524.211 Prohibitions relating to banking division personnel.
1. The superintendent, general counsel, examiners, and other employees assigned to the bank bureau of the banking division are prohibited from obtaining a loan of money or property from a state-chartered bank, or any person or entity affiliated with a state-chartered bank, unless they do not personally participate in the examination, oversight, or official review concerning the regulation of the bank.
2. The superintendent, general counsel, examiners, and other employees assigned to the finance bureau of the banking division are prohibited from obtaining a loan of money or property from a person or entity licensed pursuant to chapter 533A, 533D, 536, or 536A, or a person or entity affiliated with such licensee.
3. The superintendent, general counsel, examiners, and other employees of the banking division, who have credit relations with a person or entity licensed or registered pursuant to chapter 535B, 535D, or 536C, are prohibited from participating in decisions, oversight, and official review of matters concerning the regulation of the licensee or registrant.
4. Examiners and other employees assigned to the bank bureau of the banking division who have credit relations with a person or entity licensed pursuant to chapter 533A, 533D, 536, or 536A, or with a person or entity affiliated with such licensee, are prohibited from participating in decisions, oversight, and official review of matters concerning the regulation of the licensee.
5. An employee of the banking division, other than the superintendent or a member of the state banking council or one of the boards in the professional licensing and regulation bureau of the division, shall not perform any services for, and shall not be a shareholder, member, partner, owner, director, officer, or employee of, any enterprise, person, or affiliate subject to the regulatory purview of the banking division.
6. For the purposes of this section and section 524.212, an affiliate of a person other than a state bank shall include any corporation, trust, estate, association or other similar organization:
a. Of which such person, directly or indirectly, owns or controls either a majority of the voting shares or more than fifty percent of the number of shares voted for the election of its directors, trustees, or other individuals exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees or other individuals exercising similar functions.
b. Of which control is held, directly or indirectly, through share ownership or in any other manner, by the shareholders of such person who own or control either a majority of the shares of such person or more than fifty percent of the number of shares voted for the election of directors of such person at the preceding election or by trustees for the benefit of the shareholders of any such person.
c. Of which a majority of its directors, trustees, or other individuals exercising similar functions are directors of any one such person.
d. Which owns or controls, directly or indirectly, either a majority of the voting shares of such person or more than fifty percent of the total number of shares voted for the election of directors of such person at the preceding election, or controls in any manner the election of a majority of the directors of such person, or for the benefit of whose shareholders or members all or substantially all of the outstanding voting shares of such person is held by trustees.
7. The superintendent, examiners, or other employees who are convicted of a felony while holding such position shall be immediately discharged from employment and shall be forever disqualified from holding any position in the banking division.
[C97, §1875, 1876; SS15, §1875; C24, 27, 31, 35, 39, §9146; C46, 50, 54, 58, 62, 66, §524.18; C71, 73, 75, 77, 79, 81, §524.211; 81 Acts, ch 172, §1]
95 Acts, ch 148, §11 – 13; 96 Acts, ch 1056, §3; 2004 Acts, ch 1141, §10; 2006 Acts, ch 1177, §33; 2007 Acts, ch 88, §3; 2008 Acts, ch 1160, §3; 2011 Acts, ch 102, §1; 2012 Acts, ch 1017, §106
Referred to in §524.1611
Structure Iowa Code
Section 524.101 - Short title.
Section 524.102 - Statement of intent.
Section 524.103 - Definitions.
Section 524.104 - Rules of construction.
Section 524.105 - Effect on existing banks.
Section 524.106 - Renewal of the corporate existence of an existing state bank.
Section 524.107 - Persons authorized to engage in banking business — educational bank.
Section 524.108 - Applicability of safe deposit provisions.
Section 524.109 - Bankers’ bank authorized — authority to hold shares of bankers’ bank.
Section 524.201 - Superintendent of banking.
Section 524.202 - Superintendent — salary.
Section 524.203 - Superintendent — vacancy.
Section 524.204 - Deputy superintendent of banking.
Section 524.205 - State banking council.
Section 524.206 - Banking division created.
Section 524.207 - Expenses of the banking division — fees.
Section 524.208 - Examiners and other employees.
Section 524.210 - Insurance and surety bonds.
Section 524.211 - Prohibitions relating to banking division personnel.
Section 524.212 - Prohibition against disclosure of regulatory information.
Section 524.213 - Duties and powers of superintendent.
Section 524.214 - Subpoena — contempt.
Section 524.215 - Records of division of banking.
Section 524.215A - Preservation of division of banking records.
Section 524.216 - Annual report of superintendent.
Section 524.217 - Examinations.
Section 524.218 - Regulation and examination of services.
Section 524.220 - Reports to superintendent.
Section 524.221 - Preservation of bank records — statute of limitations.
Section 524.222 - Meetings of the board of directors called by superintendent.
Section 524.223 - Power of superintendent to issue orders.
Section 524.224 - Grounds for management of state bank by superintendent.
Section 524.225 - Procedures — judicial review.
Section 524.226 - Management of state bank by superintendent.
Section 524.227 - Enforcement of Iowa consumer credit code.
Section 524.228 - Interim cease and desist order — final order — suspension.
Section 524.229 - Emergency powers of superintendent.
Section 524.301 - Incorporators — organizers.
Section 524.302 - Articles of incorporation.
Section 524.302A - Articles of incorporation — limited liability company.
Section 524.303 - Application for approval.
Section 524.304 - Publication of notice.
Section 524.305 - Approval by superintendent.
Section 524.306 - Incorporation or organization of state bank.
Section 524.307 - Initial organization of state bank.
Section 524.308 - Issuance of authorization to do business.
Section 524.309 - Publication of authorization to do business.
Section 524.310 - Name of state bank.
Section 524.311 - Commission for organizing state banks.
Section 524.312 - Location of state bank — exceptions.
Section 524.314 - Renewal of corporate existence of existing state bank.
Section 524.315 - State banks as limited liability companies.
Section 524.316 - State banks as mutual corporations.
Section 524.401 - Minimum capital.
Section 524.404 - Capital notes and debentures.
Section 524.405 - Increase or decrease of capital structure.
Section 524.518 - Redemption of preferred shares.
Section 524.521 - Authorized shares.
Section 524.522 - Terms of class or series determined by board of directors.
Section 524.523 - Certificates representing shares.
Section 524.524 - Consideration for shares.
Section 524.525 - Subscription for shares before incorporation or organization.
Section 524.526 - Fractional shares.
Section 524.527 - Liability of shareholders or members.
Section 524.528 - Shareholders’ preemptive rights.
Section 524.529 - Preemptive rights for existing state banks.
Section 524.530 - State bank’s acquisition of its own shares.
Section 524.531 - Loaning on its own shares.
Section 524.532 - Meetings of shareholders.
Section 524.533 - Notice of shareholder meetings — waiver of notice generally.
Section 524.534 - Action without meeting.
Section 524.535 - Transfer books — fixing record date.
Section 524.536 - Voting list.
Section 524.537 - Quorum of shareholders.
Section 524.538 - Voting of shares.
Section 524.538A - Voting by member of mutual corporation.
Section 524.539 - Voting trust.
Section 524.540 - Voting agreements.
Section 524.541 - Lists — filing with superintendent.
Section 524.543 - Distribution of shares of state bank.
Section 524.544 - Change of control — certificate of approval — shares as security — reports.
Section 524.545 - Options for shares.
Section 524.601 - Board of directors.
Section 524.602 - Board of directors — election.
Section 524.604 - Duties and responsibilities.
Section 524.605 - Liability of directors in certain cases.
Section 524.606 - Removal of directors.
Section 524.607 - Meetings — waiver of notice — quorum.
Section 524.607A - Action without meeting.
Section 524.608 - Auditing procedures.
Section 524.609 - Executive and other committees.
Section 524.610 - Compensation of directors.
Section 524.611 - Oath of directors.
Section 524.612 - Director dealing with state bank.
Section 524.613 - Prohibitions applicable to certain financial transactions involving directors.
Section 524.614 - Honorary and advisory directors.
Section 524.701 - Officers and employees.
Section 524.702 - Officers — duties and liability.
Section 524.703 - Officers and employees — employment and compensation.
Section 524.704 - Employee — employment and compensation.
Section 524.705 - Bonds of officers and employees.
Section 524.706 - Officer dealing with state bank.
Section 524.707 - Removal of officers or employees.
Section 524.708 - Report of change in officer personnel.
Section 524.709 - Duty to make records available to superintendent.
Section 524.801 - General powers.
Section 524.802 - Additional powers of a state bank.
Section 524.803 - Business property of state bank.
Section 524.804 - Data processing services.
Section 524.806 - Deposit in the names of two or more individuals.
Section 524.807 - Payment of deposited funds.
Section 524.808 - Adverse claims to deposits.
Section 524.809 - Authority to lease safe deposit boxes.
Section 524.810 - Search procedure on death.
Section 524.810A - Safe deposit box access.
Section 524.811 - Adverse claims to property in safe deposit and safekeeping.