Definitions.

As used in this chapter , unless the context otherwise requires: 1. “Account insurance plan” means an arrangement providing account and share insurance which is of a type authorized under section 533.307 . 2. “Common bond” means the shared characteristic of members of a credit union. 3. a. “Credit union” means a cooperative, nonprofit association, organized or incorporated in accordance with the provisions of this chapter or under the laws of another state or the Federal Credit Union Act , 12 U.S.C. §1751 et seq. , for the purposes of creating a source of credit at a fair and reasonable rate of interest, of encouraging habits of thrift among its members, and of providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. b. A “credit union” is also a “supervised financial organization” as that term is defined and used in chapter 537 , the Iowa consumer credit code. 4. “Credit union service organization” means a corporation, limited partnership, or limited liability company organized under state law to provide financial and financial-related services for one or more credit unions, each of which owns part of the capital stock of the credit union service organization, as authorized under section 533.301, subsection 5 , paragraph “f” , and which corporation, limited partnership, or limited liability company is subject to examination by the credit union division of the Iowa department of insurance and financial services or a federal supervisory agency. 5. “Ownership share” means a share of a credit union acquired by a member at the time membership is initiated. 6. “Review board” means the credit union review board. 7. “State credit union” means a credit union organized pursuant to section 533.201 . 8. “Superintendent” means the superintendent of credit unions appointed pursuant to section 533.104 . 2007 Acts, ch 174, §2 ; 2012 Acts, ch 1023, §138 ; 2013 Acts, ch 17, §1 ; 2023 Acts, ch 19, §2744 Referred to in §12C.13 , 252I.1 , 421.17A