Iowa Code 524.207 – Expenses of the banking division — fees
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Terms Used In Iowa Code 524.207
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Oversight: Committee review of the activities of a Federal agency or program.
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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
- Statute: A law passed by a legislature.
- year: means twelve consecutive months. See Iowa Code 4.1
524.207 Expenses of the banking division — fees.
1. Except as otherwise provided by statute, all expenses required in the discharge of the duties and responsibilities imposed upon the banking division of the department of insurance and financial services, the superintendent, and the state banking council by the laws of this state shall be paid from fees provided by the laws of this state and appropriated by the general assembly from the commerce revolving fund created in § 546.12. All of these fees are payable to the superintendent. The superintendent shall pay all the fees and other moneys received by the superintendent to the treasurer of state within the time required by section
12.10 and the fees and other moneys shall be deposited into the commerce revolving fund created in § 546.12.
2. All fees and assessments generated as the result of a national bank or federal savings association converting to a state bank on or after December 31, 2015, are payable to the superintendent. The superintendent shall pay all the fees and assessments received by the superintendent pursuant to this subsection to the treasurer of state within the time required by § 12.10 and the fees and assessments shall be deposited into the commerce revolving fund created in § 546.12. An amount equal to such fees and assessments deposited into the commerce revolving fund is appropriated from the commerce revolving fund to the banking division of the department of insurance and financial services for the fiscal year in which a national bank or federal savings association converted to a state bank and an amount equal to such annualized fees and assessments deposited into the commerce revolving fund in succeeding years is appropriated from the commerce revolving fund to the banking division of the department of insurance and financial services for succeeding fiscal years for purposes related to the discharge of the duties and responsibilities imposed upon the banking division of the department of insurance and financial services, the superintendent, and the state banking council by the laws of this state. This appropriation shall be in addition to the appropriation of moneys otherwise described in this section. If a state bank converts to a national bank or federal savings association, any appropriation made pursuant to this subsection for the following fiscal year shall be reduced by the amount of the assessment paid by the state bank during the fiscal year in which the state bank converted to a national bank or federal savings association.
3. The superintendent shall account for receipts and disbursements according to the separate duties imposed upon the superintendent by the laws of this state and each separate duty shall be fiscally self-sustaining.
4. The banking division may expend additional funds, including funds for additional personnel, if those additional expenditures are actual expenses which exceed the funds budgeted for bank or licensee examinations or investigations and directly result from examinations or investigations of banks or licensees. The amounts necessary to fund the excess examination or investigation expenses shall be collected from banks and licensees being regulated, and the collections shall be treated as repayment receipts as defined in § 8.2. The division shall notify in writing the legislative services agency and the department of management when hiring additional personnel. The written notification shall include documentation that any additional expenditure related to such hiring will be totally reimbursed as provided in § 546.12, subsection 2, and shall also include the division’s justification for hiring such personnel. The division must obtain the approval of the department of management only if the number of additional personnel to be hired exceeds the number of full-time equivalent positions authorized by the general assembly.
5. All fees and moneys collected shall be deposited into the commerce revolving fund created in § 546.12 and expenses required to be paid under this section shall be paid from moneys in the commerce revolving fund and appropriated for those purposes.
6. All moneys received by the superintendent pursuant to a multi-state settlement with a provider of financial services such as a mortgage lender, a mortgage servicer, or any other person regulated by the banking division of the department of insurance and financial services shall be deposited into the commerce revolving fund created in § 546.12 and an amount equal to the amount deposited into the fund is appropriated to the banking division of the department of insurance and financial services for the fiscal year in which such moneys
§524.207, BANKS 2
1. Except as otherwise provided by statute, all expenses required in the discharge of the duties and responsibilities imposed upon the banking division of the department of insurance and financial services, the superintendent, and the state banking council by the laws of this state shall be paid from fees provided by the laws of this state and appropriated by the general assembly from the commerce revolving fund created in § 546.12. All of these fees are payable to the superintendent. The superintendent shall pay all the fees and other moneys received by the superintendent to the treasurer of state within the time required by section
12.10 and the fees and other moneys shall be deposited into the commerce revolving fund created in § 546.12.
2. All fees and assessments generated as the result of a national bank or federal savings association converting to a state bank on or after December 31, 2015, are payable to the superintendent. The superintendent shall pay all the fees and assessments received by the superintendent pursuant to this subsection to the treasurer of state within the time required by § 12.10 and the fees and assessments shall be deposited into the commerce revolving fund created in § 546.12. An amount equal to such fees and assessments deposited into the commerce revolving fund is appropriated from the commerce revolving fund to the banking division of the department of insurance and financial services for the fiscal year in which a national bank or federal savings association converted to a state bank and an amount equal to such annualized fees and assessments deposited into the commerce revolving fund in succeeding years is appropriated from the commerce revolving fund to the banking division of the department of insurance and financial services for succeeding fiscal years for purposes related to the discharge of the duties and responsibilities imposed upon the banking division of the department of insurance and financial services, the superintendent, and the state banking council by the laws of this state. This appropriation shall be in addition to the appropriation of moneys otherwise described in this section. If a state bank converts to a national bank or federal savings association, any appropriation made pursuant to this subsection for the following fiscal year shall be reduced by the amount of the assessment paid by the state bank during the fiscal year in which the state bank converted to a national bank or federal savings association.
3. The superintendent shall account for receipts and disbursements according to the separate duties imposed upon the superintendent by the laws of this state and each separate duty shall be fiscally self-sustaining.
4. The banking division may expend additional funds, including funds for additional personnel, if those additional expenditures are actual expenses which exceed the funds budgeted for bank or licensee examinations or investigations and directly result from examinations or investigations of banks or licensees. The amounts necessary to fund the excess examination or investigation expenses shall be collected from banks and licensees being regulated, and the collections shall be treated as repayment receipts as defined in § 8.2. The division shall notify in writing the legislative services agency and the department of management when hiring additional personnel. The written notification shall include documentation that any additional expenditure related to such hiring will be totally reimbursed as provided in § 546.12, subsection 2, and shall also include the division’s justification for hiring such personnel. The division must obtain the approval of the department of management only if the number of additional personnel to be hired exceeds the number of full-time equivalent positions authorized by the general assembly.
5. All fees and moneys collected shall be deposited into the commerce revolving fund created in § 546.12 and expenses required to be paid under this section shall be paid from moneys in the commerce revolving fund and appropriated for those purposes.
6. All moneys received by the superintendent pursuant to a multi-state settlement with a provider of financial services such as a mortgage lender, a mortgage servicer, or any other person regulated by the banking division of the department of insurance and financial services shall be deposited into the commerce revolving fund created in § 546.12 and an amount equal to the amount deposited into the fund is appropriated to the banking division of the department of insurance and financial services for the fiscal year in which such moneys
§524.207, BANKS 2
are received and in succeeding fiscal years for the purpose of promoting financial-related education and supporting those duties of the banking division related to financial regulation that are limited to nonrecurring expenses such as equipment purchases, training, technology, and retirement payouts related to the oversight of mortgage lending, state banks, and other financial services regulated by the banking division. This appropriation shall be in addition to the appropriation of moneys otherwise described in this section. The superintendent shall submit a report to the department of management and to the legislative services agency detailing the expenditure of moneys appropriated to the banking division pursuant to this subsection during each fiscal year. The initial report shall be submitted on or before September 15, 2016, and each September 15 thereafter. Moneys appropriated pursuant to this subsection are not subject to § 8.33 and shall not be transferred, used, obligated, appropriated, or otherwise encumbered except as provided in this subsection.
[C24, 27, 31, 35, 39, §9144, 9145, 9149; C46, 50, 54, 58, 62, 66, §524.16, 524.17, 524.22; C71,
73, 75, 77, 79, 81, §524.207]
86 Acts, ch 1246, §616; 87 Acts, ch 234, §435; 90 Acts, ch 1247, §14; 91 Acts, ch 260, §1243;
93 Acts, ch 131, §22; 94 Acts, ch 1107, §85; 2003 Acts, ch 35, §45, 49; 2004 Acts, ch 1141, §6;
2009 Acts, ch 181, §103; 2016 Acts, ch 1130, §27, 29, 31; 2022 Acts, ch 1062, §12; 2023 Acts, ch 19, §2741; 2023 Acts, ch 64, §86
See Code editor’s note on simple harmonization at the beginning of this Code volume
Subsections 1, 2, 5, and 6 amended