Iowa Code 524.1602 – Penalties applicable to state bank
Current as of: 2023 | Check for updates
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The superintendent may impose a penalty on a state bank of up to one thousand dollars for each day:
1. That it holds investments for its own account in bonds or securities in violation of section 524.901.
Terms Used In Iowa Code 524.1602
- Account: means any account with a state bank and includes a demand, time or savings deposit account or any account for the payment of money to a state bank. See Iowa Code 524.103
- Bank: means a corporation organized under this chapter, a national bank, a federal savings association, or an out-of-state bank. See Iowa Code 524.103
- Money: means the same as defined in section 554. See Iowa Code 554E.1
- 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. See Iowa Code 524.103
2. On which it accepts and holds drafts in violation of section 524.903.
3. On which it has money loaned, credit extended, or holds discounted or purchased evidences of indebtedness or agreements for the payment of money, in violation of sections 524.904, 524.905, and 524.907.
4. On which it has money loaned, invested or is otherwise in violation of section 524.1102 or 524.1104.
5. On which it publishes, disseminates, or distributes any advertising containing any false, misleading, or deceptive statements concerning rates, terms, and conditions on which loans are made or deposits are received, in violation of section 524.1606.