Locating Banking and Consumer Credit Laws
In the Iowa Code
To locate banking and consumer credit laws in the Iowa Code follow these
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524.101 Short title.
524.102 Statement of intent.
524.104 Rules of construction.
524.105 Effect on existing banks.
524.106 Renewal of the corporate existence of an existing state bank. Repealed by 95 Acts, ch 148, §135.
524.107 Persons authorized to engage in banking business-educational bank.
524.108 Applicability of safe deposit provisions.
524.109 Bankers' bank authorized-authority to hold shares of bankers' bank.
DIVISION OF BANKING
524.201 Superintendent of banking.
524.204 Deputy superintendent of banking.
524.205 State banking board.
524.206 Banking division created.
524.207 Expenses of the banking division-fees.
524.208 Assistants, examiners, and other employees.
524.210 Insurance and surety bonds.
524.211 Prohibitions relating to banking division personnel.
524.212 Prohibition against disclosure of regulatory information.
524.213 Duties and powers of superintendent.
524.215 Records of division of banking.
524.216 Annual report of superintendent.
524.218 Regulation and examination of services.
524.220 Reports to superintendent.
524.221 Preservation of bank records-statute of limitations.
524.222 Meetings of the board of directors called by superintendent.
524.223 Power of superintendent to issue orders.
524.224 Grounds for management of state bank by superintendent.
524.225 Procedures-judicial review.
524.226 Management of state bank by superintendent.
524.227 Enforcement of Iowa consumer credit code.
524.228 Interim cease and desist order-final order-suspension.
524.302 Articles of incorporation.
524.303 Application for approval.
524.304 Publication of notice.
524.305 Approval by superintendent.
524.306 Incorporation of state bank.
524.307 Organization of state bank.
524.308 Issuance of authorization to do business.
524.309 Publication of authorization to do business.
524.310 Name of state bank.
524.311 Commission for organizing state banks.
524.312 Location of state bank-exceptions.
524.314 Renewal of corporate existence of existing state bank.
524.401 Minimum capital.
524.402 Surplus. Repealed by 95 Acts, ch 148, §135.
524.403 Undivided profits. Repealed by 95 Acts, ch 148, §135.
524.404 Capital notes and debentures.
524.405 Increase or decrease of capital structure.
SHARES, SHAREHOLDERS, AND DIVIDENDS
524.501 through 524.517 Transferred to §524.521, 524.523-524.525, 524.527, 524.528, 524.531-524.533, 524.535-524.539, and 524.541-524.543 respectively in Code Supplement 1995.
524.518 Redemption of preferred shares. Repealed by 95 Acts, ch 148, §135.
524.519 and 524.520 Transferred to §524.544 and 524.545 in Code Supplement 1995.
524.521 Authorized shares.
524.522 Terms of class or series determined by board of directors.
524.523 Certificates representing shares.
524.524 Consideration for shares.
524.525 Subscription for shares before incorporation.
524.526 Fractional shares.
524.527 Liability of shareholders.
524.528 Shareholders' preemptive rights.
524.529 Preemptive rights for existing state banks.
524.530 State bank's acquisition of its own shares.
524.531 Loaning on its own shares.
524.532 Meetings of shareholders.
524.533 Notice of shareholder meetings-waiver of notice generally.
524.534 Action without meeting.
524.535 Transfer books-fixing record date.
524.536 Voting list.
524.537 Quorum of shareholders.
524.538 Voting of shares.
524.539 Voting trust.
524.540 Voting agreements.
524.541 Lists-filing with superintendent.
524.543 Distribution of shares of state bank.
524.544 Change of control-certificate of approval-shares as security-reports.
524.545 Options for shares.
524.601 Board of directors.
524.602 Board of directors-election.
524.604 Duties and responsibilities.
524.605 Liability of directors in certain cases.
524.606 Removal of directors.
524.607 Meetings-waiver of notice-quorum.
524.608 Auditing procedures.
524.609 Executive and other committees.
524.610 Compensation of directors.
524.611 Oath of directors.
524.612 Director dealing with state bank.
524.613 Prohibitions applicable to certain financial transactions involving directors.
524.614 Honorary and advisory directors.
OFFICERS AND EMPLOYEES
524.701 Officers and employees.
524.702 Officers-duties and liability.
524.703 Officers and employees-employment and compensation.
524.704 Employee-employment and compensation. Repealed by 95 Acts, ch 148, §135.
524.705 Bonds of officers and employees.
524.706 Officer dealing with state bank.
524.707 Removal of officers or employees.
524.708 Report of change in officer personnel.
524.709 Duty to make records available to 524.710. Prohibitions applicable to certain financial transactions involving officers and employees.
GENERAL BANKING POWERS
524.801 General powers.
524.802 Additional powers of a state bank.
524.803 Business property of state bank.
524.804 Data processing services.
524.806 Deposit in the names of two or more individuals.
524.807 Payment of deposited funds.
524.808 Adverse claims to deposits.
524.809 Authority to lease safe deposit boxes.
524.810 Search procedure on death.
524.811 Adverse claims to property in safe deposit and safekeeping.
524.812 Remedies and proceedings for nonpayment of rent on safe deposit box.
524.813 Authority to receive property for safekeeping.
524.814 Pledge of assets.
524.815 Deposits by a state bank.
524.816 Account insurance.
524.817 Repealed by 81 Acts, ch 173, §11.
524.818 Indebtedness of state bank.
524.819 Clearing checks at par.
524.820 Money received for transmission.
524.821 Electronic transmission of funds- restrictions.
524.822 through 524.824 Reserved.
524.825 Securities activities.
INVESTMENT AND LENDING POWERS
524.902 General lending powers of a state bank.
524.903 Purchase and sale of drafts and bills of exchange.
524.904 Loans and extensions of credit to one borrower.
524.905 Loans on real property.
524.906 Installment loans by state banks. Repealed by 89 Acts, ch 257, §33.
524.908 Leasing of personal property.
524.909 Loans and investments by officer.
524.910 Property acquired to satisfy debts previously contracted.
524.911 Letters of credit.
524.912 Customer shall be free to obtain own insurance and loan.
524.913 Consumer loans.
524.1001 Power to act as fiduciary.
524.1002 Actions required, permitted or prohibited in a fiduciary capacity.
524.1003 Removal of fiduciary powers.
524.1004 Voluntary relinquishment of fiduciary capacity.
524.1005 Trust companies operating on January 1, 1970.
524.1006 Banks depositing securities in federally regulated corporation.
524.1007 Succession of fiduciary accounts to an affiliate.
524.1008 Succession of fiduciary accounts to an independent bank.
524.1009 Succession to fiduciary accounts and appointments-application for appointment of new fiduciary.
524.1102 Loans and other transactions with affiliates.
524.1104 Applicability of general loan limitations.
524.1105 Examination of affiliates and reports.
524.1106 Fees paid to an affiliate-approval by superintendent.
524.1201 General provisions.
524.1202 Location of offices.
524.1203 Cancellation of approval of offices.
524.1204 Privileges extended to national banks.
524.1205 Establishment of branch or office in other state-superintendent's authority to regulate.
524.1206 through 524.1211 Reserved.
524.1212 Location of satellite terminals.
524.1213 United community bank offices.
524.1301 Dissolution by incorporators or initial directors.
524.1302 Involuntary dissolution prior to commencement of business.
524.1303 Voluntary dissolution after commencement of business.
524.1304 Voluntary dissolution-approval.
524.1304A Articles of dissolution.
524.1305 Voluntary dissolution proceedings- winding up.
524.1306 Revocation of voluntary dissolution proceedings.
524.1307 Articles of dissolution. Repealed by 95 Acts, ch 148, §135.
524.1308 Certificate of dissolution. Repealed by 95 Acts, ch 148, §135.
524.1308A Known claims against dissolved state bank.
524.1308B Unknown claims against dissolved state bank.
524.1309 Becoming subject to chapter 490.
524.1310 Involuntary dissolution after commencement of business- superintendent as receiver.
524.1311 Involuntary dissolution after commencement of business- receivership procedure.
524.1312 Distribution of assets upon insolvency.
524.1313 Involuntary dissolution after commencement of business-tender of receivership to F.D.I.C.
524.1314 Survival of rights and remedies after dissolution or expiration-preservation of
MERGER, CONSOLIDATION, AND
524.1401 Authority to merge.
524.1402 Requirements for a merger.
524.1403 Approval of merger by superintendent.
524.1404 Procedure after approval by the superintendent-issuance of certificate of merger.
524.1405 Effect of merger.
524.1406 Rights of dissenting shareholders.
524.1407 Succession to fiduciary accounts and appointments-application for appointment of new fiduciary. Repealed by 95 Acts, ch 148, §135.
524.1408 Merger of corporation substantially owned by a state bank.
524.1409 Authority for conversion of national bank into state bank.
524.1410 Application for approval by superintendent.
524.1411 Articles of conversion.
524.1412 Publication of notice.
524.1413 Approval of conversion by superintendent.
524.1414 Receipt by secretary of state-county recorder.
524.1415 Effect of filing of articles of conversion with secretary of state.
524.1416 Authority for conversion of state bank into national bank.
524.1417 Rights of dissenting shareholder of converting state or national bank.
524.1418 Succession to fiduciary accounts and appointments-application for appointment of new fiduciary.
524.1419 Offices of a resulting state bank.
524.1420 Nonconforming assets of resulting state bank.
AMENDMENT TO ARTICLES OF
524.1501 Authority to amend.
524.1502 Procedure to amend.
524.1503 Voting on amendments by voting groups.
524.1504 Articles of amendment.
524.1505 Approval of articles of amendment.
524.1506 Certificate of amendment.
524.1507 Change of location of principal place of business. Repealed by 95 Acts, ch 148, §135.
524.1508 Restated articles of incorporation.
524.1509 Reverse stock split.
524.1510 Effect of amendment
524.1601 Penalties and criminal provisions applicable to directors, officers and employees of state banks.
524.1602 Penalties applicable to state bank.
524.1603 Engaging in business unlawfully.
524.1604 Failure to file report or make statement.
524.1605 False statements, reports and felonious acts.
524.1606 Fraudulent advertising or notice.
524.1607 False statement for credit.
524.1608 Penalty for accepting deposits while insolvent.
524.1609 False statements concerning state banks.
524.1610 Violation of prohibition against receiving a commission for organizing a state bank.
524.1611 Offenses involving employees of banking division.
524.1701 through 524.1703 Repealed by 95 Acts,
ch 148, §135.
BANK HOLDING COMPANIES
524.1803 Offer to purchase stock.
524.1804 Notice of acquisition.
524.1805 Restrictions on acquisitions and mergers.
524.1806 Banks owned or controlled-officers and directors.
524.1808 Insurance sales.
524.1901 through 524.1911 Repealed by 96 Acts, ch 1056, §24.
524.1912 Insurance sales. Transferred to §524.1808 in Code 1997.
524.1913 Prohibited acquisitions. Repealed by 90 Acts, ch 1266, §61(3).
524.2001 Applicability of other chapters.
ELECTRONIC TRANSFER OF FUNDS
527.1 Statement of intent.
527.4 Establishment of satellite terminals- restrictions.
527.5 Satellite terminal requirements.
527.6 Disclosure of terms. Repealed by 95 Acts, ch 66, §5.
527.7 Records maintained.
527.8 Liability and errors. Repealed by 95 Acts, ch 66, §5.
527.9 Central routing units.
527.12 Revocation of privilege.
533A.2 Licenses required-exceptions.
533A.4 Expiration date.
533A.6 Appointment of process agent.
533A.7 Revocation or suspension.
533A.8 Written contract required.
533A.9 Fee agreed in advance.
533A.10 Examination of licensee.
533A.11 Unlawful acts of licensee.
533A.13 License mandatory to business.
533A.14 Fees to state treasurer.
533A.15 Judicial review.
SALE OF CERTAIN INSTRUMENTS FOR PAYMENT OF MONEY
533B.1 Permission from superintendent of banking.
533B.3 Corporations exempt.
533B.7 Termination of license.
DELAYED DEPOSIT SERVICES
533D.3 License required-application process-display.
533D.4 Surrender of license.
533D.5 Change in circumstances-notification of superintendent.
533D.6 Continued operation after change in ownership-approval of superintendent
533D.7 Principal place of business-branch offices authorized.
533D.8 Other business operations at same site- restrictions.
533D.9 Fee restriction-required disclosure.
533D.10 Prohibited acts by licensee.
533D.11 Examination of records by superintendent.
533D.12 Suspension or revocation of license.
533D.13 Cease and desist order-injunction.
533D.14 Administrative penalty.
533D.15 Criminal violation-operation of business without license-injunction.
MONEY AND INTEREST
535.1 Denominations of money.
535.2 Rate of interest.
535.3 Interest on judgments and decrees.
535.4 Illegal rate prohibited-usury.
535.5 Penalty for usury.
535.6 Repealed by 82 Acts, ch 1153, §18.
535.7 Assignee of usurious contract.
535.8 Loan charges limited.
535.9 Prepayment penalties on loans secured by real estate mortgages prohibited.
535.10 Home equity line of credit.
535.11 Finance charge on accounts receivable.
535.12 Loans by agricultural credit corporation.
535.15 Open-end credit and credit card disclosure.
535.16 Delivery of copies of debt documents.
535.17 Requirements of credit agreements-statute
535A.2 Discriminatory-real estate mortgages.
535A.3 Discretion of financial institution.
535A.5 Agency to administer.
535A.6 Action for damages.
535A.7 Criminal penalty.
535A.8 Civil penalty.
535A.9 Tying arrangements prohibited.
535A.10 and 535A.11 Reserved.
535A.12 Title guaranty program disclosed. Repealed by 88 Acts, ch 1145, §6.
MORTGAGE BANKERS AND BROKERS
535B.4 General licensing requirements.
535B.5 Granting and denial of license.
535B.6 Licensing of foreign corporation.
535B.7 Suspension or revocation of license.
535B.8 Operating without a license.
535B.9 Bonds required of license applicants.
535B.10 Investigations and examinations.
535B.11 Servicing mortgages and payoffs.
535B.12 Payment processing.
535B.14 Rulemaking authority.
535B.15 Liability of state.
535B.16 Notice to administrator.
536.1 Title-license required.
536.4 Grant or refusal of license.
536.6 Additional bond.
536.7 Separate license-change of place of
536.8 Annual fee-payment-new bond.
536.9 Suspension, revocation or surrender of
536.10 Examination of business-fee.
536.11 Records-annual report by licensee.
536.12 Restrictions on practices.
536.13 Banking board-report-classification-rules-
penalty-consumer credit code.
536.14 Rights of borrower-payments.
536.15 Limitation on principal amount over
twenty-five thousand dollars.
536.16 Nonresident licensees-face-to-face
536.17 and 536.18 Repealed by 74 Acts, ch 1250,
536.20 Nonapplicability of statute.
536.23 Judicial review.
536.24 List of licensees by banking superintendent.
536.25 Statement of indebtedness of borrower.
536.26 Insured loans.
536.27 Insurance related to property of borrower.
536.29 Enforcement of Iowa consumer credit code.
536A.6 Administration by superintendent.
536A.7 Application for license.
536A.8 Capital stock requirement.
536A.9 Investigation of application.
536A.10 Issuance of license.
536A.11 Denial of license.
536A.12 Continuing license-annual fee-change of
location-change of control.
536A.13 Books and records.
536A.14 Annual report.
536A.15 Examination of licensees.
536A.16 Cease and desist orders.
536A.18 Revocation or suspension of license.
536A.20 Real estate loans.
536A.21 Other business in same office.
536A.22 Thrift certificates.
536A.23 Powers of industrial loan companies.
536A.24 Electronic transactions.
536A.29 Enforcement of Iowa consumer credit
536A.30 Nonresident licensees-face-to-face
536A.31 Applicability of Iowa consumer credit
LENDER CREDIT CARDS
536C.6 Applicability of Iowa consumer credit
536C.7 Books and records.
536C.9 Cease and desist orders.
536C.11 Waiver unenforceable.
CONSUMER CREDIT CODE
The general assembly of the state of Iowa hereby declares and states that it does not want any of the provisions of Public Law No. 96-221 (94 stat. 132), section 501, subsection (a), paragraph (1), to apply
with respect to loans, mortgages, credit sales, and
advances made in this state; and that it does not
want any of the provisions of Public Law No.
96-221 (94 stat. 132), Part B (section 511,
subsections (a) and (b)), to apply with respect to
loans made in this state; and that it does not want
any of the provisions of any of the amendments
contained in Public Law No. 96-221 (94 stat. 132),
sections 521, 522 and 523 to apply with respect to
loans made in this state; and that it does not want
any of the provisions of Public Law No. 96-221 (94
stat. 132), section 524 to apply with respect to loans
made in this state. It is the intent of the general
assembly of the state of Iowa in enacting this section
to exercise all authority granted by Congress and to
satisfy all requirements imposed by Congress in
Public Law No. 96-221 (94 stat. 132), section 501,
subsection (b), paragraph (2), and section 512, and
section 524, subsection (i), paragraph (3), and
section 525, for the purpose of rendering the
provisions of Public Law No. 96-221 (94 stat. 132),
Title V, inapplicable in this state. [80 Acts, ch
1156, § 32]
GENERAL PROVISIONS AND DEFINITIONS
SHORT TITLE, CONSTRUCTION, GENERAL
537.1101 Short title.
537.1102 Purposes-rules of construction.
537.1103 Law applicable.
537.1105 and 537.1106 Reserved.
537.1108 Effect on organizations.
537.1110 Obligation of good faith.
SCOPE AND JURISDICTION
537.1201 Territorial application.
537.1203 Jurisdiction-service of process.
537.1301 General definitions.
537.1302 Definition-Truth in Lending Act.
537.1303 Other defined terms.
FINANCE CHARGES AND RELATED
537.2101 Short title.
CONSUMER CREDIT SALES:
MAXIMUM FINANCE CHARGES
537.2201 Finance charge for consumer credit sales
not pursuant to open end credit.
537.2202 Finance charge for consumer credit sales
pursuant to open end credit.
CONSUMER LOANS: SUPERVISED LOANS
537.2301 Authority to make supervised loans.
537.2303 Revocation or suspension of license.
537.2304 Records-annual reports.
537.2305 Examinations and investigations.
537.2307 Restrictions on interest in land as
537.2308 Regular schedule of payments-maximum
537.2309 No other business for purpose of
537.2310 Conduct of business other than making
CONSUMER LOANS: MAXIMUM FINANCE
537.2401 Finance charge for consumer loans not
pursuant to open end credit.
537.2402 Finance charge for consumer loans
pursuant to open end credit.
CONSUMER CREDIT TRANSACTIONS:
OTHER CHARGES AND MODIFICATIONS
537.2501 Additional charges.
537.2502 Delinquency charges.
537.2503 Deferral charges.
537.2504 Finance charge on refinancing.
537.2505 Finance charge on consolidation.
537.2506 Advances to perform covenants of
537.2507 Attorney's fees.
537.2508 Conversion to open end credit.
537.2509 Right to prepay.
537.2510 Rebate upon prepayment.
OTHER CREDIT TRANSACTIONS
537.2601 Charges for other credit transactions.
537.2602 Repealed by 79 Acts, ch 130, §30.
REGULATION OF AGREEMENTS AND
537.3101 Short title.
537.3201 Compliance with Truth in Lending Act.
537.3202 Consumer leases.
537.3203 Notice to consumer.
537.3204 Notice of assignment.
537.3205 Change in terms of open-end credit
537.3206 Receipt-statements of account-evidence
537.3207 Form of insurance premium loan
537.3208 Notice to cosigners and similar parties.
537.3210 Prohibited statements relating to rates.
537.3211 Notice of consumer paper.
537.3212 Notice of methods of financing and
LIMITATIONS ON AGREEMENTS AND
537.3301 Security in consumer credit transactions.
537.3303 Debt secured by cross-collateral.
537.3304 Use of multiple agreements.
537.3305 No assignment of earnings.
537.3306 Authorization to confess judgment
537.3307 Certain negotiable instruments
537.3308 Balloon payments.
537.3309 Referral sales and leases.
537.3310 Limitations on executory transactions.
537.3311 Discrimination prohibited.
LIMITATIONS ON CONSUMER'S LIABILITY
537.3401 Restriction on liability in consumer
537.3402 Limitation on default charges.
537.3403 Card issuer subject to claims and
537.3404 Assignee subject to claims and defenses.
537.3405 Lender subject to defenses arising from
sales and leases.
HOME SOLICITATION SALES
537.3501 Door-to-door sales.
CONSUMER RENTAL PURCHASE
537.3601 Short title.
537.3602 Purposes-rules of construction.
537.3604 General definitions.
537.3606 Form requirements.
537.3608 Acquiring ownership.
537.3610 Balloon payments prohibited.
537.3611 Prohibited charges.
537.3612 Additional charges.
537.3613 Reinstatement fees.
537.3614 Taxes and official fees.
537.3616 Lessee's reinstatement rights.
537.3619 Cure of default.
537.3620 Willful and intentional violations.
537.3622 Effect of correction.
537.3623 Statute of limitations.
537.4101 Scope-excess charges.
REMEDIES AND PENALTIES
LIMITATIONS ON CREDITORS' REMEDIES
537.5101 Short title.
537.5103 Creditor's obligations on repossession-
restriction on deficiency judgments.
537.5104 No garnishment before judgment.
537.5105 Limitation on garnishment.
537.5107 Extortionate or unlawful extensions of
537.5108 Unconscionability-inducement by
unconscionable conduct-unconscionable debt collection.
537.5110 Cure of default.
537.5111 Notice of right to cure.
537.5201 Effect of violations on rights of parties.
537.5202 Damages or penalties as setoff to
537.5203 Civil liability for violation of disclosure
537.5301 Willful violations.
537.5302 Disclosure violations.
POWERS AND FUNCTIONS OF
537.6101 Short title.
537.6104 Powers of administrator-reliance on rules-duty to report.
537.6105 Administrative powers with respect to supervised financial organizations and supervised loan licensees.
537.6106 Investigatory powers.
537.6108 Administrative enforcement orders.
537.6109 Assurance of discontinuance.
537.6110 Injunctions and other proceedings in equity.
537.6111 Injunctions against unconscionable agreements and fraudulent or unconscionable conduct.
537.6112 Temporary relief.
537.6113 Civil actions by administrator.
537.6115 Consumer's remedies not affected.
537.6117 Administrative rules.
NOTIFICATION AND FEES
537.6204 Repealed by 76 Acts, ch 1212, §8.
DEBT COLLECTION PRACTICES
537.7101 Short title.
537.7103 Prohibited practices.
CHECK CASHING PRACTICES
537.8101 Provision of credit card number as
condition of check cashing or acceptance
DISPOSITION OF UNCLAIMED PROPERTY
556.1 Definitions and use of terms.
556.2 Property held by banking or financial oganizations or by business associations.
556.2A Traveler's checks and money orders.
556.2B Checks, drafts, and similar instruments issued or certified by banking and financial organizations.
556.3 Unclaimed funds held by life insurance corporations.
556.4 Deposits and refunds held by utilities.
556.5 Stocks and other intangible interests in business associations.
556.6 Property of business associations and banking or financial organizations held in course of dissolution.
556.7 Property held by fiduciaries.
556.8 Property held by state courts and public officers and agencies-abandonment.
556.9 Miscellaneous personal property held for another person.
556.9A Out-of-state property issued within the state.
556.10 Reciprocity for property presumed abandoned or escheated under the laws of another state.
556.11 Report of abandoned property.
556.12 Notice and publication of lists of abandoned property.
556.13 Payment or delivery of abandoned property.
556.14 Relief from liability by payment or delivery.
556.15 Income accruing after payment or delivery.
556.16 Periods of limitation not a bar.
556.17 Sale of abandoned property.
556.18 Deposit of funds.
556.19 Claim for abandoned property paid or delivered.
556.20 Determination of claims.
556.21 Judicial action upon determinations.
556.22 Elections by the treasurer of state.
556.23 Examination of records.
556.24 Proceeding to compel delivery of abandoned property.
556.25 Interest and penalties.
556.27 Effect of laws of other states.
556.28 Interstate agreements and cooperation.
556.29 Uniformity of interpretation.
556.30 Short title.
556.31 Obtaining information on accounts. Repealed by 84 Acts, ch 1295, §25.
556.32 Proceeding to adjudicate escheat. Repealed by 84 Acts, ch 1295, §25.
556.33 Notice. Repealed by 84 Acts, ch 1295, §25.
556.34 Collection and deposit of funds. Repealed by 84 Acts, ch 1295, §25.
556.35 Indemnification of the United States. Repealed by 84 Acts, ch 1295, §25.
556.36 Short title. Repealed by 84 Acts, ch 1295, §25.