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

A lawn crypt shall not be installed unless all of the following apply: 1. The lawn crypt is constructed of concrete and reinforced steel or other comparable durable material. 2. The lawn crypt is installed on not less than six inches of rock, gravel, or other drainage material. 3…

1. A lawn crypt may be installed in fewer than ten units if it is installed in an interment space pursuant to a written request to the commissioner signed by the owner or owners of the interment space. 2. The written request shall be filed on a form prescribed by the commissioner…

1. All cemeteries are designated as either “perpetual care cemeteries” or “nonperpetual care cemeteries” for the purposes of this chapter . A cemetery that represents that it is offering perpetual care on or after July 1, 2005, is subject to this subchapter . 2. A cemetery that o…

1. A cemetery shall not advertise, represent, guarantee, promise, or contract to provide or offer perpetual care or use terms or phrases like permanent care, permanent maintenance, care forever, continuous care, eternal care, or everlasting care to imply that a certain level of c…

1. A cemetery that operates a perpetual care cemetery shall maintain a registry of individuals who have purchased interment rights in the cemetery subject to the care fund requirements of this subchapter . 2. The registry shall include the amount deposited in trust for each inter…

A trustee may accept and hold money or property transferred to the trustee in trust for the purpose of applying the principal or income of the money or property transferred for a purpose consistent with the purpose of a perpetual care cemetery, including the following: 1. Improve…

1. A cemetery owned or operated by a political subdivision of this state is not required to make a minimum initial deposit in a care fund. Any other cemetery commencing business in this state on or after July 1, 2005, shall not sell interment spaces unless the cemetery has a care…

1. A perpetual care cemetery shall establish a care fund as an irrevocable trust to provide for the care of the cemetery, which shall provide for the appointment of a trustee, with perpetual succession. 2. The care fund shall be administered under the jurisdiction of the district…

1. To continue to operate as a perpetual care cemetery, a cemetery shall set aside and deposit in the care fund an amount equal to or greater than fifty dollars or twenty percent of the gross selling price received by the cemetery for each sale of interment rights, whichever is m…

An examination fee of ten dollars for each certificate of interment rights issued during the time period covered by the report shall be submitted with a perpetual care cemetery’s annual report filed pursuant to section 523I.813 . The cemetery may charge the examination fee direct…

1. A trust agreement shall provide for the appointment of at least one trustee, with perpetual succession, in case the cemetery is dissolved or ceases to be responsible for the cemetery’s care. 2. A cemetery and the trustee or trustees of the care fund may, by agreement, amend th…

1. A trustee of a care fund shall use the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of t…

1. Care fund distributions may be used in any manner determined to be in the best interests of the cemetery if authorized by a resolution, bylaw, or other action or instrument establishing the care fund, including but not limited to the general care of memorials, memorialization,…

1. Notwithstanding any other provision of this chapter , a perpetual care cemetery may apply to the commissioner to withdraw funds from the cemetery’s care fund for a financial emergency. The commissioner shall, by rule, establish standards and procedures for such applications an…

1. If the person or persons in control of a cemetery do not care for and maintain the cemetery, the district court of the county in which the cemetery is located may do the following: a. By injunction compel the cemetery to expend the net income of the care fund as required by th…

1. A perpetual care cemetery shall file an annual report at the end of each reporting period of the cemetery. 2. The report shall be filed with the commissioner within four months following the end of the cemetery’s reporting period in the form required by the commissioner. 3. Th…

The commissioner shall permit the filing of a unified report in the event of commonly owned or affiliated cemeteries if each cemetery is separately identified and separate records are maintained for each cemetery. 2005 Acts, ch 128, §69

When approving a proposed state bank, or at any time subsequent thereto upon amendment of its articles of incorporation, the superintendent may authorize a state bank to act in a fiduciary capacity. In determining whether the superintendent shall authorize a state bank to act in …

The following rules shall be applicable to a state bank acting in the capacity of fiduciary: 1. A state bank shall segregate from its assets all property held as fiduciary, other than items in the course of collection, and shall keep separate records of all such property for each…

1. a. If the superintendent at any time concludes that a state bank authorized to act in a fiduciary capacity is managing its accounts in an unsafe or unsound manner, or in a manner in conflict with the provisions of this chapter , and such state bank refuses to correct such prac…

1. A state bank desiring to completely surrender its authorization to act in any fiduciary capacity shall file with the superintendent a certified copy of a resolution by the board of directors signifying such intent. 2. Following the filing with the superintendent of the resolut…

1. A trust company existing and operating on January 1, 1970 and which was authorized to act only as a trust company may continue to act only in a fiduciary capacity according to the terms of its articles of incorporation. The articles of incorporation of the trust company may be…

An out-of-state bank or a trust company chartered or organized under the laws of another state may only act in a fiduciary capacity in this state if it satisfies the requirements for nonresident corporate fiduciaries pursuant to section 633.64 . 2022 Acts, ch 1062, §96

1. A bank, either acting as a fiduciary or holding securities as a managing agent or custodian, including a custodian for a fiduciary, may deposit securities in a federally regulated clearing corporation as provided in section 633.89 , and in addition may deposit securities, the …

1. A state bank or other entity authorized to act in a fiduciary capacity may enter into an agreement for the succession of any fiduciary accounts with one or more other banks or trust companies, including trust companies organized under the laws of another state, that are author…

1. If a party to a plan of merger was authorized to act in a fiduciary capacity and if the resulting bank is similarly authorized, the resulting bank shall be automatically substituted by reason of the merger as fiduciary of all accounts held in that capacity by such party to the…

This chapter shall be known and may be cited as the “Iowa Banking Act” . [C71, 73, 75, 77, 79, 81, §524.101 ] 84 Acts, ch 1067, §41

The general assembly declares as its purpose in adopting this chapter to provide for: 1. The safe and sound conduct of the business of banking. 2. The conservation of the assets of state banks. 3. The maintenance of public confidence in state banks. 4. The protection of the inter…

As used in this chapter , unless the context otherwise requires, the term: 1. “Account” means any account with a state bank and includes a demand, time or savings deposit account or any account for the payment of money to a state bank. 2. “Administrator” means the person designat…

In the interpretation and construction of this chapter : 1. Transactions or acts validly entered into or performed before July 1, 1995, and the rights, duties and interests flowing from them remain valid on and after July 1, 1995, and may be completed or terminated according to t…

1. The corporate existence of a state bank existing and operating on July 1, 1995, is not affected by the amendment of this chapter . 2. All state banks are subject to the provisions and requirements of this chapter in every particular, and all national banks, out-of-state banks,…

1. A person, other than a state bank which is subject to the provisions of this chapter , an out-of-state bank, and a national bank or federal savings association authorized by the laws of the United States to engage in the business of receiving money for deposit, and except as p…

The provisions of sections 524.809 through 524.812 shall apply, to the extent applicable, to any person engaged in this state in the business of leasing safe deposit boxes for the storage of property. [C71, 73, 75, 77, 79, 81, §524.108 ] 2020 Acts, ch 1063, §301

1. A state bank may be organized under this chapter as a bankers’ bank. The bankers’ bank is subject to all rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations applicable to a state bank generally, except as limited in the definition of b…

For the purposes of this chapter , an “affiliate” of a state bank shall include any corporation, trust, estate, association, or other similar organization: 1. Of which a state bank, directly or indirectly, owns or controls either a majority of the voting shares or more than fifty…

1. A state bank shall not make any loan or any extension of credit to, or purchase securities under repurchase agreement from, any of its affiliates, or invest any of its funds in the shares, bonds, capital securities, or other obligations of an affiliate, or accept the shares, b…

1. The provisions of section 524.1102 shall not apply to any affiliate: a. Engaged solely in holding or operating real estate used wholly or substantially by the state bank in its operations or acquired for its future use. b. Engaged solely in conducting a safe-deposit business o…

Any loan or extension of credit to an affiliate, and any investment in the shares, bonds, capital securities or other obligations of an affiliate, excepted by the provisions of section 524.1102 from the requirements of that section, shall continue to be subject to the other provi…

1. For the purpose of determining the condition of a state bank and information concerning the state bank, the superintendent shall have the power to make or cause to be made an examination of any affiliate to the same extent as the superintendent may examine a state bank under t…

Any contract or arrangement for management or financial services which involves payment for these services by a state bank to a person who owns shares in that state bank, or to any other affiliate, must be made in compliance with 12 U.S.C. §371c and 12 U.S.C. §371c-1 , and may be…

1. A state bank may establish and operate any number of bank offices at any location subject to the approval and regulation of the superintendent. The superintendent shall supervise and regulate all out-of-state branches and offices of a state bank. A bank office may furnish all …

Whenever an examination by the superintendent or other supervisory agencies discloses that the operation of a bank office is being conducted in violation of section 524.1201 , the superintendent may forthwith revoke the approval of the bank office. [C71, 73, 75, 77, 79, 81, §524.…

The privileges extended to state banks by sections 524.1201 and 524.1212 and chapter 527 shall be available on the same conditions to national banks to the extent they are so authorized by federal law. [C71, §524.1201(3); C73, 75, 77, 79, 81, §524.1204 ] 2001 Acts, ch 4, §3, 11

A bank, at its locations in this state, shall identify its principal place of business, any bank office, or any bank branch in a manner which includes its legally chartered name or a reasonable variation of such name. A bank doing business in this state electronically shall ident…

Any state bank may utilize a satellite terminal, as defined in section 527.2 , when that satellite terminal is lawfully being operated, at any location within this state. Any transaction engaged in through the use of a satellite terminal shall be deemed to take place at the princ…

A majority of the incorporators, organizers, or initial directors of a state bank that has not issued shares or has not commenced business may dissolve the state bank by delivering articles of dissolution to the superintendent, together with the applicable filing fees, for filing…