Iowa Credit Union Act
Iowa · Credit Unions · §§ 533.101 to 533.510 · 83 sections
Overview
The act governs the chartering, regulation, and internal governance of credit unions — member-owned cooperative financial institutions organized under state law. It establishes how a credit union is formed, running from the application and articles of incorporation through investigation and approval by the state regulator, with an appeal to a supervisory commission, and it sets conditions for commencing business, amending governing documents, maintaining offices, and admitting credit unions chartered elsewhere. It further defines who may become a member and how members vote, prescribes the election, qualification, compensation, bonding, and indemnification of directors and officers along with conflict-of-interest limits, and imposes ongoing reporting, audit, capital, and reserve requirements.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Iowa Code § 533.101Title
- Iowa Code § 533.102Definitions
- Iowa Code § 533.103Credit union division created
- Iowa Code § 533.104Superintendent of credit unions
- Iowa Code § 533.105Deputy superintendent
- Iowa Code § 533.106Employees
- Iowa Code § 533.106ABackground investigations
- Iowa Code § 533.107Credit union review board
- Iowa Code § 533.108Records of credit union division
- Iowa Code § 533.109Insurance and surety bond
- Iowa Code § 533.110Reimbursement of expenses
- Iowa Code § 533.111Expenses of the credit union division
- Iowa Code § 533.112Annual and individual fees — examination fees — delinquencies
- Iowa Code § 533.113Examinations
- Iowa Code § 533.113AMeetings of the board called by superintendent
- Iowa Code § 533.114Annual report of superintendent
- Iowa Code § 533.115Reciprocity
- Iowa Code § 533.115AConducting business outside of state
- Iowa Code § 533.116Enforcement of Iowa consumer credit code
- Iowa Code § 533.117Small loans legislation
- Iowa Code § 533.201Organization
- Iowa Code § 533.201AChange in place of business
- Iowa Code § 533.202Common bond — membership — ownership share
- Iowa Code § 533.203Fiscal year — membership meetings — voting by membership — notice
- Iowa Code § 533.203AVote to modify, amend, or reverse act of board of directors — instruction to take action
- Iowa Code § 533.204Election of board
- Iowa Code § 533.205Board of directors — duties — penalties
- Iowa Code § 533.206Meetings of board
- Iowa Code § 533.207Credit committee
- Iowa Code § 533.208Auditing committee
- Iowa Code § 533.209Conflicts of interest
- Iowa Code § 533.209AProhibited relationships
- Iowa Code § 533.210Expulsion or withdrawal of credit union member
- Iowa Code § 533.211Suspension or restriction of services
- Iowa Code § 533.212Use of name “credit union” requirements — restrictions — exceptions
- Iowa Code § 533.213Corporate central credit union
- Iowa Code § 533.214Central credit unions
- Iowa Code § 533.301Powers
- Iowa Code § 533.302Capital
- Iowa Code § 533.303Reserves
- Iowa Code § 533.304Investment in certain shares or equity interests
- Iowa Code § 533.305Investment in banks or savings banks — required findings
- Iowa Code § 533.306Power to borrow
- Iowa Code § 533.307Account insurance
- Iowa Code § 533.308Fidelity bond and general insurance coverage
- Iowa Code § 533.309Share accounts
- Iowa Code § 533.310Deposits in the names of two or more individuals
- Iowa Code § 533.311Acceptance of deposits and investments while insolvent
- Iowa Code § 533.312Dividends and interest
- Iowa Code § 533.313Share drafts
- Iowa Code § 533.314Payment of share drafts during dissolution
- Iowa Code § 533.315Loans
- Iowa Code § 533.316Interest rates
- Iowa Code § 533.317Authority to lease safe deposit boxes
- Iowa Code § 533.318Safe deposit box access
- Iowa Code § 533.319Adverse claims to property in safe deposit and safekeeping
- Iowa Code § 533.320Remedies and proceedings for nonpayment of rent on safe deposit box
- Iowa Code § 533.321Authority to receive property for safekeeping
- Iowa Code § 533.322Preservation of records
- Iowa Code § 533.323Photographic records
- Iowa Code § 533.324Preservation of records — statute of limitations
- Iowa Code § 533.325Confidentiality of state credit union information
- Iowa Code § 533.326Governmental employees
- Iowa Code § 533.329Taxation
- Iowa Code § 533.330Reports
- Iowa Code § 533.331Data breach — duty to notify
- Iowa Code § 533.401Merger
- Iowa Code § 533.402Conversion of financial institution to state credit union
- Iowa Code § 533.403Conversion of state credit union into federal credit union
- Iowa Code § 533.404Dissolution generally
- Iowa Code § 533.405Voluntary dissolution
- Iowa Code § 533.405AInvoluntary dissolution
- Iowa Code § 533.406State credit union merger, conversion, or dissolution
- Iowa Code § 533.501Supervisory action
- Iowa Code § 533.502Grounds for management of state credit union by superintendent
- Iowa Code § 533.503Superintendent as receiver
- Iowa Code § 533.504Tender of receivership to insurance plan
- Iowa Code § 533.505Subpoena — contempt
- Iowa Code § 533.506Limitation of actions
- Iowa Code § 533.507False statements for credit — fraudulent practice
- Iowa Code § 533.508False statements — penalties
- Iowa Code § 533.509Penalty for falsification
- Iowa Code § 533.510Submissions to credit union division — good faith requirement
Enacted in other states
Connecticut, Florida, Idaho, Illinois, Maryland, Montana, Nebraska, New Hampshire, New Mexico, Oregon, South Carolina, Texas
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