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