When a state credit union is insolvent, the state credit union shall not do either of the following:
1. Accept any deposits or investments in ownership shares.
2. Renew or extend the term of any time deposits or time investments.
Iowa Code § 533.311
Acceptance of deposits and investments while insolvent
Known as the Iowa Credit Union Act
The act spans §§ 533–533 (83 sections).
2007 Acts, ch 174, §42
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.