Iowa Modifies Consumer Credit Code Provisions
Iowa has modified several minor provisions under the Consumer Credit Code. These provisions are effective as of July 1, 2017.
Duties and Powers of Superintendent
The first amended provision is Section 524.213. This section modifies the rule that directors shall not be paid an interest rate on deposits by a state bank of which he or she is a director by adding that any waiver of customary charges related to deposit accounts shall not violate this restriction.
Officers and Directors
Section 533.205 has been modified to allow a state credit union to pay an overdraft of a director, officer, or employee of the credit union when the overdraft is paid pursuant to an overdraft protection plan or courtesy pay program.
For the full text of Senate File 502 please refer to https://www.legis.iowa.gov/docs/publications/LGE/87/SF502.pdf
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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