Senate Study Bill 1175 - Introduced SENATE/HOUSE FILE _____ BY (PROPOSED DEPARTMENT OF COMMERCE/CREDIT UNION DIVISION BILL) A BILL FOR An Act relating to the subpoena powers of the superintendent of 1 credit unions, and making penalties applicable. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1204DP (2) 88 gh/rn
S.F. _____ H.F. _____ Section 1. Section 533.505, subsection 1, Code 2019, is 1 amended to read as follows: 2 1. The superintendent or the superintendent’s designee may 3 subpoena witnesses, compel their attendance, administer an 4 oath, examine any person under oath, and require the production 5 of any relevant record during the related to any period of 6 examination , or related to any report or filing made by or 7 provided to the credit union division . 8 EXPLANATION 9 The inclusion of this explanation does not constitute agreement with 10 the explanation’s substance by the members of the general assembly. 11 Current law allows the superintendent of credit unions 12 of the credit union division of the department of commerce 13 to subpoena witnesses and compel the production of any 14 relevant record during the period of an examination of a 15 state credit union by the superintendent. This bill expands 16 the superintendent’s subpoena authority by allowing the 17 superintendent to compel the production of any relevant record 18 related to any period of examination, or related to any report 19 or filing made by or provided to the credit union division. 20 Under current law, whenever a person subpoenaed by the 21 superintendent of credit unions fails to produce a record as 22 required by the terms of the subpoena, the superintendent may 23 apply to the district court of Polk county to issue an order 24 compelling compliance. The refusal of any person to obey such 25 an order issued by the district court without reasonable cause 26 constitutes contempt of court. 27 -1- LSB 1204DP (2) 88 gh/rn 1/ 1