Iowa Code 524.1603 – Engaging in business unlawfully
Current as of: 2024 | Check for updates
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Attorney's Note
Under the Iowa Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Serious misdemeanor | up to 1 year | between $430 and $2,560 |
Terms Used In Iowa Code 524.1603
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- 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
524.1603 Engaging in business unlawfully.
1. Any person who willfully engages in the business of receiving money for deposit
or transacts the business generally done by banks, or who willfully establishes a place of business for such purposes, in violation of § 524.107, subsection 1, shall be guilty of a serious misdemeanor.
2. The superintendent may impose a penalty on a state bank of up to one thousand dollars for each day that it violates the provisions of § 524.1201.
[C97, S13, §1889; C24, 27, 31, 35, 39, §9151, 9260; C46, 50, 54, 58, 62, 66, §524.25, 528.53;
C71, 73, 75, 77, 79, 81, §524.1603]
2006 Acts, ch 1015, §11
1. Any person who willfully engages in the business of receiving money for deposit
or transacts the business generally done by banks, or who willfully establishes a place of business for such purposes, in violation of § 524.107, subsection 1, shall be guilty of a serious misdemeanor.
2. The superintendent may impose a penalty on a state bank of up to one thousand dollars for each day that it violates the provisions of § 524.1201.
[C97, S13, §1889; C24, 27, 31, 35, 39, §9151, 9260; C46, 50, 54, 58, 62, 66, §524.25, 528.53;
C71, 73, 75, 77, 79, 81, §524.1603]
2006 Acts, ch 1015, §11