536A.19 Receivership — liquidation.
1. If the superintendent revokes the license of any industrial loan company, the superintendent shall promptly report the revocation to the attorney general, who may apply to the district court of the county in which the licensee had conducted its business for the appointment of a receiver to take possession of the assets of the corporation for the purpose of liquidating its affairs. The court shall appoint the superintendent as receiver unless the superintendent has tendered the appointment to the federal deposit insurance corporation, in which case the court shall appoint the federal deposit insurance corporation as receiver. The affairs of the industrial loan company, after such appointment, shall be under the direction of the court. The attorney general shall represent the superintendent in all proceedings connected with the receivership.
2. When an insured industrial loan company has ceased to carry on its business, the superintendent may tender the appointment as receiver of the insured industrial loan company to the federal deposit insurance corporation. If the federal deposit insurance corporation accepts the appointment as receiver, the rights of depositors and other creditors of the insured industrial loan company shall be determined in accordance with the laws of this state.
3. The federal deposit insurance corporation as receiver shall possess all of the powers, rights, and privileges of the superintendent in connection with the liquidation.
4. If the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of an insured industrial loan company, the federal deposit insurance corporation, whether or not it has become receiver, shall be subrogated to all rights of the owners of such deposits against the insured industrial loan company in the same manner and to the same extent as subrogation of the federal deposit insurance corporation is provided for in applicable federal law with respect to a national bank.
[C66, 71, 73, 75, 77, 79, 81, §536A.19]
96 Acts, ch 1159, §2
Structure Iowa Code
Chapter 536A - INDUSTRIAL LOANS
Section 536A.6 - Administration by superintendent.
Section 536A.7 - Application for license.
Section 536A.8 - Capital stock requirement.
Section 536A.9 - Investigation of application.
Section 536A.10 - Issuance of license.
Section 536A.11 - Denial of license.
Section 536A.12 - Continuing license — annual fee — change of name or location — change of control.
Section 536A.13 - Books and records.
Section 536A.15 - Examination of licensees.
Section 536A.16 - Cease and desist orders.
Section 536A.17 - Injunctions.
Section 536A.18 - Disciplinary action.
Section 536A.19 - Receivership — liquidation.
Section 536A.20 - Real estate loans.
Section 536A.21 - Other business in same office.
Section 536A.22 - Thrift certificates.
Section 536A.23 - Powers of industrial loan companies.
Section 536A.24 - Electronic transactions.
Section 536A.25 - Restrictions.
Section 536A.29 - Enforcement of Iowa consumer credit code.
Section 536A.30 - Nonresident licensees — face-to-face solicitation.
Section 536A.31 - Applicability of Iowa consumer credit code.
Section 536A.32 - Powers and duties of the superintendent — nationwide system.