Iowa Code 12C.20 – Public funds reports
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1. On or before the tenth day of February, May, August, and November of each year, each out-of-state bank that has one or more branches in the state shall calculate and certify to the superintendent of banking in the form prescribed by the superintendent the amount of public funds on deposit at each such branch of the out-of-state bank as of the end of the previous calendar quarter.
Terms Used In Iowa Code 12C.20
- Bank: means a corporation or limited liability company engaged in the business of banking and organized under the laws of this state, another state, or the United States. See Iowa Code 12C.1
- public funds: means public funds as defined in section 12C. See Iowa Code 12B.10C
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Superintendent: means the superintendent of banking of this state when the depository is a bank, and the superintendent of credit unions of this state when the depository is a credit union. See Iowa Code 12C.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. A bank shall, upon request of the superintendent, certify to the superintendent the amount of public funds on deposit at the bank and at each branch of an out-of-state bank on any day specified by the superintendent in such request.
3. The superintendent may at any time make such investigation as the superintendent deems necessary and appropriate to verify the information provided to the superintendent pursuant to subsections 1 and 2.
4. On or before the twentieth day of February, May, August, and November of each year, the superintendent shall notify the treasurer of state of the amount of collateral required to be pledged as of the end of the previous calendar quarter based upon the certification provided to the superintendent under subsection 1 or 2 and a review by the superintendent of the quarterly call report filed by each bank that is not an out-of-state bank.