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Can you summarize 187 IAAC Chapter 8?
Banking Division > GENERAL BANKING POWERS
Short Summary
The provided legal document governs the provision of courier services by state banks in Iowa. State banks in Iowa have the option to provide courier services to their customers either through a third-party provider or using their own employees. When using a third-party provider, the state bank may pay the provider directly and charge its customers accordingly. Superintendent approval is not required for this arrangement. If the state bank establishes and operates its own courier services using its own employees, it must comply with the provisions of rule 1872.17(17A,524) and establish the vehicle used for courier services as a bank office. The purpose of this rule is to implement Iowa Code section 524.213. It is the superintendents intent that the term bank used in Iowa Code section 524.103 means a corporation organized under Iowa Code chapter 524, a corporation organized under 12 U.S.C. 21, a corporation organized under 12 U.S.C. 1464, or an out-of-state bank as defined in Iowa Code section 524.103. The general definition of bank as set forth in Iowa Code section 524.103 does not include a state credit union or federal credit union. This rule is intended to implement Iowa Code section 524.103.
Whom does it apply to?
State banks in Iowa
What does it govern?
Provision of courier services by state banks in Iowa
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Iowa