533.502 Grounds for management of state credit union by superintendent.
1. Notwithstanding any other provision of this chapter, the superintendent may take over the management of the property and business of a state credit union when it appears to the superintendent that any of the following actions have occurred or conditions exist:
a. The state credit union has violated any law of this state.
b. The capital of the state credit union is impaired.
c. The state credit union is conducting its business in an unsafe or unsound manner.
d. The state credit union is in such condition that it is unsound, unsafe, or inexpedient for it to transact business.
e. The state credit union has suspended or refused payment of its deposits or other liabilities.
f. The state credit union refuses to make its records available to the superintendent for examination or otherwise refuses to make available, through an officer or employee having knowledge, information required by the superintendent for the proper discharge of the duties of the superintendent’s office.
g. The state credit union neglects or refuses to observe any order of the superintendent made pursuant to the provisions of this chapter, unless the enforcement of such order is stayed in a court proceeding brought by the state credit union.
h. The state credit union has not transacted any business or performed any of the duties contemplated by its authorization to do business for a period of at least one hundred eighty days.
2. a. The superintendent shall manage the property and business of the state credit union until such time as the superintendent may relinquish to the state credit union the management, upon such conditions as the superintendent may prescribe, or until the affairs of the state credit union are finally dissolved as provided in this chapter. The superintendent may operate and direct the affairs of the state credit union in its regular course of business. The superintendent may also collect amounts due the state credit union and do such other acts as are necessary or expedient to conduct the affairs of the state credit union and conserve or protect its assets, property, and business.
b. The superintendent may appoint one or more persons, with powers specified in the certificate of appointment, to assist the superintendent in the duty of management, conservation, or dissolution and distribution of the business and property of a state credit union.
c. During the period of the superintendent’s management of the property and business of the state credit union, and prior to the time that the superintendent may apply to the district court for appointment as receiver, the superintendent may assess the state credit union for costs and expenses incurred by the division in the management of the state credit union. Costs and expenses shall include but not be limited to costs and expenses for salaries and benefits, expenses and travel for employees, office facilities, supplies, equipment, and administrative costs and expenses incurred in the management of the state credit union.
3. Judicial review of the actions of the superintendent may be sought in accordance with chapter 17A. However, the contested case provisions of chapter 17A, the Iowa administrative procedure Act, do not apply to an action by the superintendent to take over the management of or to manage a state credit union, as authorized by this section.
2007 Acts, ch 174, §69; 2012 Acts, ch 1020, §22
Referred to in §533.405A
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.