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

1. For purposes of this section , unless the context otherwise requires: a. “Acquisition” means any of the following: (1) Obtaining direct or indirect ownership or control of more than twenty-five percent of any class of the voting shares of a depository institution. (2) Obtainin…

A bank holding company which proposes to directly or indirectly acquire control of, or directly or indirectly acquire all or substantially all of the assets of, a state bank or national bank, shall provide to the superintendent a copy of the application and any modifications or a…

An out-of-state bank or out-of-state bank holding company that is organized under laws other than those of this state is subject to and shall comply with the provisions of chapter 490, subchapter XV , relating to foreign corporations, and shall immediately provide the superintend…

An individual who is a director or an officer of a bank holding company, as specified by section 524.1801 , is deemed to be a director or an officer, or both, as the case may be, of each bank so owned or controlled by that bank holding company, for the purposes of sections 524.61…

Any bank holding company which willfully violates any provision of sections 524.1802 through 524.1806 shall, upon conviction, be fined not less than one hundred dollars nor more than one thousand dollars for each day during which the violation continues. Any individual who willfu…

1. Insurance activities in Iowa of an out-of-state bank holding company and its subsidiaries are subject to regulation, including but not limited to regulation under Title XIII, subtitle 1 , in the same manner and to the same extent as are the insurance activities of an Iowa bank…

1. A state bank may be owned, directly or indirectly, by a mutual bank holding company. 2. A mutual holding company authorized pursuant to 12 U.S.C. §1467a and regulations promulgated thereunder may convert to a mutual bank holding company authorized under this chapter . 3. A mut…

Chapters 490 , 491 , 492 , and 493 do not apply to banks except as provided by this chapter . [C71, §524.1802; C73, 75, 77, 79, 81, §524.1902 ] 90 Acts, ch 1205, §50 C91, §524.2001 2004 Acts, ch 1141, §73 ; 2008 Acts, ch 1162, §151, 154, 155 ; 2022 Acts, ch 1062, §144

Upon the request of a filer of a document under this chapter , the secretary of state shall provide an extra filing service and assess a surcharge as provided in chapter 9, subchapter II . 2025 Acts, ch 16, §2 NEW section

1. The governor shall appoint, subject to confirmation by the senate, a superintendent of banking. The appointee shall be selected solely with regard to qualification and fitness to discharge the duties of office, and a person shall not be appointed who has not had at least five …

If the office of the superintendent of banking is vacant or the superintendent is unable to serve, the chief of the bank bureau of the banking division shall be the acting superintendent until the governor appoints a new superintendent or acting superintendent. If the chief of th…

The superintendent may appoint an employee of the division of banking as deputy to perform the duties of the superintendent during the absence or inability of the superintendent to act. Any deputy so appointed shall be removable at the pleasure of the superintendent. [C24, 27, 31…

1. The state banking council shall consist of the superintendent, who shall be an ex officio member and chairperson, and six other members, appointed by the governor, who shall be appointed, where practical, from various parts of the state. Provided, however, that in no event sha…

The banking division is created within the department of insurance and financial services. [C71, 73, 75, 77, 79, 81, §524.206 ] 86 Acts, ch 1245, §748 ; 2023 Acts, ch 19, §2740

1. Except as otherwise provided by statute, all expenses required in the discharge of the duties and responsibilities imposed upon the banking division of the department of insurance and financial services, the superintendent, and the state banking council by the laws of this sta…

The superintendent may appoint examiners and other employees, including for the banking division’s internal information technology group, as the superintendent deems necessary to the proper discharge of the duties imposed upon the superintendent by the laws of this state. Pay pla…

The superintendent, examiners, and other employees of the banking division shall be entitled to receive reimbursement for expenses incurred in the performance of their duties. The superintendent, and when specifically authorized by the superintendent, examiners, and other employe…

The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state insuring the faithful performance of examiners and all other employees of the banking division and insuring against any liability which may accrue in the case of the los…

1. The superintendent, general counsel, examiners, and other employees assigned to the bank bureau of the banking division are prohibited from obtaining a loan of money or property from a state bank, or any person or entity affiliated with a state bank, unless they do not persona…

1. The superintendent, members of the state banking council, general counsel, examiners, or other employees of the banking division shall not disclose, in any manner, to any person other than the person examined and those regulatory agencies referred to in section 524.217, subsec…

The superintendent shall have general control, supervision, and regulation of all state banks and shall be charged with the administration, interpretation, and execution of the laws, rules, and regulations of this state and any other state or federal law or regulation relating to…

1. The superintendent and, upon the approval of the superintendent, any examiner or other employees of the banking division shall have the power to subpoena witnesses, to compel their attendance, to administer an oath, to examine any person under oath and to require the productio…

1. All records of the division of banking shall be public records subject to the provisions of chapter 22 , except that all papers, documents, reports, reports of examinations, and other writings relating specifically to the supervision and regulation of any state bank or other p…

1. The division of banking may preserve records, papers, or documents kept by the division or in the possession or custody of the division by any of the following means: a. Photographing or microphotographing, or otherwise reproducing upon film. b. Preserving in any electronic me…

1. The superintendent shall make a report in writing annually to the governor in the manner and within the time required by chapter 7A . 2. In addition to the matters required by chapter 7A , the annual report of the superintendent shall contain: a. A summary of applications appr…

1. The superintendent may do all of the following: a. Make or cause to be made an examination of every state bank and trust company whenever in the superintendent’s judgment such examination is necessary or advisable, but in no event less frequently than once during each two-year…

1. Whenever a state bank, or any subsidiary or affiliate of a state bank that is subject to examination by the superintendent, causes to be performed for itself, by contract or otherwise, a covered service, such performance shall be subject to regulation and examination by the su…

1. A state bank subject to examination, supervision, and regulation by the superintendent shall pay to the superintendent fees, established by the superintendent, based on the costs and expenses incurred in the discharge of the duties imposed upon the superintendent by this chapt…

1. A state bank shall, upon request, render a full, clear, and accurate statement of its condition to the superintendent, in a format prescribed by the superintendent, verified by the oath of two of its officers, and attested by at least two of the directors. The superintendent m…

1. a. A state bank is not required to preserve its records for a period longer than seven years after the first day of January of the year following the time of the making or filing of such records, provided, however, that account records showing unpaid balances due to depositors…

1. Whenever the superintendent deems it necessary and advisable the superintendent may cause a meeting of the board of directors of a state bank to be held in such manner and at such time and place as the superintendent may direct. Any report of an examination required or allowed…

1. Whenever it shall appear to the superintendent that a state bank, or any director, officer, employee, or substantial shareholder of the state bank, is engaging or has engaged, or the superintendent has reasonable cause to believe that the state bank, director, officer, employe…

1. The superintendent may, without prior notice or hearings, order a state bank to cease to carry on its business whenever the superintendent determines that: a. The state bank has violated its articles of incorporation or any law of this state. b. The capital of the state bank i…

Judicial review of the actions of the superintendent may be sought in accordance with chapter 17A . However, contested case provisions of chapter 17A , the Iowa administrative procedure Act, do not apply to an action by the superintendent to order a state bank to cease to carry o…

1. The superintendent shall enforce the Iowa consumer credit code, chapter 537 , with respect to banks, as provided in sections 537.2303 , 537.2305 , and 537.6105 . 2. The superintendent shall cooperate with the administrator, and shall assist the administrator whenever necessary…

1. If it appears to the superintendent that a state bank, or any director, officer, employee, or substantial shareholder of the state bank is engaging in or is about to engage in an unsafe or unsound practice or dishonest act in conducting the business of the state bank that is l…

Whenever the superintendent determines that an emergency affecting one or more state-chartered banks or bank offices exists, or is impending, in this state or in any part or parts of this state, the superintendent may temporarily suspend applicable rules or statutes to the extent…

1. The superintendent may, by order and without prior notice, appoint a supervisor for a state bank if the superintendent determines that the state bank is in an unsafe and unsound condition and an order of supervision is necessary to protect the best interests of the state bank,…

A state bank may be incorporated under this chapter by one or more individuals eighteen years of age or older, a majority of whom shall be residents of this state and citizens of the United States. [C97, §1840, 1863; C24, 27, 31, 35, 39, § 9155, 9204; C46, 50, 54, 58, 62, 66, §52…

1. The articles of incorporation of a state bank, in the form prescribed by the superintendent, must set forth all of the following: a. The name of the state bank, that it is incorporated for the purpose of conducting the business of banking, and that it is incorporated under the…

The incorporators or organizers shall make an application to the superintendent for approval of a proposed state bank in the manner prescribed by the superintendent and shall deliver to the superintendent, together with such application: 1. The articles of incorporation. 2. Appli…

1. The incorporators or organizers of a state bank shall, within thirty days of the acceptance of the application for processing, publish notice of the proposed incorporation or organization in a newspaper of general circulation published in the municipal corporation which is pro…

1. Upon receipt of an application for approval of a state bank, the superintendent shall conduct an investigation as the superintendent deems necessary to ascertain whether: a. The articles of incorporation and supporting items satisfy the requirements of this chapter . b. The co…

1. Unless a delayed effective date or time is specified, the corporate or organizational existence of a state bank begins when the articles of incorporation, with the superintendent’s approval indicated on the articles of incorporation, are filed with the secretary of state. 2. T…

Upon incorporation of the state bank, the initial board of directors shall hold an organizational meeting within this state, at the call of a majority of the directors, to complete the organization of the state bank by electing officers, adopting bylaws, if any are to be adopted,…

1. The state bank shall not accept deposits or transact any business except such business as is incident to commencement of business, or to the obtaining of subscriptions and payment for its shares until receipt of an authorization to do business from the superintendent. The supe…