House
Study
Bill
538
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
DEPARTMENT
OF
COMMERCE/BANKING
DIVISION
BILL)
A
BILL
FOR
An
Act
relating
to
matters
under
the
purview
of
the
banking
1
division
of
the
department
of
commerce.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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S.F.
_____
H.F.
_____
Section
1.
Section
524.107,
subsections
1
and
2,
Code
2014,
1
are
amended
to
read
as
follows:
2
1.
A
person,
other
than
a
state
bank
which
is
subject
to
3
the
provisions
of
this
chapter
and
a
national
bank
authorized
4
by
the
laws
of
the
United
States
to
engage
in
the
business
5
of
receiving
money
for
deposit,
and
except
as
provided
in
6
subsection
2,
shall
not
engage
in
this
state
in
the
business
7
of
receiving
money
for
deposit,
transact
the
business
of
8
banking,
or
establish
in
this
state
a
place
of
business
for
9
such
purpose.
10
2.
A
person
doing
business
in
this
state
shall
not
use
11
the
words
“bank”
or
“trust”
or
use
any
derivative,
plural,
12
or
compound
of
the
words
“bank”,
“banking”,
“bankers”,
or
13
“trust”
in
any
manner
which
would
tend
to
create
the
impression
14
that
the
person
is
authorized
to
engage
in
the
business
of
15
banking
or
to
act
in
a
fiduciary
capacity,
except
a
state
bank
16
authorized
to
do
so
by
this
chapter
or
a
bank
authorized
to
17
do
so
by
the
laws
of
another
state
,
a
national
bank
to
the
18
extent
permitted
by
the
laws
of
the
United
States,
a
bank
19
holding
company
as
defined
in
section
524.1801
,
a
savings
and
20
loan
holding
company
as
defined
in
12
U.S.C.
§
1467a,
or
a
21
federal
association
to
the
extent
permitted
by
the
laws
of
the
22
United
States,
or,
insofar
as
the
word
“trust”
is
concerned,
an
23
individual
permissibly
serving
as
a
fiduciary
in
this
state,
24
pursuant
to
section
633.63
,
or,
insofar
as
the
words
“trust”
25
and
“bank”
are
concerned,
a
nonresident
corporate
fiduciary
26
permissibly
serving
as
a
fiduciary
in
this
state
pursuant
to
27
section
633.64
.
28
Sec.
2.
Section
544A.13,
subsection
1,
paragraph
h,
Code
29
2014,
is
amended
to
read
as
follows:
30
h.
Willful
or
repeated
violations
of
the
provisions
of
this
31
Act
chapter
.
32
Sec.
3.
REPEAL.
Section
544A.21,
Code
2014,
is
repealed.
33
EXPLANATION
34
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
35
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_____
H.F.
_____
the
explanation’s
substance
by
the
members
of
the
general
assembly.
1
This
bill
concerns
matters
under
the
purview
of
the
banking
2
division
of
the
department
of
commerce.
3
The
bill
modifies
provisions
in
Code
section
524.107
4
relating
to
when
a
person
doing
business
in
Iowa
may
be
5
permitted
to
use
the
words
“bank”
or
“trust”,
or
any
6
derivative,
plural,
or
compound
of
“bank”
or
“trust”,
in
7
a
manner
which
creates
the
impression
that
the
person
is
8
authorized
to
engage
in
the
business
of
banking
or
act
in
a
9
fiduciary
capacity.
Currently,
the
specified
list
of
persons
10
so
authorized
includes,
among
others,
a
bank
authorized
11
pursuant
to
Code
chapter
524.
The
bill
adds
the
provision
12
that
a
bank
authorized
by
the
laws
of
another
state
to
utilize
13
“bank”
or
“trust”
in
a
manner
tending
to
create
the
impression
14
that
the
person
is
authorized
to
engage
in
the
business
of
15
banking
or
act
in
a
fiduciary
capacity
shall
also
be
authorized
16
to
do
so
in
this
state.
The
bill
also
makes
a
conforming
change
17
to
promote
consistency
between
section
524.107,
subsections
1
18
and
2.
19
The
bill
also
makes
a
technical
correction
to
Code
section
20
544A.13,
subsection
1,
changing
a
reference
to
“provisions
of
21
this
Act”
to
“provisions
of
this
chapter”.
22
Additionally,
the
bill
repeals
Code
section
544A.21.
That
23
section
permits
specified
business
entities
to
engage
in
the
24
practice
of
architecture
in
Iowa
if
certain
requirements
are
25
met.
26
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