Bill Text: IA HSB643 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A study bill relating to disclosure and filing requirements for certain state credit unions.
Spectrum: Unknown
Status: (Introduced - Dead) 2016-03-15 - Ways and Means: Vander Linden Chair,Baltimore, and Jacoby. [HSB643 Detail]
Download: Iowa-2015-HSB643-Introduced.html
House
Study
Bill
643
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
SANDS)
A
BILL
FOR
An
Act
relating
to
disclosure
and
filing
requirements
for
1
certain
state
credit
unions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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_____
Section
1.
Section
533.102,
Code
2016,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
2A.
“Complex
credit
union”
means
a
state
3
credit
union
organized
pursuant
to
section
533.201
that
meets
4
all
of
the
following
requirements:
5
a.
Consists
of
members
in
twenty
or
more
counties
in
any
6
state.
7
b.
Has
more
than
two
hundred
fifty
million
dollars
in
assets
8
as
reported
in
the
state
credit
union’s
latest
quarterly
report
9
required
under
section
533.330.
10
c.
Has
made
a
business,
agricultural,
purchase,
or
11
participation
loan
to
a
member
or
nonmember
as
reported
in
the
12
state
credit
union’s
latest
quarterly
call
report
required
by
13
the
national
credit
union
administration.
14
Sec.
2.
Section
533.301,
subsection
1,
paragraph
b,
Code
15
2016,
is
amended
to
read
as
follows:
16
b.
(1)
Nonmembers
as
prescribed
by
rule
where
the
state
17
credit
union
is
serving
predominantly
low-income
members.
18
Rules
adopted
allowing
nonmember
deposits
in
state
credit
19
unions
serving
predominantly
low-income
members
shall
be
20
designed
solely
to
meet
the
needs
of
the
low-income
members.
21
(2)
Notwithstanding
section
533.108,
the
superintendent
22
shall
make
available
aggregate
data
substantiating
the
23
division’s
determination
that
a
complex
credit
union
is
serving
24
predominantly
low-income
members.
Such
data
shall
include
any
25
factors
used
to
make
the
determination,
income
limitations,
26
and
any
other
applicable
data.
However,
such
data
shall
not
27
include
the
personal
identification
information
of
any
credit
28
union
member.
29
Sec.
3.
Section
533.329,
subsection
2,
paragraph
a,
Code
30
2016,
is
amended
to
read
as
follows:
31
a.
The
moneys
and
credits
tax
on
state
credit
unions
is
32
imposed
at
a
rate
of
one-half
cent
on
each
dollar
of
the
legal
33
and
special
reserves
that
are
required
to
be
maintained
by
the
34
state
credit
union
under
section
533.303
,
and
shall
be
levied
35
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3
H.F.
_____
by
the
board
of
supervisors
and
placed
upon
the
tax
list
and
1
collected
by
the
county
treasurer.
However,
an
exemption
shall
2
be
given
to
each
state
credit
union
in
the
amount
of
forty
3
thousand
dollars.
A
complex
credit
union
subject
to
the
moneys
4
and
credits
tax
imposed
under
this
paragraph
shall
file
a
copy
5
of
its
tax
statement
with
the
department
of
revenue
at
the
time
6
the
tax
statement
is
filed
with
and
the
tax
is
collected
by
the
7
county
treasurer.
8
Sec.
4.
Section
533.329,
Code
2016,
is
amended
by
adding
the
9
following
new
subsection:
10
NEW
SUBSECTION
.
3.
If
a
complex
credit
union
required
11
to
file
a
tax
return
or
other
document
with
the
internal
12
revenue
service
files
such
return
or
document
on
a
group
13
or
consolidated
basis
with
other
state
credit
unions,
the
14
superintendent
shall
require
the
complex
credit
union
to
15
provide
the
superintendent
with
individual
tax
information,
16
which
the
superintendent
shall
disclose
upon
request.
17
EXPLANATION
18
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
19
the
explanation’s
substance
by
the
members
of
the
general
assembly.
20
This
bill
relates
to
disclosure
and
filing
requirements
for
21
certain
state
credit
unions.
22
Under
current
law,
a
state
credit
union
may
provide
services
23
to
nonmembers
if
the
credit
union
serves
predominantly
24
low-income
members.
A
state
credit
union
is
required
to
pay
a
25
moneys
and
credits
tax
to
be
collected
by
the
county
treasurer.
26
The
bill
requires
that
the
superintendent
make
available
27
aggregate
data
substantiating
the
credit
union
division’s
28
determination
that
a
complex
credit
union
is
serving
29
predominantly
low-income
members,
including
the
factors
used
30
to
make
the
determination,
income
limitations,
and
any
other
31
applicable
data.
However,
this
data
shall
not
include
the
32
personal
identification
information
of
credit
union
members.
33
The
bill
defines
a
“complex
credit
union”
as
a
state
credit
34
union
that
consists
of
members
in
20
or
more
counties
in
any
35
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3
H.F.
_____
state,
has
more
than
$250
million
in
assets
as
reported
in
its
1
latest
quarterly
report,
and
has
made
a
business,
agricultural,
2
purchase,
or
participation
loan
to
a
member
or
nonmember
as
3
reported
in
its
latest
quarterly
call
report.
4
The
bill
provides
that
a
complex
credit
union
subject
to
the
5
moneys
and
credits
tax
must
file
a
copy
of
its
tax
statement
6
with
the
department
of
revenue
at
the
time
the
tax
statement
is
7
filed
with
and
the
tax
is
collected
by
the
county
treasurer.
8
The
bill
provides
that
if
a
complex
credit
union
required
9
to
file
a
tax
return
or
other
document
with
the
internal
10
revenue
service
files
such
return
or
document
on
a
group
11
or
consolidated
basis,
the
superintendent
shall
require
12
the
complex
credit
union
to
provide
the
superintendent
with
13
individual
tax
information,
which
the
superintendent
shall
14
disclose
upon
request.
15
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