State-sponsored credit card.

; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; courier new tur ; arial (vietnamese) ; courier new (arabic) ; times new roman ce ; tahoma (vietnamese) ; arial (hebrew) ; times new roman cyr ; courier new greek ; symbol ; tahoma (hebrew) ; arial ; arial baltic ; arial tur ; times new roman (arabic) ; courier new ; imperial bt ; tahoma ce ; wingdings ; tahoma cyr ; times new roman tur ; courier new ce ; tahoma ; courier new (hebrew) ; arial (arabic) ; courier new baltic ; courier new cyr ; times new roman ; tahoma baltic ; tahoma (arabic) ; arial ce ; courier new (vietnamese) ; tahoma (thai) ; times new roman greek ; tahoma greek ; tahoma tur ; times new roman (hebrew) ; times new roman baltic ; times new roman (vietnamese) ; arial greek ; arial cyr ; \* .;
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 ?; ; ; Normal ; heading 1 ; heading 2 ; heading 3 ; heading 4 ; heading 5 ; heading 6 ; heading 7 ; heading 8 ; heading 9 ; Balloon Text ; Block Text ; Body Text ; Body Text 2 ; Body Text 3 ; Body Text First Indent ; Body Text First Indent 2 ; Body Text Indent 2 ; Body Text Indent 3 ; caption ; Closing ; annotation text ; annotation subject ; Date ; Document Map ; E-mail Signature ; endnote text ; envelope address ; envelope return ; footer ; footnote text ; header ; HTML Address ; HTML Preformatted ; index 1 ; index 2 ; index 3 ; index 4 ; index 5 ; index 6 ; index 7 ; index 8 ; index 9 ; index heading ; List ; List 2 ; List 3 ; List 4 ; List 5 ; List Bullet ; List Bullet 2 ; List Bullet 3 ; List Bullet 4 ; List Bullet 5 ; List Continue ; List Continue 2 ; List Continue 3 ; List Continue 4 ; List Continue 5 ; List Number ; List Number 2 ; List Number 3 ; List Number 4 ; List Number 5 ; macro ; Message Header ; Normal (Web) ; Normal Indent ; Note Heading ; Plain Text ; Salutation ; Signature ; Subtitle ; table of authorities ; table of figures ; Title ; toa heading ; toc 1 ; toc 2 ; toc 3 ; toc 4 ; toc 5 ; toc 6 ; toc 7 ; toc 8 ; toc 9 ; \~\~ \~\~ \~\~ \~\~ \~\~ 12.61 \~\~ State-sponsored credit card. \~\~ 1. \~\~ For purposes of this section , unless the context otherwise requires: \~\~ a. \~\~ “Financial institution” means a state bank as defined in section 524.103 , a federally chartered state bank having its principal office within this state, a federally chartered credit union having its principal office within this state, a federally chartered savings and loan association having its principal office within the state, a credit union organized under chapter 533 , or a trust company organized or incorporated under the laws of this state. \~\~ b. \~\~ “Financial institution credit card” means a credit card that entitles the holder to make open-account purchases up to an approved amount and is issued through the agency of a financial institution. \~\~ c. \~\~ “Sponsoring entity” means an entity that allows its name or logo to be used on a particular financial institution credit card in exchange for a fee from the credit card issuer. \~\~ 2. \~\~ The treasurer is authorized to participate in a financial institution credit card program for the benefit of the state. Within six months of May 27, 1989, the treasurer shall contact each financial institution to determine if: \~\~ a. \~\~ The financial institution or its Iowa holding company or Iowa affiliate currently administers a credit card program. \~\~ b. \~\~ The credit card program provides a fee or commission on retail sales to the sponsoring entity for the issuance and use of the credit card. \~\~ c. \~\~ The credit card program would accept the state as a sponsoring entity. \~\~ 3. \~\~ If the treasurer determines that the state may be a sponsoring entity for a financial institution credit card, the treasurer shall negotiate the most favorable rate for the state’s fee by a credit card issuer. \~\~ a. \~\~ The state shall not offer a more favorable rate to any other credit card issuer. \~\~ b. \~\~ The rate must be expressed as a percentage of the gross sales from the use of the credit card. \~\~ c. \~\~ The proceeds of the fee shall be deposited in the Iowa resources enhancement and protection fund created under section 455A.18 . \~\~ d. \~\~ The treasurer shall recommend a logo or design for the state-sponsored credit card indicating the use for which the revenues will be used. \~\~ 4. \~\~ In selecting a credit card issuer, the treasurer shall consider the issuer’s record of investments in the state, shall take into consideration credit card features which will enhance the promotion of the state-sponsored credit card including, but not limited to, favorable interest rates, annual fees, and other fees for using the card, and shall require that the card be available to any person who qualifies for a credit card. \~\~ 5. \~\~ Upon entering into an agreement with the financial institution, the treasurer shall notify all state agencies then possessing a credit card to obtain the new state-sponsored credit card. 89 Acts, ch 236, §8 ; 90 Acts, ch 1255, §1 ; 2012 Acts, ch 1017, §30 ; 2022 Acts, ch 1062, §1