Terms Used In Iowa Code 533.102

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
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 § 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 § 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 insurance and financial services 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 § 533.201.
8. “”Superintendent”” means the superintendent of credit unions appointed pursuant to § 533.104.
2007 Acts, ch 174, §2; 2012 Acts, ch 1023, §138; 2013 Acts, ch 17, §1; 2023 Acts, ch 19, §2744
Referred to in §12C.13, 252I.1, 421.17A
Subsection 4 amended