533.102 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Account insurance plan” means an arrangement providing account and share insurance which is of a type authorized under section 533.307.
2. “Common bond” means the shared characteristic of members of a credit union.
3. a. “Credit union” means a cooperative, nonprofit association, organized or incorporated in accordance with the provisions of this chapter or under the laws of another state or the Federal Credit Union Act, 12 U.S.C. §1751 et seq., for the purposes of creating a source of credit at a fair and reasonable rate of interest, of encouraging habits of thrift among its members, and of providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition.
b. A “credit union” is also a “supervised financial organization” as that term is defined and used in chapter 537, the Iowa consumer credit code.
4. “Credit union service organization” means a corporation, limited partnership, or limited liability company organized under state law to provide financial and financial-related services for one or more credit unions, each of which owns part of the capital stock of the credit union service organization, as authorized under section 533.301, subsection 5, paragraph “f”, and which corporation, limited partnership, or limited liability company is subject to examination by the credit union division of the Iowa department of commerce or a federal supervisory agency.
5. “Ownership share” means a share of a credit union acquired by a member at the time membership is initiated.
6. “Review board” means the credit union review board.
7. “State credit union” means a credit union organized pursuant to section 533.201.
8. “Superintendent” means the superintendent of credit unions appointed pursuant to section 533.104.
2007 Acts, ch 174, §2; 2012 Acts, ch 1023, §138; 2013 Acts, ch 17, §1
Referred to in §12C.13, 252I.1, 421.17A
Structure Iowa Code
Section 533.102 - Definitions.
Section 533.103 - Credit union division created.
Section 533.104 - Superintendent.
Section 533.105 - Deputy superintendent.
Section 533.106A - Background investigations.
Section 533.107 - Credit union review board.
Section 533.108 - Records of credit union division.
Section 533.109 - Insurance and surety bond.
Section 533.110 - Reimbursement of expenses.
Section 533.111 - Expenses of the credit union division.
Section 533.112 - Annual and individual fees — examination fees — delinquencies.
Section 533.113 - Examinations.
Section 533.113A - Meetings of the board called by superintendent.
Section 533.114 - Annual report of superintendent.
Section 533.115 - Reciprocity.
Section 533.115A - Conducting business outside of state.
Section 533.116 - Enforcement of Iowa consumer credit code.
Section 533.117 - Small loans legislation.
Section 533.201 - Organization.
Section 533.201A - Change in place of business.
Section 533.202 - Common bond — membership — ownership share.
Section 533.203 - Fiscal year — membership meetings — voting by membership — notice.
Section 533.204 - Election of board.
Section 533.205 - Board of directors — duties — penalties.
Section 533.206 - Meetings of the board.
Section 533.207 - Credit committee.
Section 533.208 - Auditing committee.
Section 533.209 - Conflicts of interest.
Section 533.209A - Prohibited relationships.
Section 533.210 - Expulsion or withdrawal of credit union member.
Section 533.211 - Suspension or restriction of services.
Section 533.212 - Use of name “credit union” requirements — restrictions — exceptions.
Section 533.213 - Corporate central credit union.
Section 533.214 - Central credit unions.
Section 533.304 - Investment in certain shares or equity interests.
Section 533.305 - Investment in banks or savings banks — required findings.
Section 533.306 - Power to borrow.
Section 533.307 - Account insurance.
Section 533.308 - Fidelity bond and general insurance coverage.
Section 533.309 - Share accounts.
Section 533.310 - Deposits in the names of two or more individuals.
Section 533.311 - Acceptance of deposits and investments while insolvent.
Section 533.312 - Dividends and interest.
Section 533.313 - Share drafts.
Section 533.314 - Payment of share drafts during dissolution.
Section 533.316 - Interest rates.
Section 533.317 - Authority to lease safe deposit boxes.
Section 533.318 - Safe deposit box access.
Section 533.319 - Adverse claims to property in safe deposit and safekeeping.
Section 533.320 - Remedies and proceedings for nonpayment of rent on safe deposit box.
Section 533.321 - Authority to receive property for safekeeping.
Section 533.322 - Preservation of records.
Section 533.323 - Photographic records.
Section 533.324 - Preservation of records — statute of limitations.
Section 533.325 - Confidentiality of state credit union information.
Section 533.326 - Governmental employees.
Section 533.327 - Change in place of business.
Section 533.328 - Conducting business outside of state.
Section 533.331 - Data breach — duty to notify.
Section 533.402 - Conversion of financial institution to state credit union.
Section 533.403 - Conversion of state credit union into federal credit union.
Section 533.404 - Dissolution generally.
Section 533.405 - Voluntary dissolution.
Section 533.405A - Involuntary dissolution.
Section 533.406 - State credit union merger, conversion, or dissolution.
Section 533.501 - Supervisory action.
Section 533.502 - Grounds for management of state credit union by superintendent.
Section 533.503 - Superintendent as receiver.
Section 533.504 - Tender of receivership to insurance plan.
Section 533.505 - Subpoena — contempt.
Section 533.506 - Limitation of actions.
Section 533.507 - False statements for credit — fraudulent practice.
Section 533.508 - False statements — penalties.
Section 533.509 - Penalty for falsification.
Section 533.510 - Submissions to credit union division — good faith requirement.