Section 533.101 – Title.

533.101 Title. This chapter shall be known as the “Iowa Credit Union Act”. 2007 Acts, ch 174, §1

Section 533.102 – Definitions.

533.102 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, […]

Section 533.103 – Credit union division created.

533.103 Credit union division created. A credit union division of the department of commerce is created to administer this chapter. 2007 Acts, ch 174, §3 Referred to in §546.4

Section 533.104 – Superintendent.

533.104 Superintendent. 1. A superintendent of credit unions shall be appointed by the governor, subject to confirmation by the senate, to regulate credit unions. a. The appointee shall be selected solely with regard to qualification and fitness to discharge the duties of office. b. The individual appointed shall have at least five years’ experience as […]

Section 533.105 – Deputy superintendent.

533.105 Deputy superintendent. 1. The superintendent may appoint an employee of the credit union division as deputy superintendent to perform the duties of the superintendent during the superintendent’s absence or inability to act. 2. The deputy superintendent shall serve at the pleasure of the superintendent. If the office of the superintendent becomes vacant, the deputy […]

Section 533.106 – Employees.

533.106 Employees. 1. a. The superintendent may appoint assistants, examiners, and other employees as the superintendent considers necessary to the proper discharge of duties imposed upon the superintendent by the laws of this state. b. Pay plans shall be established for the credit union division employees, other than clerical employees, who supervise and examine the […]

Section 533.106A – Background investigations.

533.106A Background investigations. 1. The credit union division may conduct a background investigation on an applicant for employment with the division. The division shall inform an applicant that the position requires a background investigation and shall obtain the applicant’s written authorization prior to conducting the investigation. 2. The background investigation may include, without limitation, a […]

Section 533.107 – Credit union review board.

533.107 Credit union review board. 1. A credit union review board is created. The review board shall consist of seven members, five of whom shall have been members in good standing for at least the previous five years of either an Iowa state chartered credit union, or a credit union chartered under the Federal Credit […]

Section 533.108 – Records of credit union division.

533.108 Records of credit union division. 1. a. Records of the credit union division are public records subject to the provisions of chapter 22, except as otherwise provided in this chapter. b. Papers, documents, writings, reports, reports of examinations and other information relating specifically to the supervision and regulation of a specific state credit union […]

Section 533.109 – Insurance and surety bond.

533.109 Insurance and surety bond. 1. The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state in order to ensure both of the following: a. The faithful performance of the deputy superintendent, assistants, examiners, and all other employees of the credit union division. b. Protection from any […]

Section 533.110 – Reimbursement of expenses.

533.110 Reimbursement of expenses. 1. The superintendent, deputy superintendent, assistants, examiners, and other employees of the credit union division are entitled to receive reimbursement for expenses incurred in the performance of their duties. 2. The superintendent, and when specifically authorized by the superintendent, the deputy superintendent, assistants, examiners, and other employees of the division, are […]

Section 533.111 – Expenses of the credit union division.

533.111 Expenses of the credit union division. 1. a. All expenses required in the discharge of the duties and responsibilities imposed upon the credit union division, the superintendent, and the review board by the laws of this state shall be paid from fees provided by the laws of this state and appropriated by the general […]

Section 533.112 – Annual and individual fees — examination fees — delinquencies.

533.112 Annual and individual fees — examination fees — delinquencies. 1. Each state credit union shall pay an annual fee for examination and supervision as determined by the superintendent based on the actual cost of operating the credit union division. a. The cost of operating the credit union division shall include but not be limited […]

Section 533.113 – Examinations.

533.113 Examinations. 1. The superintendent may do any or all of the following: a. Make or cause to be made an examination of a credit union whenever the superintendent believes such examination is necessary or advisable, but in no event less frequently than once during each twenty-four-month period. b. Make or cause to be made […]

Section 533.113A – Meetings of the board called by superintendent.

533.113A Meetings of the board called by superintendent. 1. Whenever the superintendent deems it necessary and advisable, the superintendent may notify the board of directors of a state credit union that a meeting will be held at a place and time and manner as the superintendent directs. The superintendent’s notice may disclose the purpose of […]

Section 533.114 – Annual report of superintendent.

533.114 Annual report of superintendent. 1. The superintendent shall report annually to the governor in the manner and within the time required by chapter 7A. A copy of the report shall be furnished by the superintendent to each state credit union and to the Iowa credit union league and its affiliates. 2. In addition to […]

Section 533.115 – Reciprocity.

533.115 Reciprocity. 1. Subject to rules of the superintendent, a credit union organized in another state may do business in Iowa if state credit unions organized in Iowa may do business in the state in which the out-of-state credit union is organized. 2. Notwithstanding subsection 1, an out-of-state credit union shall meet the same deposit […]

Section 533.115A – Conducting business outside of state.

533.115A Conducting business outside of state. If a state credit union has an office and conducts business in another state having laws or regulations allowing credit unions to exercise additional powers, the state credit union may request permission from the superintendent to exercise such additional powers while operating in the other state with only the […]

Section 533.116 – Enforcement of Iowa consumer credit code.

533.116 Enforcement of Iowa consumer credit code. 1. The superintendent shall enforce the Iowa consumer credit code with respect to state credit unions, as provided in sections 537.2303, 537.2305, and 537.6105. 2. The superintendent shall cooperate with the administrator of the Iowa consumer credit code as designated in section 537.6103, and shall assist that administrator […]

Section 533.117 – Small loans legislation.

533.117 Small loans legislation. This chapter does not apply to any person engaged in the business of loaning money under chapter 536. 2007 Acts, ch 174, §17