Bill Text: IA SF2115 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act relating to matters under the purview of the banking division of the department of commerce. (Formerly SSB 3086.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2014-02-25 - Withdrawn. S.J. 380. [SF2115 Detail]
Download: Iowa-2013-SF2115-Introduced.html
Senate
File
2115
-
Introduced
SENATE
FILE
2115
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
SSB
3086)
A
BILL
FOR
An
Act
relating
to
matters
under
the
purview
of
the
banking
1
division
of
the
department
of
commerce.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5182SV
(2)
85
rn/sc
S.F.
2115
Section
1.
Section
490.1301,
subsection
4,
paragraph
b,
1
Code
2014,
is
amended
by
striking
the
paragraph.
2
Sec.
2.
Section
490.1330,
subsection
6,
Code
2014,
is
3
amended
by
striking
the
subsection.
4
Sec.
3.
Section
524.107,
subsections
1
and
2,
Code
2014,
are
5
amended
to
read
as
follows:
6
1.
A
person,
other
than
a
state
bank
which
is
subject
to
7
the
provisions
of
this
chapter
and
a
national
bank
authorized
8
by
the
laws
of
the
United
States
to
engage
in
the
business
9
of
receiving
money
for
deposit,
and
except
as
provided
in
10
subsection
2,
shall
not
engage
in
this
state
in
the
business
11
of
receiving
money
for
deposit,
transact
the
business
of
12
banking,
or
establish
in
this
state
a
place
of
business
for
13
such
purpose.
14
2.
A
person
doing
business
in
this
state
shall
not
use
15
the
words
“bank”
or
“trust”
or
use
any
derivative,
plural,
16
or
compound
of
the
words
“bank”,
“banking”,
“bankers”,
or
17
“trust”
in
any
manner
which
would
tend
to
create
the
impression
18
that
the
person
is
authorized
to
engage
in
the
business
of
19
banking
or
to
act
in
a
fiduciary
capacity,
except
a
state
bank
20
authorized
to
do
so
by
this
chapter
or
a
bank
authorized
to
21
do
so
by
the
laws
of
another
state
,
a
national
bank
to
the
22
extent
permitted
by
the
laws
of
the
United
States,
a
bank
23
holding
company
as
defined
in
section
524.1801
,
a
savings
and
24
loan
holding
company
as
defined
in
12
U.S.C.
§
1467a,
or
a
25
federal
association
to
the
extent
permitted
by
the
laws
of
the
26
United
States,
or,
insofar
as
the
word
“trust”
is
concerned,
an
27
individual
permissibly
serving
as
a
fiduciary
in
this
state,
28
pursuant
to
section
633.63
,
or,
insofar
as
the
words
“trust”
29
and
“bank”
are
concerned,
a
nonresident
corporate
fiduciary
30
permissibly
serving
as
a
fiduciary
in
this
state
pursuant
to
31
section
633.64
.
32
Sec.
4.
Section
524.1406,
subsection
3,
Code
2014,
is
33
amended
by
striking
the
subsection.
34
Sec.
5.
Section
544A.13,
subsection
1,
paragraph
h,
Code
35
-1-
LSB
5182SV
(2)
85
rn/sc
1/
3
S.F.
2115
2014,
is
amended
to
read
as
follows:
1
h.
Willful
or
repeated
violations
of
the
provisions
of
this
2
Act
chapter
.
3
Sec.
6.
REPEAL.
Section
544A.21,
Code
2014,
is
repealed.
4
EXPLANATION
5
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
6
the
explanation’s
substance
by
the
members
of
the
general
assembly.
7
This
bill
concerns
matters
under
the
purview
of
the
banking
8
division
of
the
department
of
commerce.
9
The
bill
modifies
provisions
in
Code
section
524.107
10
relating
to
when
a
person
doing
business
in
Iowa
may
be
11
permitted
to
use
the
words
“bank”
or
“trust”,
or
any
12
derivative,
plural,
or
compound
of
“bank”
or
“trust”,
in
13
a
manner
which
creates
the
impression
that
the
person
is
14
authorized
to
engage
in
the
business
of
banking
or
act
in
a
15
fiduciary
capacity.
Currently,
the
specified
list
of
persons
16
so
authorized
includes,
among
others,
a
bank
authorized
17
pursuant
to
Code
chapter
524.
The
bill
adds
the
provision
18
that
a
bank
authorized
by
the
laws
of
another
state
to
utilize
19
“bank”
or
“trust”
in
a
manner
tending
to
create
the
impression
20
that
the
person
is
authorized
to
engage
in
the
business
of
21
banking
or
act
in
a
fiduciary
capacity
shall
also
be
authorized
22
to
do
so
in
this
state.
The
bill
also
makes
a
conforming
change
23
to
promote
consistency
between
section
524.107,
subsections
1
24
and
2.
25
The
bill
also
makes
a
technical
correction
to
Code
section
26
544A.13,
subsection
1,
changing
a
reference
to
“provisions
of
27
this
Act”
to
“provisions
of
this
chapter”.
28
Additionally,
the
bill
repeals
Code
section
544A.21.
That
29
section
permits
specified
business
entities
to
engage
in
the
30
practice
of
architecture
in
Iowa
if
certain
requirements
are
31
met.
32
Further,
the
bill
repeals
Code
provisions
that
permit
the
33
use
of
discounts
for
minority
status
and
lack
of
marketability
34
in
determining
the
fair
value
of
shares
of
banks
and
bank
35
-2-
LSB
5182SV
(2)
85
rn/sc
2/
3
