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Senate File 402 - IntroducedA Bill ForAn Act 1providing for the good-faith submission of information,
2records, applications, and documents to the credit union
3division.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 533.510 Submissions to credit union
2division — good faith requirement.
3Any information, record, application, or document provided
4to the credit union division pursuant to this chapter shall
5be provided in good faith. A director, officer, agent, or
6employee of a state credit union, a credit union service
7organization, or any other person shall not intentionally
8publish, report, submit, file, or cause to be filed with the
9division any information, record, application, or document
10that is false or misleading by statement or omission. Any
11information, record, application, or document provided to the
12division in the absence of good faith or in violation of this
13section is subject to revocation of prior approval or denial,
14if applicable.
15EXPLANATION
16The inclusion of this explanation does not constitute agreement with
17the explanation’s substance by the members of the general assembly.
18This bill provides that any information, record,
19application, or document provided to the credit union division
20pursuant to Code chapter 533 shall be provided in good faith.
21A director, officer, agent, or employee of a state credit
22union, a credit union service organization, or any other person
23shall not intentionally publish, report, submit, file, or
24cause to be filed with the division any information, record,
25application, or document that is false or misleading by
26statement or omission. The bill provides that any information,
27record, application, or document provided to the division
28in the absence of good faith or in violation of the bill
29is subject to revocation of prior approval or denial, if
30applicable.
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2records, applications, and documents to the credit union
3division.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 533.510 Submissions to credit union
2division — good faith requirement.
3Any information, record, application, or document provided
4to the credit union division pursuant to this chapter shall
5be provided in good faith. A director, officer, agent, or
6employee of a state credit union, a credit union service
7organization, or any other person shall not intentionally
8publish, report, submit, file, or cause to be filed with the
9division any information, record, application, or document
10that is false or misleading by statement or omission. Any
11information, record, application, or document provided to the
12division in the absence of good faith or in violation of this
13section is subject to revocation of prior approval or denial,
14if applicable.
15EXPLANATION
16The inclusion of this explanation does not constitute agreement with
17the explanation’s substance by the members of the general assembly.
18This bill provides that any information, record,
19application, or document provided to the credit union division
20pursuant to Code chapter 533 shall be provided in good faith.
21A director, officer, agent, or employee of a state credit
22union, a credit union service organization, or any other person
23shall not intentionally publish, report, submit, file, or
24cause to be filed with the division any information, record,
25application, or document that is false or misleading by
26statement or omission. The bill provides that any information,
27record, application, or document provided to the division
28in the absence of good faith or in violation of the bill
29is subject to revocation of prior approval or denial, if
30applicable.
-1-gh/rn