Iowa Administrative Code

violation of the particular rule for which the waiver is granted and is subject to the same remedies or penalties. [ARC 5784C, IAB 7/28/21, effective 9/1/21]

is a defense within its terms and the specific facts indicated therein for the person to whom the order pertains in any proceeding in which the rule in question is sought to be invoked. [ARC 5784C, IAB 7/28/21, effective 9/1/21]

financial institutions regarding the operation or control of a satellite terminal or pertaining to a financial transaction engaged in through a satellite terminal. Iowa Code section 527.11 empowers the administrator to adopt and promulgate rules which are necessary to properly an…

indicated in this chapter. The definitions set out in Iowa Code section 527.2 shall be considered to be incorporated verbatim in these rules. “Cardholder” means a person who has received an access device from a cardholder financial institution to access a customer asset account o…

24.3(1) Approval required. A central routing unit shall not be operated in the state of Iowa unless written approval for that operation has been obtained from the administrators. 24.3(2) Application requirements. A person desiring to operate a central routing unit shall submit to…

24.4(1) Performance examinations. A central routing unit shall be subject to examination by the administrators for the purpose of determining compliance with Iowa Code chapter 527. Such an examination may be conducted after the central routing unit is operating under the approval…

24.5(1) Approval required. A satellite terminal shall not be established or operated in the state of Iowa unless written approval for that establishment and operation has been obtained from the administrator. Exceptions to this requirement may exist based upon judicial rulings on…

prohibits employees of the establishing financial institution or affiliate from attending or operating a satellite terminal except on a temporary basis for the purpose of instructing customers in the proper use of the satellite terminal. For purposes of this rule, such temporary …

“Agency” in these rules means the Iowa credit union division.

July 1, 2026.

Senate File 2463, section 4, effective July 1, 2026.

effective July 1, 2026.

effective July 1, 2026.

personally identifiable information that is collected, maintained, and retrieved by the agency by personal identifier in record systems as defined in rule 189—25.1(17A,22). The credit union division does not currently have a data processing system which matches, collates, or perm…

describes groups of records maintained by the agency other than record systems as defined in rule 189—25.1(17A,22). These records are routinely available to the public. However, the agency’s files of these records may contain confidential information as discussed in rule 25.13(17…

section 4, effective July 1, 2026.

records. Rescinded by 2026 Iowa Acts, Senate File 2463, section 4, effective July 1, 2026.

File 2463, section 4, effective July 1, 2026.

“Credit union” means credit union as defined in the Iowa Credit Union Act, Iowa Code section 533.102. “Federal banking agencies” means federal banking agencies as defined in Section 3 of the Federal Deposit Insurance Act. “Federal credit union” means credit union as defined in Se…

3.10(1) No director or senior management official of an Iowa credit union shall receive any economic benefit in connection with a plan of conversion or the actual conversion of the credit union, other than regular compensation and other usual benefits paid to directors or senior …

3.2(1) An Iowa-chartered credit union, with the approval of its members, may convert to a federal credit union, subject to applicable law, regulation and procedures of the governing recipient chartering authority, the National Credit Union Administration, and the requirements of …

3.3(1) Any conversion proposal may be approved by the board of directors only upon the affirmative vote of a majority of the board. The board shall then set a date for a vote on the proposal by the members of the credit union and select the method of voting by a favorable vote of…

3.4(1) Requirements. All conversion plans shall be submitted to the superintendent in accordance with 189—3.5(533). The members may not vote on the proposal until the credit union has received preliminary approval from the superintendent under 189—3.5(533), as well as the prelimi…

3.5(1) The credit union shall provide the superintendent with notice of its intent to convert and a plan of conversion no less than 30 calendar days prior to the 90-calendar-day period preceding the close of balloting under 189—3.4(533). 3.5(2) The credit union shall give notice …

3.6(1) The board of directors of the converting credit union shall certify the results of the membership vote to the superintendent within ten calendar days after the vote is taken. 3.6(2) The board of directors shall also certify at the same time that the notice, ballot and othe…

3.7(1) The superintendent shall issue a determination that the methods and procedures applicable to the membership vote are approved or disapproved within ten calendar days of receipt from the credit union of the certification of the result of the membership vote required under 1…

federal agency that will have jurisdiction over the financial institution after conversion may subject the membership vote to verification and may direct that a new vote be taken if it disapproves of the methods by which the membership vote was taken or of the procedures applicab…

3.9(1) Upon receipt of approvals under 189—3.7(533) and 189—3.8(533), the credit union may complete the conversion transaction. 3.9(2) Submission of evidence of approval and effective date. a. The board of directors of the credit union shall file with the superintendent appropria…

adopted by the credit union division are subject to the provisions of Iowa Code chapter 17A, the Iowa administrative procedure Act, and the provisions of this chapter.

4.10(1) Omission of notice and comment. To the extent the credit union division for good cause finds that public notice and participation are unnecessary, impracticable or contrary to the public interest in the process of adopting a particular rule, the division may adopt that ru…

4.11(1) General. When requested by a person, either prior to the adoption of a rule or within 30 days after its publication in the Iowa Administrative Bulletin as an adopted rule, the credit union division shall issue a concise statement of reasons for the rule. Requests for such…

4.12(1) Contents. Each rule adopted by the credit union division shall contain the text of the rule and, in addition: a. The date the division adopted the rule; b. A brief explanation of the principal reasons for the rule-making action if such reasons are required by Iowa Code se…

4.13(1) Requirement. The credit union division shall maintain an official rule-making record for each rule it proposes by publication in the Iowa Administrative Bulletin of a Notice of Intended Action, or adopts. The rule-making record and materials incorporated by reference must…

administrative rules coordinator. The filing must be executed as soon after adopting the rule as is practicable. At the time of filing, each rule must have attached to it any fiscal impact statement and any concise statement of reasons that was issued for that rule. If a fiscal i…

4.15(1) Grounds. The credit union division may make a rule effective after its filing at any stated time prior to 35 days after its indexing and publication in the Iowa Administrative Bulletin if the division finds that a statute so provides, the rule confers a benefit or removes…

4.16(1) Compilation, indexing, public inspection. The credit union division shall maintain an official, current, and dated compilation that is indexed by subject, containing all of its general statements of policy within the scope of Iowa Code section 17A.2(10)“a,” “c,” “f,” “g,”…

4.17(1) Any interested person, association, agency, or political subdivision may submit a written request to the administrative rules coordinator requesting the credit union division to conduct a formal review of an existing rule. Upon approval of that request by the administrati…

information by other methods, the credit union division may, before publication of a Notice of Intended Action under Iowa Code section 17A.4(1)“a,” solicit comments from the public on a subject matter of possible rule making by causing notice to be published in the Iowa Administr…

4.3(1) Docket maintained. The agency shall maintain a current public rule-making docket. 4.3(2) Anticipated rule making. The rule-making docket shall list each anticipated rule-making proceeding. A rule-making proceeding is deemed “anticipated” from the time a draft of proposed r…

4.4(1) Contents. At least 35 days before adoption of a rule the credit union division shall publish Notice of Intended Action in the Iowa Administrative Bulletin. The Notice of Intended Action shall include: a. A brief explanation of the purpose of the proposed rule; b. The speci…

4.5(1) Written comments. For at least 20 days after publication of the Notice of Intended Action, persons may submit argument, data and views, in writing, on the proposed rule. Such written submissions should identify the proposed rule to which they relate and should be submitted…

4.6(1) Definition of small business. A “small business” is defined in Iowa Code section 17A.4A(7). 4.6(2) Mailing list. Small businesses or organizations of small businesses may be registered on the credit union division’s small business impact list by making a written applicatio…

4.7(1) A proposed rule that mandates additional combined expenditures exceeding $100,000 by all affected political subdivisions or agencies and entities which contract with political subdivisions to provide services must be accompanied by a fiscal impact statement outlining the c…

4.8(1) Time of adoption. The credit union division shall not adopt a rule until the period for making written submissions and oral presentations has expired. Within 180 days after the later of the publication of the Notice of Intended Action, or the end of oral proceedings thereo…

credit union division shall not adopt a rule that differs from the rule proposed in the Notice of Intended Action upon which the rule is based unless: 1. The differences are within the scope of the subject matter announced in the Notice of Intended Action and are in character wit…

5.1(1) Authority. This chapter implements the authority of credit unions organized in accordance with Iowa Code chapter 533 to engage in the activity of offering debt cancellation products in accordance with Iowa Code Supplement section 533.315(9)“b.” These rules are promulgated …

5.10(1) The product is optional. “Your purchase of [product name] is optional. Whether or not you purchase [product name] will not affect your application for credit or the terms of any credit agreement you have with the credit union.” 5.10(2) Explanation of debt suspension agree…