Title XIII, COMMERCE (Ch. 505 - 554I)

A state bank may borrow money or otherwise contract indebtedness for necessary expenses in managing and transacting its business, to maintain proper cash reserves, and for other corporate purposes, provided, however, the superintendent may prohibit or place restrictions upon mone…

Checks drawn on a state bank shall be cleared at par by the state bank on which they are drawn. This section shall not be applicable where checks are received by a state bank as special collection items. [C46, 50, 54, 58, 62, 66, §528.63; C71, 73, 75, 77, 79, 81, §524.819 ] 2022 …

1. A state bank shall have power to receive money for transmission. Upon receiving money for transmission, a state bank shall give the customer a receipt setting forth the date of receipt of the money, the amount of the money in dollars and cents, and if the money is to be transm…

1. A state bank may engage in any transaction incidental to the conduct of the business of banking and otherwise permitted by applicable law, by means of either the direct transmission of electronic impulses to or from customers and banks or the recording of electronic impulses o…

1. Subject to the prior approval of the superintendent and as authorized by rules adopted by the superintendent pursuant to chapter 17A , a state bank or a subsidiary of a state bank organized or acquired pursuant to section 524.802, subsection 12 , may engage in directly, or may…

1. For purposes of this section , unless the context otherwise requires: a. “Investment securities” means marketable obligations in the form of bonds, notes, or debentures which have been publicly offered, are of sound value, or are secured so as to be readily marketable at a fai…

1. A state bank may, subject to any applicable restrictions under other provisions of this chapter , loan money, extend credit and discount or purchase evidences of indebtedness and agreements for the payment of money. 2. Nothing in this chapter is deemed to permit a state bank t…

1. A state bank shall have power to accept drafts drawn upon it having not more than six months after sight to run, exclusive of days of grace: a. Which grow out of transactions involving the importation or exportation of goods. b. Which grow out of transactions involving the dom…

1. For purposes of this section , “loans and extensions of credit” means a state bank’s direct or indirect advance of funds to a borrower based on an obligation of that borrower to repay the funds or repayable from specific property pledged by the borrower and shall include: a. A…

1. Rules for loans. A state bank may make permanent loans, construction loans, or combined construction and permanent loans, secured by liens on real property, as authorized by rules adopted by the superintendent under chapter 17A . The rules shall include provisions as necessary…

A state bank may purchase and may sell, subject to the provisions of sections 524.901 , 524.904 , and 524.905 , and to such regulations as the superintendent may prescribe, participations in one or more evidences of indebtedness and agreements for the payment of money, and pools …

A state bank may make leases as authorized by rules adopted by the superintendent under chapter 17A . [C71, 73, 75, 77, 79, 81, §524.908 ] 95 Acts, ch 148, §91

No loan or investment shall be made from the funds of any state bank, directly or indirectly, except by an officer of the state bank who is authorized to do so by the board of directors. [C97, §1869; S13, §1869; C24, 27, §9220; C31, 35, §9220, 9221-c3; C39, § 9220, 9221.3; C46, 5…

A state bank may acquire property of any kind to secure, protect, or satisfy a loan or investment previously made in good faith. Property acquired pursuant to this section shall be held and disposed of subject to the following conditions and limitations: 1. Shares in a corporatio…

A state bank shall have the power to issue, advise, and confirm letters of credit authorizing a beneficiary thereof to draw on or demand payment of the state bank or its correspondent banks. [C71, 73, 75, 77, 79, 81, §524.911 ] 2016 Acts, ch 1011, §101

In any case in which any kind of insurance is required by the state bank as a condition for lending money or in connection with any other transaction, the customer shall be free to obtain such insurance from a source of the customer’s selection. In the case of a sale of shares of…

1. The provisions of the Iowa consumer credit code, chapter 537 , shall apply to consumer loans made by a bank, and provisions of that code shall supersede any conflicting provision of this chapter with respect to consumer loans. 2. This section shall not apply to a consumer loan…