Iowa Code 12C.27 – Failure to maintain required collateral
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Terms Used In Iowa Code 12C.27
- 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
If the treasurer of state determines that a bank fails to comply with section 12C.22, subsections 2 and 3, the treasurer of state may restrict that bank from accepting uninsured public funds and shall notify the office of thrift supervision, the office of the comptroller of the currency, or the superintendent as applicable, who may take such action against the bank, its board of directors and officers as permitted by law.