| LAWS OF THE 2001 REGULAR SESSION OF THE SEVENTY-NINTH GENERAL ASSEMBLY OF THE STATE OF IOWA |
Section 1. Section 524.1201, subsection 1, Code 2001, is amended to read as follows:
1. A bank shall not open or maintain a branch
bank.
A state bank may establish and operate
any number of bank offices at any location in this
state subject to the approval and regulation of the superintendent
and to the restrictions upon location and number imposed by section
524.1202
. A bank office may furnish all
banking services ordinarily furnished to customers and depositors at the principal place of business of the state
bank which operates the office, and a bank office manager or an officer of the bank shall be physically present at
each bank office during a majority of its business hours. The central executive and official business and
principal recordkeeping functions of a state bank shall be exercised only at its principal place of business or at
another bank office as authorized by the superintendent for these functions.
Sec. 2. Section 524.1202, Code 2001, is amended by adding the following new subsections:
NEW SUBSECTION. 4. Notwithstanding other restrictions in this chapter to the contrary, a state bank may, subject to the approval of the superintendent, establish up to three bank offices at any location in Iowa in addition to the bank offices that may be established pursuant to other provisions of this chapter.
NEW SUBSECTION. 5. Notwithstanding any other restrictions in this chapter to the contrary, a branch of an out-of-state national bank or a branch of an out-of-state state bank may establish up to three bank offices at any location in Iowa in addition to the bank offices that may be established pursuant to other provisions of this chapter, provided that no more than a total of three such bank offices may be established by all branches collectively of an out-of-state national bank or an out-of-state state bank.
Sec. 3. Section 524.1204, Code 2001, is amended to read as follows:
524.1204 PRIVILEGES EXTENDED TO NATIONAL BANKS.
The privileges extended to state banks by section
524.1201, 524.1202
and 524.1212
and chapter 527 shall be available on the same conditions to national banks to the extent
they are so authorized by federal law.
Sec. 4. Section 524.1205, Code 2001, is amended to read as follows:
524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE —SUPERINTENDENT'S AUTHORITY TO REGULATE.
1. Notwithstanding section 524.1201, subsection 1, and section 524.1202, subsection 2, paragraph "b", upon application to and approval by the superintendent, a state bank may acquire in any manner, establish, maintain, operate, retain, or relocate a branch or office in a state other than this state. Subject to the approval of the superintendent, such branch or office may engage in any activity authorized for a branch or office of a bank organized under the laws of that other state.
2. The superintendent shall supervise and regulate all out-of-state branches and offices of a state bank.
3. Sections 524.1201 and 524.1203 apply to an out-of-state branch or office of a state bank except as otherwise provided by the laws of the state in which a branch or office is located or by the superintendent pursuant to this section.
4. This section does not authorize or permit a state-chartered bank located outside of this state or a
national bank located outside of this state to establish a de novo branch or office in this state.
This section does not authorize or permit, before June 1, 1997, an interstate merger transaction within the meaning of 12 U.S.C.
§ 1831u(a).
Sec. 5. Section 524.1205, Code 2001, as amended by section 4 of this Act, is amended to read as follows:
524.1205 ESTABLISHMENT OF BRANCH OR OFFICE IN OTHER STATE —SUPERINTENDENT'S AUTHORITY TO REGULATE.
1. Notwithstanding section 524.1201, subsection 1,
and section 524.1202, subsection 2, paragraph
"b",
upon application to and approval by the superintendent, a state bank may acquire in any manner,
establish, maintain, operate, retain, or relocate a branch or office in a state other than this state. Subject to the approval
of the superintendent, such branch or office may engage in any activity authorized for a branch or office of a
bank organized under the laws of that other state.
2. The superintendent shall supervise and regulate all out-of-state branches and offices of a state bank.
3. Sections 524.1201 and 524.1203 apply to an out-of-state branch or office of a state bank except as otherwise provided by the laws of the state in which a branch or office is located or by the superintendent pursuant to this section.
4. This section does not authorize or permit a state-chartered bank located outside of this state or a national bank located outside of this state to establish a de novo branch or office in this state.
Sec. 6. Section 524.1212, Code 2001, is amended to read as follows:
524.1212 LOCATION OF SATELLITE TERMINALS.
Any state bank may utilize a satellite terminal, as defined in section 527.2, when
that satellite terminal is lawfully being operated, at any location within this state.
A satellite terminal which complies with the requirements of chapter 527 is not a branch bank or
an office of a bank and is not subject to the restrictions on location or number set forth
in section 524.1202.
Any transaction engaged in through the use of a satellite terminal
shall be deemed to take place at the principal place of business of a bank whose accounts
and records are affected by the transaction.
Sec. 7. Section 524.1213, Code 2001, is amended by adding the following new subsection:
NEW SUBSECTION. 8A. A bank that is converted to the principal place of business or to a united community bank office as a result of a merger or consolidation under subsection 3 that occurs after January 1, 2001, may establish any number of additional bank offices that could have been established by the bank pursuant to section 524.1202, subsection 4, prior to the merger or consolidation.
Sec. 8. Section 524.1419, Code 2001, is amended to read as follows:
524.1419 OFFICES OF A RESULTING STATE BANK.
If a merger or conversion results in a state bank subject to the provisions of this chapter,
the resulting state bank, after the effective date of the merger or conversion, shall be subject to the
provisions of sections 524.1201, 524.1202, and 524.1203 relating to the bank offices.
Sec. 9. Section 534.214, subsection 2, unnumbered paragraph 2, Code 2001, is amended by striking the unnumbered paragraph.
Sec. 10. Sections 524.1202 and 524.1213, Code 2001, are repealed.
Sec. 11. FUTURE EFFECTIVE DATE. Sections 1, 3, 5, 6, 8, 9, and 10 of this Act take effect July 1, 2004.
Sec. 12. IMMEDIATE EFFECTIVE DATE. Except as provided in section 11 of this Act, this Act, being deemed of immediate importance, takes effect upon enactment.
Approved February 21, 2001
Updated: 23-Oct-2001 01:38 PM
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