks,
trust
companies,
building
and
loan
associations
6
and
insurance
companies,
may
create
one
or
more
classes
of
7
stock
without
any
nominal
or
par
value,
with
such
rights,
8
preferences,
privileges,
voting
powers,
limitations,
9
restrictions
and
qualifications
thereon
not
inconsistent
with
10
law
as
shall
be
expressed
in
its
articles
of
incorporation,
11
or
any
amendment
thereto.
Stock
without
par
value
which
is
12
preferred
as
to
dividends,
or
as
to
its
distributive
share
13
of
the
assets
of
the
corporation
upon
dissolution,
may
be
14
made
subject
to
redemption
at
such
times
and
prices
as
may
be
15
determined
in
such
articles
of
incorporation,
or
any
amendment
16
thereto.
In
the
case
of
stock
without
par
value
which
is
17
preferred
as
to
its
distributive
share
of
the
assets
of
the
18
corporation
upon
dissolution,
the
amount
of
such
preference
19
shall
be
stated
in
the
articles
of
incorporation,
or
any
20
amendment
thereto.
21
Sec.
96.
Section
496B.2,
subsection
4,
Code
Supplement
22
2011,
is
amended
to
read
as
follows:
23
4.
“Financial
institution”
means
any
bank,
trust
company,
24
savings
and
loan
association,
insurance
company
or
related
25
corporation,
partnership,
foundation
or
other
institution
26
licensed
to
do
business
in
the
state
of
Iowa
and
engaged
27
primarily
in
lending
or
investing
funds.
28
Sec.
97.
Section
496B.9,
subsection
3,
paragraph
b,
29
subparagraph
(2),
Code
2011,
is
amended
by
striking
the
30
subparagraph.
31
Sec.
98.
Section
501A.601,
subsection
1,
paragraph
b,
Code
32
2011,
is
amended
to
read
as
follows:
33
b.
This
section
does
not
give
a
cooperative
the
power
34
or
authority
to
exercise
the
powers
of
a
credit
union
under
35
-37-
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65
H.F.
_____
chapter
533
,
or
a
bank
under
chapter
524
,
or
a
savings
and
loan
1
association
under
chapter
534
.
2
Sec.
99.
Section
515C.9,
Code
2011,
is
amended
to
read
as
3
follows:
4
515C.9
Restrictions
on
advertising.
5
No
bank,
savings
and
loan
association,
insurance
company
,
or
6
other
lending
institution,
any
of
whose
authorized
real
estate
7
securities
are
insured
by
mortgage
guaranty
insurance
companies
8
may
state
in
any
brochure,
pamphlet,
report
,
or
any
form
of
9
advertising
that
the
real
estate
loans
of
the
bank,
savings
10
and
loan
association,
insurance
company
,
or
other
lending
11
institution
are
“insured
loans”
unless
the
brochure,
pamphlet,
12
report
,
or
advertising
also
clearly
states
that
the
loans
13
are
insured
by
private
insurers
and
the
names
of
the
private
14
insurers
are
given
and
shall
not
make
any
such
statement
at
all
15
unless
such
insurance
is
by
an
insurer
authorized
to
write
this
16
coverage
in
this
state.
17
Sec.
100.
Section
516E.10,
subsection
1,
paragraph
h,
Code
18
2011,
is
amended
to
read
as
follows:
19
h.
A
bank,
savings
and
loan
association,
credit
union,
20
insurance
company,
or
other
lending
institution
shall
not
21
require
the
purchase
of
a
service
contract
as
a
condition
of
22
a
loan.
23
Sec.
101.
Section
523A.102,
subsection
11,
unnumbered
24
paragraph
1,
Code
2011,
is
amended
to
read
as
follows:
25
“Financial
institution”
means
a
state
or
federally
insured
26
bank,
savings
and
loan
association,
credit
union,
trust
27
department
thereof,
or
a
trust
company
authorized
to
do
28
business
within
this
state
and
which
has
been
granted
trust
29
powers
under
the
laws
of
this
state
or
the
United
States,
which
30
holds
funds
under
a
trust
agreement.
“Financial
institution”
31
does
not
include:
32
Sec.
102.
Section
523C.17,
Code
2011,
is
amended
to
read
as
33
follows:
34
523C.17
Lending
institutions,
service
companies,
and
35
-38-
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65
H.F.
_____
insurance
companies.
1
A
bank,
savings
and
loan
association,
insurance
company,
or
2
other
lending
institution
shall
not
require
the
purchase
of
3
a
residential
service
contract
as
a
condition
of
a
loan.
A
4
service
company
or
an
insurer,
either
directly
or
indirectly,
5
as
a
part
of
any
real
property
transaction
in
which
a
6
residential
service
contract
will
be
issued,
purchased,
or
7
acquired,
shall
not
require
that
a
residential
service
contract
8
be
issued,
purchased,
or
acquired
in
conjunction
with
or
as
a
9
condition
precedent
to
the
issuance,
purchase,
or
acquisition,
10
by
any
person,
of
a
policy
of
insurance.
A
lending
institution
11
shall
not
sell
a
residential
service
contract
to
a
borrower
12
unless
the
borrower
signs
an
affidavit
acknowledging
that
13
the
purchase
is
not
required.
Violation
of
this
section
is
14
punishable
as
provided
in
section
523C.13
.
15
Sec.
103.
Section
523I.102,
subsection
12,
Code
2011,
is
16
amended
to
read
as
follows:
17
12.
“Financial
institution”
means
a
state
or
federally
18
insured
bank,
savings
and
loan
association,
credit
union,
trust
19
department
thereof,
or
a
trust
company
that
is
authorized
to
do
20
business
within
this
state,
that
has
been
granted
trust
powers
21
under
the
laws
of
this
state
or
the
United
States,
and
that
22
holds
funds
under
a
trust
agreement.
“Financial
institution”
23
does
not
include
a
cemetery
or
any
person
employed
by
or
24
directly
involved
with
a
cemetery.
25
Sec.
104.
Section
524.103,
subsection
38,
Code
2011,
is
26
amended
by
striking
the
subsection.
27
Sec.
105.
Section
524.107,
subsection
2,
Code
2011,
is
28
amended
to
read
as
follows:
29
2.
A
person
doing
business
in
this
state
shall
not
use
30
the
words
“bank”
or
“trust”
or
use
any
derivative,
plural,
31
or
compound
of
the
words
“bank”,
“banking”,
“bankers”,
or
32
“trust”
in
any
manner
which
would
tend
to
create
the
impression
33
that
the
person
is
authorized
to
engage
in
the
business
of
34
banking
or
to
act
in
a
fiduciary
capacity,
except
a
state
35
-39-
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5258YC
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rn/nh
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65
H.F.
_____
bank
authorized
to
do
so
by
this
chapter
,
a
national
bank
to
1
the
extent
permitted
by
the
laws
of
the
United
States,
a
bank
2
holding
company
as
defined
in
section
524.1801
,
a
savings
3
and
loan
holding
company
as
defined
in
12
U.S.C.
§
1467a,
a
4
state
association
pursuant
to
section
534.507
,
or
a
federal
5
association
to
the
extent
permitted
by
the
laws
of
the
United
6
States,
or,
insofar
as
the
word
“trust”
is
concerned,
an
7
individual
permissibly
serving
as
a
fiduciary
in
this
state,
8
pursuant
to
section
633.63
,
or,
insofar
as
the
words
“trust”
9
and
“bank”
are
concerned,
a
nonresident
corporate
fiduciary
10
permissibly
serving
as
a
fiduciary
in
this
state
pursuant
to
11
section
633.64
.
12
Sec.
106.
Section
524.211,
subsection
1,
Code
Supplement
13
2011,
is
amended
to
read
as
follows:
14
1.
The
superintendent,
general
counsel,
examiners,
and
15
other
employees
assigned
to
the
bank
bureau
of
the
banking
16
division
are
prohibited
from
obtaining
a
loan
of
money
or
17
property
from
a
state-chartered
bank,
a
state
savings
and
18
loan
association,
or
any
person
or
entity
affiliated
with
a
19
state-chartered
bank
,
or
a
state
savings
and
loan
association,
20
unless
they
do
not
personally
participate
in
the
examination,
21
oversight,
or
official
review
concerning
the
regulation
of
the
22
bank
or
savings
and
loan
association
.
23
Sec.
107.
Section
524.216,
subsection
2,
paragraph
b,
Code
24
2011,
is
amended
to
read
as
follows:
25
b.
A
summary
of
the
assets,
liabilities,
and
capital
26
structure
of
all
state
banks
and
state
savings
and
loan
27
associations
as
of
June
30
of
the
year
for
which
the
report
is
28
made.
29
Sec.
108.
Section
524.821,
subsection
1,
Code
2011,
is
30
amended
to
read
as
follows:
31
1.
A
state
bank
may
engage
in
any
transaction
incidental
to
32
the
conduct
of
the
business
of
banking
and
otherwise
permitted
33
by
applicable
law,
by
means
of
either
the
direct
transmission
34
of
electronic
impulses
to
or
from
customers
and
banks
or
35
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(1)
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65
H.F.
_____
the
recording
of
electronic
impulses
or
other
indicia
of
a
1
transaction
for
delayed
transmission
to
a
bank.
Subject
to
the
2
provisions
of
chapter
527
,
a
state
bank
may
utilize,
establish
3
or
operate,
alone
or
with
one
or
more
other
banks,
savings
4
and
loan
associations
incorporated
under
the
provisions
of
5
chapter
534
or
federal
law,
credit
unions
incorporated
under
6
the
provisions
of
chapter
533
or
federal
law,
corporations
7
licensed
under
chapter
536A
,
or
third
parties,
the
satellite
8
terminals
permitted
under
chapter
527
,
by
means
of
which
9
customers
and
banks
may
transmit
and
receive
electronic
10
impulses
constituting
transactions
pursuant
to
this
section
.
11
However,
such
utilization,
establishment,
or
operation
shall
be
12
lawful
only
when
in
compliance
with
chapter
527
.
Nothing
in
13
this
section
shall
be
construed
as
authority
for
any
person
to
14
engage
in
transactions
not
otherwise
permitted
by
applicable
15
law,
nor
shall
anything
in
this
section
be
deemed
to
repeal,
16
replace
or
in
any
other
way
affect
any
applicable
law
or
rule
17
regarding
the
maintenance
of
or
access
to
financial
information
18
maintained
by
any
bank.
19
Sec.
109.
Section
524.1401,
subsections
1
and
3,
Code
2011,
20
are
amended
to
read
as
follows:
21
1.
Upon
compliance
with
the
requirements
of
this
chapter
,
22
one
or
more
state
banks,
one
or
more
national
banks,
one
or
23
more
state
associations,
one
or
more
federal
associations,
one
24
or
more
corporations,
or
any
combination
of
these
entities,
25
with
the
approval
of
the
superintendent,
may
merge
into
a
state
26
bank.
27
3.
Upon
compliance
with
the
requirements
of
this
chapter
28
and
chapter
534
,
one
or
more
state
banks
may
merge
with
one
or
29
more
state
associations
or
federal
associations.
The
authority
30
of
a
state
bank
to
merge
into
a
state
or
federal
association
31
is
subject
to
the
conditions
the
laws
of
the
United
States
32
authorize
at
the
time
of
the
transaction.
33
Sec.
110.
Section
524.1409,
Code
2011,
is
amended
to
read
34
as
follows:
35
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65
H.F.
_____
524.1409
Conversion
of
national
bank
or
federal
savings
1
association
or
state
savings
and
loan
association
into
state
2
bank.
3
A
national
bank
,
or
federal
savings
association
,
or
state
4
savings
and
loan
association
,
subject
to
the
provisions
of
this
5
chapter
,
may
convert
into
a
state
bank
upon
authorization
by
6
and
compliance
with
the
laws
of
the
United
States,
adoption
7
of
a
plan
of
conversion
by
the
affirmative
vote
of
at
least
8
a
majority
of
its
directors
and
the
holders
of
two-thirds
of
9
each
class
of
its
shares
at
a
meeting
held
upon
not
less
than
10
ten
days’
notice
to
all
shareholders,
and
upon
approval
of
the
11
superintendent.
12
Sec.
111.
Section
524.1410,
unnumbered
paragraph
1,
Code
13
2011,
is
amended
to
read
as
follows:
14
A
national
bank
,
or
federal
savings
association
,
or
state
15
savings
and
loan
association
shall
make
an
application
to
the
16
superintendent
for
approval
of
the
conversion
in
a
manner
17
prescribed
by
the
superintendent
and
shall
deliver
to
the
18
superintendent,
when
available:
19
Sec.
112.
Section
524.1411,
unnumbered
paragraph
1,
Code
20
2011,
is
amended
to
read
as
follows:
21
The
articles
of
conversion
shall
be
signed
by
two
duly
22
authorized
officers
of
the
national
bank
,
or
federal
savings
23
association
,
or
state
savings
and
loan
association
and
shall
24
contain
all
of
the
following:
25
Sec.
113.
Section
524.1411,
subsection
1,
Code
2011,
is
26
amended
to
read
as
follows:
27
1.
The
name
of
the
national
bank
,
or
federal
savings
28
association
,
or
state
savings
and
loan
association
and
the
name
29
of
the
resulting
state
bank.
30
Sec.
114.
Section
524.1412,
unnumbered
paragraph
1,
Code
31
2011,
is
amended
to
read
as
follows:
32
Within
thirty
days
after
the
application
for
conversion
has
33
been
accepted
for
processing,
the
national
bank
,
or
federal
34
savings
association
,
or
state
savings
and
loan
association
35
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65
H.F.
_____
shall
publish
a
notice
of
the
delivery
of
the
articles
of
1
conversion
to
the
superintendent
in
a
newspaper
of
general
2
circulation
published
in
the
municipal
corporation
or
3
unincorporated
area
in
which
the
national
bank
,
or
federal
4
savings
association
,
or
state
savings
and
loan
association
5
has
its
principal
place
of
business,
or
if
there
is
none,
a
6
newspaper
of
general
circulation
published
in
the
county,
7
or
in
a
county
adjoining
the
county,
in
which
the
national
8
bank
,
or
federal
savings
association
,
or
state
savings
and
9
loan
association
has
its
principal
place
of
business.
Proof
10
of
publication
of
the
notice
shall
be
delivered
to
the
11
superintendent
within
fourteen
days.
The
notice
shall
set
12
forth
all
of
the
following:
13
Sec.
115.
Section
524.1412,
subsection
1,
Code
2011,
is
14
amended
to
read
as
follows:
15
1.
The
name
of
the
national
bank
,
or
federal
savings
16
association
,
or
state
savings
and
loan
association
and
the
name
17
of
the
resulting
state
bank.
18
Sec.
116.
Section
524.1415,
Code
2011,
is
amended
to
read
19
as
follows:
20
524.1415
Effect
of
filing
of
articles
of
conversion
with
21
secretary
of
state.
22
1.
The
conversion
is
effective
upon
the
filing
of
the
23
articles
of
conversion
with
the
secretary
of
state,
or
at
any
24
later
date
and
time
as
specified
in
the
articles
of
conversion.
25
The
acknowledgment
of
filing
is
conclusive
evidence
of
the
26
performance
of
all
conditions
required
by
this
chapter
for
27
conversion
of
a
national
bank
,
or
federal
savings
association
,
28
or
state
savings
and
loan
association
into
a
state
bank,
except
29
as
against
the
state.
30
2.
When
a
conversion
becomes
effective,
the
existence
of
the
31
national
bank
,
or
federal
savings
association
,
or
state
savings
32
and
loan
association
shall
continue
in
the
resulting
state
bank
33
which
shall
have
all
the
property,
rights,
powers,
and
duties
34
of
the
national
bank
,
or
federal
savings
association
,
or
state
35
-43-
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65
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_____
savings
and
loan
association
,
except
that
the
resulting
state
1
bank
shall
have
only
the
authority
to
engage
in
such
business
2
and
exercise
such
powers
as
it
would
have,
and
shall
be
subject
3
to
the
same
prohibitions
and
limitations
to
which
it
would
be
4
subject,
upon
original
incorporation
under
this
chapter
.
The
5
articles
of
incorporation
of
the
resulting
state
bank
shall
be
6
the
provisions
stated
in
the
articles
of
conversion.
7
3.
A
liability
of
the
national
bank
,
or
federal
savings
8
association
,
or
state
savings
and
loan
association
,
or
of
the
9
national
bank’s
,
or
federal
savings
association’s
,
or
state
10
savings
and
loan
association’s
shareholders,
directors,
or
11
officers,
is
not
affected
by
the
conversion.
A
lien
on
any
12
property
of
the
national
bank
,
or
federal
savings
association
,
13
or
state
savings
and
loan
association
is
not
impaired
by
the
14
conversion.
A
claim
existing
or
action
pending
by
or
against
15
the
national
bank
,
or
federal
savings
association
,
or
state
16
savings
and
loan
association
may
be
prosecuted
to
judgment
as
17
if
the
conversion
had
not
taken
place,
or
the
resulting
state
18
bank
may
be
substituted
in
its
place.
19
4.
The
title
to
all
real
estate
and
other
property
owned
by
20
the
converting
national
bank
,
or
federal
savings
association
,
21
or
state
savings
and
loan
association
is
vested
in
the
22
resulting
state
bank
without
reversion
or
impairment.
23
Sec.
117.
Section
524.1416,
Code
2011,
is
amended
to
read
24
as
follows:
25
524.1416
Authority
for
conversion
of
state
bank
into
national
26
bank
or
federal
savings
association
or
state
savings
and
loan
27
association
.
28
1.
A
state
bank
may
convert
into
a
national
bank
,
or
federal
29
savings
association
,
or
state
savings
and
loan
association
upon
30
authorization
by
and
compliance
with
the
laws
of
the
United
31
States,
and
adoption
of
a
plan
of
conversion
by
the
affirmative
32
vote
of
at
least
a
majority
of
its
directors
and
the
holders
33
of
two-thirds
of
each
class
of
its
shares
at
a
meeting
held
34
upon
not
less
than
ten
days’
notice
to
all
shareholders.
The
35
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65
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_____
authority
of
a
state
bank
to
convert
into
a
national
bank
or
1
federal
savings
association
shall
be
subject
to
the
condition
2
that
at
the
time
of
the
transaction,
the
laws
of
the
United
3
States
shall
authorize
a
national
bank
or
federal
savings
4
association
located
in
this
state,
without
approval
by
the
5
comptroller
of
the
currency
of
the
United
States
or
director
6
of
the
office
of
thrift
supervision,
as
applicable,
to
convert
7
into
a
state
bank
under
limitations
and
conditions
no
more
8
restrictive
than
those
contained
in
this
section
and
section
9
524.1417
with
respect
to
conversion
of
a
state
bank
into
a
10
national
bank
or
federal
savings
association.
11
2.
A
state
bank
which
converts
into
a
national
bank
or
12
federal
savings
association
shall
notify
the
superintendent
of
13
the
proposed
conversion,
provide
such
evidence
of
the
adoption
14
of
the
plan
as
the
superintendent
may
request,
notify
the
15
superintendent
of
any
abandonment
or
disapproval
of
the
plan,
16
and
file
with
the
superintendent
and
with
the
secretary
of
17
state
a
certificate
of
the
approval
of
the
conversion
by
the
18
comptroller
of
the
currency
of
the
United
States
or
director
19
of
the
office
of
thrift
supervision,
as
applicable,
and
the
20
date
upon
which
such
conversion
is
to
become
effective.
A
21
state
bank
that
converts
into
a
national
bank
or
federal
22
savings
association
shall
comply
with
the
provisions
of
section
23
524.310,
subsection
1
.
24
3.
A
state
bank
that
converts
into
a
state
savings
and
25
loan
association
shall
file
with
the
secretary
of
state
26
a
certificate
of
the
approval
of
the
conversion
by
the
27
superintendent
and
the
date
upon
which
such
conversion
is
to
28
be
effective.
29
Sec.
118.
Section
524.1417,
Code
2011,
is
amended
to
read
30
as
follows:
31
524.1417
Appraisal
rights
of
shareholder
of
converting
state
32
or
national
bank
or
federal
or
state
savings
association.
33
1.
A
shareholder
of
a
state
bank
that
converts
into
a
34
national
bank
,
or
federal
savings
association
,
or
a
state
35
-45-
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rn/nh
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65
H.F.
_____
savings
and
loan
association
who
objects
to
the
plan
of
1
conversion
is
entitled
to
appraisal
rights
as
provided
in
2
chapter
490,
division
XIII
.
3
2.
If
a
shareholder
of
a
national
bank
or
federal
savings
4
association
that
converts
into
a
state
bank
objects
to
the
plan
5
of
conversion
and
complies
with
the
requirements
of
applicable
6
laws
of
the
United
States,
the
resulting
state
bank
is
liable
7
for
the
value
of
the
shareholder’s
shares
as
determined
in
8
accordance
with
such
laws
of
the
United
States.
9
3.
If
a
shareholder
of
a
state
savings
and
loan
association
10
that
converts
to
a
state
bank
objects
to
the
plan
of
conversion
11
and
complies
with
the
requirements
of
applicable
laws
of
this
12
state,
the
resulting
bank
is
liable
for
the
value
of
the
13
shareholder’s
shares
as
determined
in
accordance
with
such
laws
14
of
this
state.
15
Sec.
119.
Section
524.1418,
Code
2011,
is
amended
to
read
16
as
follows:
17
524.1418
Succession
to
fiduciary
accounts
and
appointments
——
18
application
for
appointment
of
new
fiduciary.
19
The
provisions
of
section
524.1009
apply
to
a
resulting
20
state
or
national
bank
,
or
federal
savings
association
,
or
21
state
savings
and
loan
association
after
a
conversion
with
the
22
same
effect
as
though
the
state
or
national
bank
,
or
federal
23
savings
association
,
or
state
savings
and
loan
association
were
24
a
party
to
a
plan
of
merger,
and
the
conversion
were
a
merger,
25
within
the
provisions
of
that
section.
26
Sec.
120.
Section
524.1805,
subsection
5,
Code
2011,
is
27
amended
to
read
as
follows:
28
5.
For
purposes
of
subsection
1
,
a
bank
that
resulted
from
29
the
conversion
of
a
state
savings
and
loan
association
or
30
federal
savings
association,
as
defined
in
12
U.S.C.
§
1813,
31
is
deemed
to
have
been
in
continuous
existence
and
operation
32
as
a
bank
for
the
combined
periods
of
continuous
existence
and
33
operation
of
the
bank
and
the
association
from
which
it
was
34
converted.
35
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H.F.
_____
Sec.
121.
Section
527.2,
subsections
2
and
9,
Code
2011,
are
1
amended
to
read
as
follows:
2
2.
“Administrator”
means
and
includes
the
superintendent
of
3
banking
,
the
superintendent
of
savings
and
loan
associations,
4
and
the
superintendent
of
credit
unions
within
the
department
5
of
commerce
and
the
supervisor
of
industrial
loan
companies
6
within
the
office
of
the
superintendent
of
banking.
However,
7
the
powers
of
administration
and
enforcement
of
this
chapter
8
shall
be
exercised
only
as
provided
in
sections
527.3
,
527.5,
9
subsection
7
,
sections
527.11
,
527.12
,
and
any
other
pertinent
10
provision
of
this
chapter
.
11
9.
“Financial
institution”
means
and
includes
any
bank
12
incorporated
under
the
provisions
of
any
state
or
federal
13
law,
any
savings
and
loan
association
incorporated
under
the
14
provisions
of
any
state
or
federal
law,
any
credit
union
15
organized
under
the
provisions
of
any
state
or
federal
law,
16
any
corporation
licensed
as
an
industrial
loan
company
under
17
chapter
536A
,
and
any
affiliate
of
a
bank,
savings
and
loan
18
association,
credit
union,
or
industrial
loan
company.
19
Sec.
122.
Section
527.3,
subsection
1,
Code
2011,
is
amended
20
to
read
as
follows:
21
1.
For
purposes
of
this
chapter
the
superintendent
of
22
banking
only
has
the
power
to
issue
rules
applicable
to,
to
23
accept
and
approve
or
disapprove
applications
or
informational
24
statements
from,
to
conduct
hearings
and
revoke
any
25
approvals
relating
to,
and
to
exercise
all
other
supervisory
26
authority
created
by
this
chapter
with
respect
to
banks;
the
27
superintendent
of
savings
and
loan
associations
only
shall
have
28
and
exercise
such
powers
and
authority
with
respect
to
savings
29
and
loan
associations;
the
superintendent
of
credit
unions
only
30
has
such
powers
and
authority
with
respect
to
credit
unions;
31
and
the
superintendent
of
banking
or
the
superintendent’s
32
designee
only
has
such
powers
and
authority
with
respect
to
33
industrial
loan
companies.
34
Sec.
123.
Section
527.5,
subsection
11,
paragraph
d,
Code
35
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(1)
84
rn/nh
47/
65
H.F.
_____
2011,
is
amended
to
read
as
follows:
1
d.
For
purposes
of
this
subsection
,
a
national
card
2
association
must
be
a
membership
corporation
or
organization,
3
wherever
incorporated
and
maintaining
a
principal
place
of
4
business,
which
is
engaged
in
the
business
of
administering
for
5
the
benefit
of
the
association’s
members
a
program
involving
6
electronic
funds
transfer
transaction
cards
or
access
devices
7
depicting
a
service
mark,
logo,
or
trademark
associated
with
8
the
national
card
association
and
which
may
be
utilized
to
9
perform
transactions
at
point-of-sale
terminals.
A
national
10
card
association
must
have
a
membership
solely
comprised
of
11
insured
depository
financial
institutions,
organizations
12
directly
or
indirectly
owned
or
controlled
solely
by
insured
13
depository
financial
institutions,
entities
wholly
owned
14
by
one
or
more
insured
depository
financial
institutions,
15
holding
companies
having
at
least
two-thirds
of
their
assets
16
consisting
of
the
voting
stock
of
insured
depository
financial
17
institutions,
organizations
wholly
owned
by
one
or
more
18
holding
companies
having
at
least
two-thirds
of
their
assets
19
consisting
of
the
voting
stock
of
insured
depository
financial
20
institutions
and
which
are
solely
engaged
in
activities
related
21
to
the
programs
sponsored
by
the
national
card
association,
or
22
such
other
entities
or
organizations
which
are
authorized
by
23
the
national
card
association’s
bylaws
to
participate
in
the
24
electronic
funds
transfer
transaction
card
or
access
device
25
programs
or
other
services
and
programs
sponsored
by
the
26
national
card
association.
For
purposes
of
this
subsection
,
27
a
national
card
association
shall
not
include
a
financial
28
institution,
bank
holding
company
as
defined
in
section
29
524.1801
,
or
in
the
federal
Bank
Holding
Company
Act
of
1956,
30
12
U.S.C.
§
1842(d),
as
amended
to
July
1,
1994,
association
31
holding
company
as
defined
in
section
534.102
,
or
a
supervised
32
organization
as
defined
in
section
534.102
,
or
any
other
33
financial
institution
holding
company
organized
under
federal
34
or
state
law,
or
a
subsidiary
or
affiliate
corporation
owned
or
35
-48-
LSB
5258YC
(1)
84
rn/nh
48/
65
H.F.
_____
controlled
by
a
financial
institution
or
financial
institution
1
holding
company,
which
has
authorized
a
customer
or
member
2
to
engage
in
satellite
terminal
transactions.
For
purposes
3
of
this
subsection
,
a
national
card
association
shall
also
4
not
include
a
membership
corporation
or
organization
which
5
is
conducting
business
as
a
regional
or
nationwide
network
6
of
shared
electronic
funds
transfer
terminals
which
do
not
7
constitute
point-of-sale
terminals,
and
is
engaged
in
satellite
8
terminal
transaction
services
utilizing
a
common
service
mark,
9
logo,
or
trademark
to
identify
such
terminal
services.
10
Sec.
124.
Section
527.9,
subsection
5,
Code
2011,
is
amended
11
to
read
as
follows:
12
5.
a.
Effective
July
1,
1987,
a
person
owning
or
operating
13
a
central
routing
unit
authorized
under
this
section
shall
14
include
public
representation
on
any
board
setting
policy
for
15
the
central
routing
unit.
Four
or
five
public
members
shall
be
16
appointed
to
the
board
in
the
following
manner:
17
(1)
Two
Three
members
shall
be
appointed
by
the
18
superintendent
of
banking.
19
(2)
One
member
shall
be
appointed
by
the
superintendent
of
20
credit
unions.
21
(3)
One
member
shall
be
appointed
by
the
superintendent
of
22
savings
and
loan
associations.
23
(4)
(3)
If
an
industrial
loan
company
is
connected
to
the
24
central
routing
unit,
one
member
shall
be
appointed
by
the
25
superintendent
of
banking.
26
b.
The
superintendent
of
banking
,
and
superintendent
27
of
credit
unions
,
and
superintendent
of
savings
and
loan
28
associations
shall
form
a
committee
to
set,
in
conjunction
29
with
the
entity
owning
or
operating
the
central
routing
unit,
30
the
term
of
office,
the
rate
of
compensation,
and
the
rate
of
31
reimbursement
for
each
public
member.
However,
the
public
32
members
shall
be
entitled
to
reasonable
compensation
and
33
reimbursement
from
the
board.
34
c.
Each
public
member
is
entitled
to
all
the
rights
of
35
-49-
LSB
5258YC
(1)
84
rn/nh
49/
65
H.F.
_____
participation
and
voting
as
any
other
member
of
the
board.
1
The
public
members
are
to
represent
the
interest
of
consumers
2
and
the
business
and
agricultural
communities
in
establishing
3
policies
for
the
central
routing
unit.
4
d.
It
is
the
intention
of
the
general
assembly
that
the
5
ratio
of
public
members
to
the
overall
membership
of
the
6
board
shall
not
be
less
than
one
public
member
for
each
seven
7
members
of
the
board.
If
the
number
of
members
on
the
board
8
is
increased,
then
the
number
of
members
appointed
pursuant
to
9
paragraph
“a”
shall
be
increased
to
maintain
the
minimum
ratio.
10
In
this
event,
a
committee
composed
of
the
superintendent
of
11
banking
,
and
the
superintendent
of
credit
unions
,
and
the
12
superintendent
of
savings
and
loan
associations
shall
appoint
13
additional
public
members
in
order
to
maintain
the
minimum
14
ratio.
15
e.
An
individual
shall
not
be
appointed
as
a
public
member
16
pursuant
to
this
subsection
if
the
individual
is
a
director
of
17
a
financial
institution
or
is
directly
employed
by
a
financial
18
institution
doing
business
in
this
state.
19
Sec.
125.
Section
528.2,
subsection
1,
Code
2011,
is
amended
20
to
read
as
follows:
21
1.
“Administrator”
means
the
superintendent
of
banking
,
22
the
superintendent
of
savings
and
loan
associations,
and
the
23
superintendent
of
credit
unions
within
the
department
of
24
commerce.
25
Sec.
126.
Section
533.301,
subsection
4,
Code
Supplement
26
2011,
is
amended
to
read
as
follows:
27
4.
Make
deposits
in
state
and
national
banks,
state
and
28
federal
savings
banks
or
savings
and
loan
associations,
and
29
state
and
federal
credit
unions,
the
accounts
of
which
are
30
insured
by
the
federal
deposit
insurance
corporation
or
the
31
national
credit
union
share
insurance
fund.
32
Sec.
127.
Section
533.301,
subsection
5,
paragraph
a,
Code
33
Supplement
2011,
is
amended
to
read
as
follows:
34
a.
Time
deposits
in
state
and
national
banks,
state
and
35
-50-
LSB
5258YC
(1)
84
rn/nh
50/
65
H.F.
_____
federal
savings
banks
or
savings
and
loan
associations,
and
1
state
and
federal
credit
unions,
the
deposits
of
which
are
2
insured
by
the
federal
deposit
insurance
corporation
or
the
3
national
credit
union
share
insurance
fund.
4
Sec.
128.
Section
533.301,
subsection
18,
paragraph
a,
Code
5
Supplement
2011,
is
amended
to
read
as
follows:
6
a.
Subject
to
the
provisions
of
chapter
527
,
a
state
credit
7
union
may
utilize,
establish,
or
operate,
alone
or
with
one
8
or
more
other
credit
unions,
banks
incorporated
under
chapter
9
524
or
federal
law,
savings
and
loan
associations
incorporated
10
under
chapter
534
or
federal
law,
corporations
licensed
11
under
chapter
536A
,
or
third
parties,
the
satellite
terminals
12
permitted
under
chapter
527
,
by
means
of
which
the
state
credit
13
union
may
transmit
to
or
receive
from
any
member
electronic
14
impulses
constituting
transactions
pursuant
to
this
subsection
.
15
However,
such
utilization,
establishment,
or
operation
shall
be
16
lawful
only
when
in
compliance
with
chapter
527
.
17
Sec.
129.
Section
533.305,
subsection
4,
paragraph
c,
Code
18
2011,
is
amended
by
striking
the
paragraph.
19
Sec.
130.
Section
533.313,
subsection
1,
paragraph
c,
Code
20
2011,
is
amended
to
read
as
follows:
21
c.
The
term
does
not
include
a
draft
issued
by
a
state
22
credit
union
for
the
transfer
of
funds
between
the
issuing
23
credit
union
and
another
credit
union,
a
bank,
a
savings
and
24
loan
association
chartered
under
federal
law
,
or
another
25
depository
financial
institution.
26
Sec.
131.
Section
533A.2,
subsection
2,
paragraph
b,
Code
27
2011,
is
amended
to
read
as
follows:
28
b.
Banks,
federally
chartered
savings
and
loan
associations,
29
credit
unions,
mortgage
bankers
and
mortgage
brokers
licensed
30
or
registered
under
chapter
535B
,
insurance
companies
and
31
similar
fiduciaries,
regulated
loan
companies
licensed
under
32
chapter
536
,
and
industrial
loan
companies
licensed
under
33
chapter
536A
,
authorized
and
admitted
to
transact
business
in
34
this
state
and
performing
credit
and
financial
adjusting
in
the
35
-51-
LSB
5258YC
(1)
84
rn/nh
51/
65
H.F.
_____
regular
course
of
their
principal
business,
or
while
performing
1
an
escrow
function.
2
Sec.
132.
Section
535.2,
subsection
2,
paragraph
b,
3
subparagraph
(6),
Code
Supplement
2011,
is
amended
to
read
as
4
follows:
5
(6)
With
respect
to
any
transaction
referred
to
in
paragraph
6
“a”
of
this
subsection
,
this
subsection
supersedes
any
7
interest-rate
or
finance-charge
limitations
contained
in
the
8
Code,
including
but
not
limited
to
this
chapter
and
chapters
9
321
,
322
,
524
,
533
,
534
,
536A
,
and
537
.
10
Sec.
133.
Section
535.8,
subsection
2,
paragraph
b,
11
subparagraph
(3),
Code
2011,
is
amended
to
read
as
follows:
12
(3)
A
lender
shall
not
charge
the
borrower
any
costs
other
13
than
expressly
permitted
by
this
paragraph
“b”
.
However,
14
additional
costs
incurred
in
connection
with
a
loan
under
this
15
paragraph
“b”
,
if
bona
fide
and
reasonable,
may
be
collected
by
16
a
state-chartered
financial
institution
licensed
under
chapter
17
524
,
or
533
,
or
534
,
to
the
extent
permitted
under
applicable
18
federal
law
as
determined
by
the
office
of
the
comptroller
of
19
the
currency
of
the
United
States
department
of
treasury,
the
20
national
credit
union
administration,
or
the
office
of
thrift
21
supervision
of
the
United
States
department
of
treasury.
Such
22
costs
shall
apply
only
to
the
same
type
of
state-chartered
23
entity
as
the
federally
chartered
entity
affected
and
shall
24
apply
to
and
may
be
collected
by
an
insurer
organized
under
25
chapter
508
or
515
,
or
otherwise
authorized
to
conduct
the
26
business
of
insurance
in
this
state.
27
Sec.
134.
Section
535A.2,
subsection
2,
paragraph
b,
Code
28
2011,
is
amended
by
striking
the
paragraph.
29
Sec.
135.
Section
535B.11,
subsection
3,
paragraph
b,
Code
30
2011,
is
amended
to
read
as
follows:
31
b.
Compliance
with
sections
524.905
,
533.315
,
534.206
,
and
32
536A.20
shall
constitute
compliance
with
this
subsection
.
33
Sec.
136.
Section
535C.2,
subsection
4,
paragraph
i,
Code
34
2011,
is
amended
by
striking
the
paragraph.
35
-52-
LSB
5258YC
(1)
84
rn/nh
52/
65
H.F.
_____
Sec.
137.
Section
536A.24,
Code
2011,
is
amended
to
read
as
1
follows:
2
536A.24
Electronic
transactions.
3
A
licensee
may
engage
in
any
transaction
otherwise
permitted
4
by
this
chapter
and
applicable
law,
by
means
of
either
the
5
direct
transmission
of
electronic
impulses
or
other
indicia
6
of
a
transaction
for
delayed
transmission
to
the
licensee.
7
Subject
to
the
provisions
of
chapter
527
,
a
licensee
may
8
utilize,
establish
or
operate,
alone
or
with
one
or
more
9
other
licensees,
banks
incorporated
under
the
provisions
of
10
chapter
524
or
federal
law,
credit
unions
incorporated
under
11
the
provisions
of
chapter
533
or
federal
law,
savings
and
loan
12
associations
incorporated
under
the
provisions
of
chapter
534
13
or
federal
law,
or
third
parties,
the
satellite
terminals
14
permitted
under
chapter
527
,
by
means
of
which
the
licensee
may
15
transmit
to
or
receive
from
any
customer
electronic
impulses
16
constituting
transactions
pursuant
to
this
section
.
However,
17
such
utilization,
establishment
or
operation
is
lawful
only
18
when
in
compliance
with
chapter
527
.
Nothing
in
this
section
19
authorizes
a
licensee
or
other
person
to
engage
in
transactions
20
not
otherwise
permitted
by
applicable
law,
nor
does
anything
21
in
this
section
repeal,
replace
or
in
any
other
way
affect
any
22
applicable
law
or
rule
regarding
the
maintenance
of
or
access
23
to
financial
information
maintained
by
a
licensee.
24
Sec.
138.
Section
536C.2,
subsection
1,
Code
2011,
is
25
amended
to
read
as
follows:
26
1.
“Administrator”
means
the
superintendent
of
banking
,
27
the
superintendent
of
savings
and
loan
associations
or
the
28
superintendent’s
successor,
or
the
superintendent
of
credit
29
unions.
However,
the
powers
of
administration
and
enforcement
30
of
this
chapter
are
to
be
exercised
pursuant
to
section
31
536C.14
.
32
Sec.
139.
Section
536C.3,
Code
2011,
is
amended
to
read
as
33
follows:
34
536C.3
Exemptions.
35
-53-
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5258YC
(1)
84
rn/nh
53/
65
H.F.
_____
This
chapter
does
not
apply
to
a
bank
chartered
under
1
chapter
524
or
a
bank
chartered
under
federal
law
which
has
its
2
principal
place
of
business
located
in
this
state,
a
savings
3
and
loan
association
chartered
under
chapter
534
or
a
savings
4
and
loan
association
chartered
under
federal
law
which
has
its
5
principal
place
of
business
located
in
this
state,
a
credit
6
union
chartered
under
chapter
533
or
a
credit
union
chartered
7
under
federal
law
which
has
its
principal
place
of
business
8
located
in
this
state,
regulated
loan
companies
licensed
under
9
chapter
536
,
or
industrial
loan
companies
licensed
under
10
chapter
536A
.
11
Sec.
140.
Section
536C.14,
subsection
3,
Code
2011,
is
12
amended
by
striking
the
subsection.
13
Sec.
141.
Section
537.1108,
subsection
2,
Code
2011,
is
14
amended
to
read
as
follows:
15
2.
This
chapter
does
not
displace
limitations
on
powers
of
16
credit
unions,
savings
and
loan
associations,
or
other
thrift
17
institutions
whether
organized
for
the
profit
of
shareholders
18
or
as
mutual
organizations.
19
Sec.
142.
Section
537.1301,
subsection
3,
Code
2011,
is
20
amended
to
read
as
follows:
21
3.
“Affiliate”
as
used
in
reference
to
a
state
bank
means
22
the
same
as
defined
in
section
524.1101
.
“Affiliate”
as
used
23
in
reference
to
a
national
banking
association
means
the
24
same
as
defined
in
section
524.1101
,
except
that
the
term
25
“national
banking
association”
shall
be
substituted
for
the
26
term
“state
bank”.
“Affiliate”
as
used
in
reference
to
a
27
federally
chartered
or
out-of-state
chartered
savings
and
28
loan
association
shall
mean
the
same
as
defined
in
12
C.F.R.
29
§
561.4.
30
Sec.
143.
Section
537.1301,
subsection
44,
Code
2011,
is
31
amended
to
read
as
follows:
32
44.
“Supervised
financial
organization”
means
a
person,
33
other
than
an
insurance
company
or
other
organization
34
primarily
engaged
in
an
insurance
business,
which
is
organized,
35
-54-
LSB
5258YC
(1)
84
rn/nh
54/
65
H.F.
_____
chartered,
or
holding
an
authorization
certificate
pursuant
to
1
chapter
524
,
or
533
,
or
534
,
or
pursuant
to
the
laws
of
any
2
other
state
or
of
the
United
States
which
authorizes
the
person
3
to
make
loans
and
to
receive
deposits,
including
a
savings,
4
share,
certificate
or
deposit
account,
and
which
is
subject
to
5
supervision
by
an
official
or
agency
of
this
state,
such
other
6
state,
or
of
the
United
States.
7
Sec.
144.
Section
537.2301,
subsection
1,
Code
2011,
is
8
amended
to
read
as
follows:
9
1.
As
used
in
this
part,
“licensing
authority”
means
the
10
agency
designated
in
chapter
524
,
533
,
534,
536,
or
536A
to
11
issue
licenses
or
otherwise
authorize
the
conduct
of
business
12
pursuant
to
the
respective
chapter
or
this
chapter
,
and
13
“licensee”
includes
any
person
subject
to
regulation
by
a
14
licensing
authority.
“License”
includes
the
authorization,
of
15
whatever
form,
to
engage
in
the
conduct
regulated
under
those
16
chapters.
17
Sec.
145.
Section
537.2305,
subsection
1,
Code
2011,
is
18
amended
to
read
as
follows:
19
1.
For
the
purpose
of
discovering
violations
of
this
chapter
20
or
securing
information
lawfully
required,
the
licensing
21
authority
shall
examine
periodically
at
intervals
the
licensing
22
authority
deems
appropriate,
but
not
less
frequently
than
is
23
required
for
other
examinations
of
the
licensee
by
section
24
524.217
,
533.113
,
534.401
,
536.10
,
or
536A.15
,
whichever
is
25
applicable,
the
loans,
business,
and
records
of
every
licensee,
26
except
a
licensee
which
has
no
office
physically
located
in
27
this
state
and
engages
in
no
face-to-face
solicitation
in
this
28
state.
In
addition,
the
licensing
authority
may
at
any
time
29
investigate
the
loans,
business,
and
records
of
any
lender.
30
For
these
purposes
the
licensing
authority
shall
be
given
free
31
and
reasonable
access
to
the
offices,
places
of
business,
and
32
records
of
the
lender.
33
Sec.
146.
Section
537.2501,
subsection
1,
paragraph
j,
Code
34
2011,
is
amended
to
read
as
follows:
35
-55-
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5258YC
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55/
65
H.F.
_____
j.
For
a
consumer
loan
where
the
amount
financed
does
not
1
exceed
three
thousand
dollars
and
the
term
of
the
loan
does
2
not
exceed
twelve
months,
a
bank,
savings
bank,
savings
and
3
loan
association,
or
credit
union
incorporated
pursuant
to
4
state
or
federal
law
,
or
a
federally
chartered
or
out-of-state
5
chartered
savings
bank
or
savings
and
loan
association
may
6
charge
an
additional
application
fee
not
to
exceed
the
lesser
7
of
ten
percent
of
the
amount
financed
or
thirty
dollars.
If
8
the
loan
is
not
approved,
the
application
fee
shall
not
exceed
9
the
lesser
of
ten
percent
of
the
amount
applied
for
by
the
10
applicant
or
thirty
dollars.
The
fee
permitted
pursuant
to
11
this
paragraph
shall
not
be
charged
in
connection
with
a
loan
12
used
for
the
purchase
of
a
motor
vehicle,
or
for
a
loan
where
13
the
borrower’s
dwelling
is
used
as
security.
14
Sec.
147.
Section
537.6105,
subsection
1,
Code
2011,
is
15
amended
to
read
as
follows:
16
1.
With
respect
to
supervised
financial
organizations
17
subject
to
regulation
under
chapters
chapter
524
,
or
533
and
18
534
,
and
persons
licensed
under
chapters
536
and
536A
,
the
19
powers
of
examination
and
investigation
as
provided
in
sections
20
537.2305
and
537.6106
,
and
administrative
enforcement
as
21
provided
in
sections
537.2303
and
537.6108
,
shall
be
exercised
22
by
the
official
or
agency
to
whose
supervision
the
person
is
23
subject.
All
other
powers
of
the
administrator
under
this
24
chapter
may
be
exercised
by
the
administrator
with
respect
25
to
such
persons.
In
all
actions
or
other
court
proceedings
26
brought
to
enforce
this
chapter
,
the
attorney
general
or
the
27
attorney
general’s
designee
shall
participate.
28
Sec.
148.
Section
537.6201,
Code
2011,
is
amended
to
read
29
as
follows:
30
537.6201
Applicability.
31
This
part
applies
to
all
of
the
following:
32
1.
Creditors
engaged
in
consumer
credit
transactions
33
and
acts,
practices
or
conduct
involving
consumer
credit
34
transactions
to
which
this
chapter
applies
pursuant
to
section
35
-56-
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(1)
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rn/nh
56/
65
H.F.
_____
537.1201
,
but
not
to
those
licensed,
certificated,
or
otherwise
1
authorized
to
engage
in
business
by
chapter
524
,
533
,
534
,
536
2
or
536A
.
3
2.
Debt
collectors,
as
defined
in
section
537.7102,
4
subsection
5
,
to
whose
acts,
practices,
or
conduct
this
5
chapter
applies
pursuant
to
section
537.1201
if
the
total
6
debt
collected
by
a
debt
collector
in
the
preceding
calendar
7
year
exceeds
twenty-five
thousand
dollars,
or
if
not,
if
the
8
total
debt
collected
during
the
current
calendar
year
exceeds
9
twenty-five
thousand
dollars,
but
this
part
does
not
apply
to
10
those
licensed,
certified,
or
otherwise
authorized
to
engage
in
11
business
under
chapter
524
,
533
,
534
,
536
,
or
536A
.
12
Sec.
149.
Section
537.7103,
subsection
4,
paragraph
b,
13
subparagraph
(2),
Code
2011,
is
amended
to
read
as
follows:
14
(2)
Communications
issued
directly
by
a
state
bank
as
15
defined
in
section
524.103
or
its
affiliate,
a
state
bank
16
chartered
under
the
laws
of
any
other
state
or
its
affiliate,
a
17
national
banking
association
or
its
affiliate,
a
trust
company,
18
a
federally
chartered
savings
and
loan
association
or
savings
19
bank
or
its
affiliate,
an
out-of-state
chartered
savings
and
20
loan
association
or
savings
bank
or
its
affiliate,
a
financial
21
institution
chartered
by
the
federal
home
loan
bank
board,
an
22
association
incorporated
or
authorized
to
do
business
under
23
chapter
534
,
a
state
or
federally
chartered
credit
union,
a
24
credit
union
service
organization,
or
a
company
or
association
25
organized
or
authorized
to
do
business
under
chapter
515
,
518
,
26
518A
,
or
520
,
or
an
officer,
employee,
or
agent
of
such
company
27
or
association,
provided
the
communication
does
not
deceptively
28
conceal
its
origin
or
its
purpose.
29
Sec.
150.
Section
543B.46,
subsections
1,
2,
and
3,
Code
30
2011,
are
amended
to
read
as
follows:
31
1.
Each
real
estate
broker
shall
maintain
a
common
trust
32
account
in
a
bank,
a
savings
and
loan
association,
savings
33
bank,
or
credit
union
for
the
deposit
of
all
down
payments,
34
earnest
money
deposits,
or
other
trust
funds
received
by
the
35
-57-
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5258YC
(1)
84
rn/nh
57/
65
H.F.
_____
broker
or
the
broker’s
salespersons
on
behalf
of
the
broker’s
1
principal,
except
that
a
broker
acting
as
a
salesperson
shall
2
deposit
these
funds
in
the
common
trust
account
of
the
broker
3
for
whom
the
broker
acts
as
salesperson.
The
account
shall
4
be
an
interest-bearing
account.
The
interest
on
the
account
5
shall
be
transferred
quarterly
to
the
treasurer
of
state
and
6
transferred
to
the
Iowa
finance
authority
for
deposit
in
the
7
housing
trust
fund
established
in
section
16.181
unless
there
8
is
a
written
agreement
between
the
buyer
and
seller
to
the
9
contrary.
The
broker
shall
not
benefit
from
interest
received
10
on
funds
of
others
in
the
broker’s
possession.
11
2.
Each
broker
shall
notify
the
real
estate
commission
of
12
the
name
of
each
bank
or
savings
and
loan
association
in
which
13
a
trust
account
is
maintained
and
also
the
name
of
the
account
14
on
forms
provided
therefor.
15
3.
Each
broker
shall
authorize
the
real
estate
commission
to
16
examine
each
trust
account
and
shall
obtain
the
certification
17
of
the
bank
or
savings
and
loan
association
attesting
to
each
18
trust
account
and
consenting
to
the
examination
and
audit
19
of
each
account
by
a
duly
authorized
representative
of
the
20
commission.
The
certification
and
consent
shall
be
furnished
21
on
forms
prescribed
by
the
commission.
This
subsection
does
22
not
apply
to
an
individual
farm
account
maintained
in
the
23
name
of
the
owner
or
owners
for
the
purpose
of
conducting
24
ongoing
farm
business
whether
it
is
conducted
by
the
farm
owner
25
or
by
an
agent
or
farm
manager
when
the
account
is
part
of
26
a
farm
management
agreement
between
the
owner
and
agent
or
27
manager.
This
subsection
also
does
not
apply
to
an
individual
28
property
management
account
maintained
in
the
name
of
the
29
owner
or
owners
for
the
purpose
of
conducting
ongoing
property
30
management
whether
it
is
conducted
by
the
property
owner
or
31
by
an
agent
or
manager
when
the
account
is
part
of
a
property
32
management
agreement
between
the
owner
and
agent
or
manager.
33
Sec.
151.
Section
546.3,
subsection
1,
Code
2011,
is
amended
34
to
read
as
follows:
35
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65
H.F.
_____
1.
The
banking
division
shall
regulate
and
supervise
banks
1
under
chapter
524
,
debt
management
licensees
under
chapter
2
533A
,
money
services
under
chapter
533C
,
delayed
deposit
3
services
under
chapter
533D
,
savings
and
loan
associations
4
under
chapter
534
,
mortgage
bankers
and
brokers
under
5
chapter
535B
,
regulated
loan
companies
under
chapter
536
,
and
6
industrial
loan
companies
under
chapter
536A
,
and
shall
perform
7
other
duties
assigned
to
the
division
by
law.
The
division
8
is
headed
by
the
superintendent
of
banking
who
is
appointed
9
pursuant
to
section
524.201
.
The
state
banking
council
10
shall
render
advice
within
the
division
when
requested
by
the
11
superintendent.
12
Sec.
152.
Section
551A.4,
subsection
1,
paragraph
a,
Code
13
2011,
is
amended
to
read
as
follows:
14
a.
The
offer
or
sale
of
a
business
opportunity
if
the
15
purchaser
is
a
bank,
federally
chartered
savings
and
loan
16
association,
trust
company,
insurance
company,
credit
union,
17
or
investment
company
as
defined
by
the
federal
Investment
18
Company
Act
of
1940,
a
pension
or
profit-sharing
trust,
or
19
other
financial
institution
or
institutional
buyer,
or
a
20
broker-dealer
registered
pursuant
to
chapter
502
,
whether
the
21
purchaser
is
acting
for
itself
or
in
a
fiduciary
capacity.
22
Sec.
153.
Section
556.1,
subsections
1
and
4,
Code
2011,
are
23
amended
to
read
as
follows:
24
1.
“Banking
organization”
means
any
bank,
trust
company,
25
savings
bank,
savings
association,
industrial
bank,
land
bank,
26
safe
deposit
company,
or
a
private
banker
engaged
in
business
27
in
this
state.
28
4.
“Financial
organization”
means
any
savings
and
loan
29
association,
building
and
loan
association,
federally
chartered
30
savings
and
loan
association,
credit
union,
cooperative
bank
or
31
investment
company,
engaged
in
business
in
this
state.
32
Sec.
154.
Section
636.23,
subsections
10
and
14,
Code
2011,
33
are
amended
to
read
as
follows:
34
10.
Building
and
loan
Savings
associations.
Shares
35
-59-
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5258YC
(1)
84
rn/nh
59/
65
H.F.
_____
of
building
and
loan
associations
and
savings
and
loan
1
associations,
incorporated
under
the
laws
of
Iowa
and
in
shares
2
of
federal
savings
and
loan
associations
organized
under
the
3
laws
of
the
United
States
of
America.
4
14.
Limitation
as
to
court-approved
investments.
This
5
section
does
not
prohibit
investment
of
such
funds
in
a
savings
6
account
or
time
certificate
of
deposit
of
a
bank
or
savings
7
and
loan
association
located
within
the
city
or
its
county
of
8
this
state
and
when
first
approved
by
the
court.
However,
a
9
city
that
is
the
trustee
of
a
cemetery
as
provided
in
section
10
523I.508
may
invest
perpetual
care
funds
in
a
savings
account
11
or
certificates
of
deposit
at
a
bank
or
savings
and
loan
12
association
located
in
this
state
without
court
approval.
13
Sec.
155.
Section
636.45,
subsection
1,
unnumbered
14
paragraph
1,
Code
Supplement
2011,
is
amended
to
read
as
15
follows:
16
Insurance
companies,
savings
and
loan
associations,
17
trustees,
guardians,
executors,
administrators,
and
other
18
fiduciaries,
the
state
and
its
political
subdivisions,
and
19
institutions
and
agencies
thereof,
and
all
other
persons,
20
associations,
and
corporations:
21
Sec.
156.
Section
636.45,
subsection
2,
Code
Supplement
22
2011,
is
amended
to
read
as
follows:
23
2.
It
shall
be
lawful
for
insurance
companies,
savings
24
and
loan
associations,
trustees,
guardians,
executors,
25
administrators,
and
other
fiduciaries,
the
state
and
its
26
political
subdivisions,
and
institutions
and
agencies
thereof,
27
and
all
other
persons,
associations,
and
corporations,
subject
28
to
the
laws
of
this
state,
to
originate
real
estate
loans
29
which
are
guaranteed
or
insured
by
the
secretary
of
the
United
30
States
department
of
veterans
affairs
under
the
provisions
of
31
38
U.S.C.
§
3701
et
seq.,
and
originate
loans
secured
by
real
32
property
or
leasehold,
as
the
federal
housing
administrator
33
insures
or
makes
a
commitment
to
insure
pursuant
to
Tit.
II
of
34
the
National
Housing
Act
(1934),
and
may
obtain
such
insurance
35
-60-
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5258YC
(1)
84
rn/nh
60/
65
H.F.
_____
and
may
invest
their
funds,
and
the
moneys
in
their
custody
or
1
possession,
eligible
for
investment,
in
bonds
and
notes
secured
2
by
mortgage
or
trust
deed
insured
by
the
federal
housing
3
administrator,
and
in
the
debentures
issued
by
the
federal
4
housing
administrator
pursuant
to
Tit.
II
of
the
National
5
Housing
Act
(1934),
and
in
securities
issued
by
national
6
mortgage
associations
or
similar
credit
institutions
now
or
7
hereafter
organized
under
Tit.
III
of
the
National
Housing
8
Act
(1934),
and
in
real
estate
loans
which
are
guaranteed
or
9
insured
by
the
secretary
of
the
United
States
department
of
10
veterans
affairs
under
the
provisions
of
38
U.S.C.
§
3701
et
11
seq.
12
Sec.
157.
REPEAL.
Chapter
534,
Code
and
Code
Supplement
13
2011,
is
repealed.
14
EXPLANATION
15
This
bill
relates
to
matters
under
the
purview
of
the
banking
16
division
of
the
department
of
commerce.
17
MUTUAL
OWNERSHIP
FOR
STATE
BANKS.
Division
I
of
the
bill
18
authorizes
mutual
ownership
for
state
chartered
banks
and
state
19
holding
companies.
The
division
defines
a
“mutual
corporation”
20
as
a
corporation
that
is
incorporated
on
a
mutual
ownership
21
basis
pursuant
to
Code
chapter
524
as
amended
by
the
division,
22
or
converted
to
become
subject
to
the
Code
chapter,
and
which
23
does
not
have
authority
to
issue
capital
stock.
The
division
24
defines
a
“mutual
holding
company”
as
a
bank
holding
company
25
that
is
a
mutual
corporation
or
that
owns
or
controls
a
mutual
26
corporation.
The
division
authorizes
the
superintendent
of
27
banking
to
adopt
rules
to
ensure
that
a
state
bank
incorporated
28
as
a
mutual
corporation
is
operating
in
a
safe
and
sound
manner
29
and
is
subject
to
the
superintendent’s
authority
in
the
same
30
manner
as
a
state
bank
incorporated
as
a
stock
corporation,
31
and
makes
several
modifications
to
existing
provisions
in
Code
32
chapter
524
to
differentiate
between
stock
corporations
and
33
mutual
corporations.
34
The
division
provides
that
a
mutual
corporation,
a
mutual
35
-61-
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5258YC
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84
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65
H.F.
_____
holding
company,
a
federal
mutual
association,
or
a
federal
1
mutual
holding
company
may
convert
into
a
stock
corporation
2
that
is
either
a
state
bank
or
a
state
bank
mutual
bank
holding
3
company
upon
approval
of
the
superintendent.
An
application
4
for
approval
of
the
conversion
shall
include
submission
of
5
articles
of
conversion,
a
business
plan
addressing
factors
6
prescribed
by
the
superintendent,
proof
of
publication
of
a
7
notice
of
conversion,
and
applicable
filing
and
recording
fees.
8
The
division
provides
that
a
state
bank
may
be
owned,
9
directly
or
indirectly,
by
a
mutual
bank
holding
company.
10
The
division
authorizes
a
mutual
holding
company
authorized
11
pursuant
to
specified
federal
regulations
to
convert
to
a
12
mutual
bank
holding
company.
The
division
also
authorizes
a
13
mutual
corporation
to
reorganize
as
a
mutual
holding
company
as
14
prescribed
in
specified
federal
regulations,
which
would
then
15
be
regarded
as
a
mutual
bank
holding
company
subject
to
Code
16
chapter
524.
The
division
states
that
a
mutual
bank
holding
17
company
shall
also
be
subject
to
Code
chapter
490,
the
Iowa
18
business
corporations
Act,
and
provides
that
if
a
provision
19
of
the
Iowa
business
corporations
Act
conflicts
with
the
20
provisions
of
Code
chapter
524
or
a
rule
of
the
superintendent,
21
the
provisions
of
Code
chapter
524
or
rule
shall
control.
22
The
division
authorizes
the
superintendent
to
adopt
rules
23
pursuant
to
Code
chapter
17A
pertaining
to
mutual
bank
holding
24
companies
and
reorganizations
into
mutual
bank
holding
25
companies.
26
Division
I
takes
effect
upon
enactment.
27
MISCELLANEOUS
PROVISIONS.
Division
II
of
the
bill
28
provides
exemptions
from
provisions
governing
loans
and
other
29
transactions
between
a
state
bank
and
affiliates
of
the
bank
30
contained
in
Code
section
524.1102.
The
division
authorizes
31
a
state
bank
to
own
federal
home
loan
bank
shares
in
an
amount
32
exceeding
15
percent
of
the
state
bank’s
aggregate
capital,
33
but
not
exceeding
25
percent
of
the
state
bank’s
aggregate
34
capital,
if
the
ownership
of
shares
exceeding
15
percent
35
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is
needed
to
support
the
state
bank’s
participation
in
the
1
federal
home
loan
bank’s
acquired
member
assets
program
as
2
provided
for
in
12
C.F.R.
pt.
955.
The
division
states
that
3
the
superintendent
may,
in
the
superintendent’s
discretion,
by
4
regulation
or
order,
exempt
transactions
or
relationships
from
5
the
requirements
of
that
Code
section
if
the
superintendent
6
finds
such
exemptions
to
be
in
the
public
interest
and
7
consistent
with
the
purposes
of
the
Code
section.
The
division
8
provides
that
a
state
bank
may
request
an
exemption
from
the
9
requirements
of
Code
section
524.1102
by
submitting
a
written
10
request
to
the
superintendent
including
a
detailed
description
11
of
the
transaction
or
relationship
for
which
the
state
bank
12
seeks
the
exemption,
a
statement
of
the
reasons
for
exemption
13
of
the
transaction
or
relationship,
and
an
explanation
of
how
14
the
exemption
would
be
in
the
public
interest
and
consistent
15
with
the
purposes
of
the
Code
section.
16
The
division
also
modifies
provisions
relating
to
the
17
involuntary
dissolution
of
a
state
bank.
The
division
18
eliminates
the
option
of
the
superintendent
applying
to
19
the
district
court
for
the
county
in
which
the
state
bank
20
is
located
for
appointment
as
receiver
for
the
state
bank,
21
providing
instead
that
the
superintendent
shall
tender
the
22
receivership
to
the
federal
deposit
insurance
corporation.
The
23
division
states
that
thereafter
the
affairs
of
the
state
bank
24
shall
be
governed
by
specified
sections
of
Code
chapter
524,
25
and
by
the
provisions
of
federal
law,
and
shall
be
subject
26
to
federal
court
jurisdiction.
The
division
specifies
that
27
federal
law
shall
govern
in
the
event
of
a
conflict
between
28
state
and
federal
law
provisions.
29
The
division
provides
that
under
the
receivership,
the
30
rights
of
depositors
and
other
creditors
of
the
insured
state
31
bank
shall
be
determined
in
accordance
with
Iowa
law,
and
that
32
the
federal
deposit
insurance
corporation
as
receiver
shall
33
possess
all
the
powers,
rights,
and
privileges
provided
under
34
Code
section
524.1311,
except
insofar
as
that
Code
section
35
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may
be
in
conflict
with
the
laws
of
the
United
States.
The
1
division
also
provides
that
if
the
federal
deposit
insurance
2
corporation
pays
or
makes
available
for
payment
the
insured
3
deposit
liabilities
of
an
insured
state
bank,
the
federal
4
deposit
insurance
corporation
shall
be
subrogated
by
operation
5
of
law
to
all
rights
against
such
insured
state
bank
of
6
the
owners
of
such
deposits
in
the
same
manner
and
to
the
7
same
extent
as
subrogation
of
the
federal
deposit
insurance
8
corporation
is
provided
for
in
applicable
federal
law
in
the
9
case
of
a
national
bank.
These
provisions
are
currently
10
contained
in
Code
section
524.1313,
which
applied
if
the
11
superintendent
had
optionally
designated
the
federal
deposit
12
insurance
corporation
as
receiver,
rather
than
as
mandated
by
13
the
division.
Accordingly,
that
Code
section
is
repealed.
14
The
division
makes
conforming
changes
relating
to
the
15
federal
deposit
insurance
corporation
being
appointed
as
16
receiver
in
Code
section
524.1311
relating
to
receivership
17
procedures.
The
division
deletes
a
provision
that
all
expenses
18
of
the
receivership
and
dissolution
shall
be
fixed
by
the
19
superintendent,
subject
to
the
approval
of
the
district
court,
20
and
shall
be
paid
out
of
the
assets
of
the
state
bank.
The
21
division
provides
that
after
the
involuntary
dissolution,
the
22
superintendent
shall
file
notice
of
the
dissolution
with
the
23
secretary
of
state
and
the
county
recorder
of
the
county
in
24
which
the
state
bank
is
located,
that
no
fee
shall
be
charged
25
by
the
secretary
of
state
or
the
county
recorder
for
the
filing
26
or
recording,
and
that
the
corporate
existence
of
the
state
27
bank
shall
cease
upon
filing
of
the
notice
of
dissolution
28
with
the
secretary
of
state.
The
division
deletes
provisions
29
contained
in
Code
section
524.1311
which
had
related
to
filing
30
of
a
final
report
by
the
superintendent
and
filing
of
a
decree
31
of
dissolution
by
the
district
court.
32
The
division
additionally
provides,
with
respect
to
33
examinations
of
the
books,
accounts,
records,
and
files
34
of
a
mortgage
banker
licensee,
that
the
superintendent
of
35
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_____
banking
acting
as
the
administrator
under
Code
chapter
535B
1
may
furnish
information
relating
to
supervision
of
closing
2
agent
licensees
whose
activities
relate
to
the
issuance
of
3
title
guaranty
certificates
issued
by
the
title
guaranty
4
division
of
the
Iowa
finance
authority
to
the
title
guaranty
5
division.
The
bill
states
that
the
title
guaranty
division
may
6
use
this
information
to
satisfy
its
reinsurance
requirements
7
and
may
provide
the
information
to
its
reinsurer
to
the
8
extent
necessary
to
satisfy
reinsurer
requirements
provided
9
the
reinsurer
agrees
to
maintain
the
confidentiality
of
the
10
information.
The
bill
directs
the
title
guaranty
division
to
11
maintain
the
confidentiality
of
all
other
information
provided
12
in
the
course
of
the
examination.
13
The
provisions
of
division
II
regarding
involuntary
14
dissolution
take
effect
upon
enactment.
15
SAVINGS
AND
LOAN
ASSOCIATIONS.
Division
III
of
the
bill
16
repeals
Code
chapter
534,
relating
to
state
savings
and
loan
17
associations.
The
division
makes
conforming
changes
consistent
18
with
the
repeal
of
the
Code
chapter.
The
bill
additionally
19
deletes
references
to
building
and
loan
associations
and,
where
20
appropriate,
to
savings
banks.
21
Additionally,
the
division
replaces
references
in
Code
22
section
12C.13
relating
to
deposits
of
public
funds
not
23
constituting
being
a
shareholder,
stockholder,
or
owner
of
24
a
corporation
in
violation
of
specified
provisions
of
law
25
with
references
to
Code
chapter
524
and
a
mutual
corporation
26
as
defined
in
the
bill.
Further,
the
bill
modifies
the
27
representation
of
public
members
on
boards
establishing
policy
28
for
a
central
routing
unit
under
Code
section
527.9.
29
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