12.61 State-sponsored credit card.
1. For purposes of this section, unless the context otherwise requires:
a. “Financial institution” means a state bank as defined in section 524.103, subsection 41, a federally chartered state bank having its principal office within this state, a federally chartered credit union having its principal office within this state, a federally chartered savings and loan association having its principal office within the state, a credit union organized under chapter 533, or a trust company organized or incorporated under the laws of this state.
b. “Financial institution credit card” means a credit card that entitles the holder to make open-account purchases up to an approved amount and is issued through the agency of a financial institution.
c. “Sponsoring entity” means an entity that allows its name or logo to be used on a particular financial institution credit card in exchange for a fee from the credit card issuer.
2. The treasurer is authorized to participate in a financial institution credit card program for the benefit of the state. Within six months of May 27, 1989, the treasurer shall contact each financial institution to determine if:
a. The financial institution or its Iowa holding company or Iowa affiliate currently administers a credit card program.
b. The credit card program provides a fee or commission on retail sales to the sponsoring entity for the issuance and use of the credit card.
c. The credit card program would accept the state as a sponsoring entity.
3. If the treasurer determines that the state may be a sponsoring entity for a financial institution credit card, the treasurer shall negotiate the most favorable rate for the state’s fee by a credit card issuer.
a. The state shall not offer a more favorable rate to any other credit card issuer.
b. The rate must be expressed as a percentage of the gross sales from the use of the credit card.
c. The proceeds of the fee shall be deposited in the Iowa resources enhancement and protection fund created under section 455A.18.
d. The treasurer shall recommend a logo or design for the state-sponsored credit card indicating the use for which the revenues will be used.
4. In selecting a credit card issuer, the treasurer shall consider the issuer’s record of investments in the state, shall take into consideration credit card features which will enhance the promotion of the state-sponsored credit card including, but not limited to, favorable interest rates, annual fees, and other fees for using the card, and shall require that the card be available to any person who qualifies for a credit card.
5. Upon entering into an agreement with the financial institution, the treasurer shall notify all state agencies then possessing a credit card to obtain the new state-sponsored credit card.
89 Acts, ch 236, §8; 90 Acts, ch 1255, §1; 2012 Acts, ch 1017, §30
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 12 - TREASURER OF STATE
Section 12.1 - Office — accounts — reports.
Section 12.2 - Daily balance sheet.
Section 12.3 - Record and payment of warrants.
Section 12.6 - Report to and account with director of the department of administrative services.
Section 12.7 - Interest on bonds.
Section 12.9 - Employee classifications.
Section 12.10 - Deposits by state officers.
Section 12.14 - Statement itemized.
Section 12.15 - Director and treasurer to keep account.
Section 12.16 - Swampland indemnity.
Section 12.17 - Biennial report.
Section 12.19 - Six-months limit on checks.
Section 12.20 - Issuance of new check.
Section 12.21 - Accepting credit card payments.
Section 12.25 - Legislative findings.
Section 12.26 - Issuance of revenue anticipation notes.
Section 12.28 - Centralized financing for state agency purchase of real and personal property.
Section 12.30 - Coordination of bonding activities.
Section 12.33 - Public policy.
Section 12.34 - Linked investments — limitations — rules — maturity and renewal of certificates.
Section 12.35 - Agreement — loan applications.
Section 12.36 - Actions by treasurer.
Section 12.40 - Rural small business transfer linked investment loan program.
Section 12.41 - Horticultural and nontraditional crops linked investment loan program.
Section 12.43 - Small business linked investments program created — definitions.
Section 12.43A - Traditional livestock producer’s linked investment loan program.
Section 12.43B - Value-added agricultural linked investment loan program.
Section 12.44 - Iowa satisfaction and performance bond program.
Section 12.61 - State-sponsored credit card.
Section 12.65 - Healthy Iowans tobacco trust.
Section 12.71 - General and specific bonding powers — vision Iowa program — future repeal.
Section 12.72 - Vision Iowa fund and reserve funds.
Section 12.73 - Vision Iowa fund moneys — administrative costs.
Section 12.79 - FY 2009 prison bonding fund.
Section 12.80 - General and specific bonding powers — prison infrastructure.
Section 12.81 - General and specific bonding powers — school infrastructure program.
Section 12.82 - School infrastructure fund and reserve funds.
Section 12.83 - School infrastructure fund moneys — state fire marshal.
Section 12.87 - General and specific bonding powers — revenue bonds — Iowa jobs program.
Section 12.88 - Revenue bonds capitals fund.
Section 12.88A - Revenue bonds capitals II fund.
Section 12.89 - Revenue bonds debt service fund and bond reserve funds.
Section 12.89A - Revenue bonds federal subsidy holdback fund.
Section 12.90 - Pledges — construction.
Section 12.90A - Annual appropriation bonds.
Section 12.90B - Annual appropriation bonds debt service fund and reserve funds.
Section 12.90C - Appropriation bonds capitals fund.
Section 12.91 - Utilities board and consumer advocate building project — bond issue.