Iowa Code § 524.902
General lending powers of a state bank
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
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.
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 to purchase a vendee’s interest in a real property sales contract, provided, however, that a state bank may loan or extend credit on the security of such an interest.
2. Nothing in this chapter is deemed to permit a state bank to purchase a vendee’s interest in a real property sales contract, provided, however, that a state bank may loan or extend credit on the security of such an interest.
92 Acts, ch 1161, §3
92 Acts, ch 1161, §3
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.