Ask Reggi Your Question Now
Can you summarize IACO 524.1802?
BANKS > Limitation.
Short Summary
This legal document governs the acquisition of depository institutions and control of deposits in the state of Iowa. It defines key terms such as ‘acquisition’, ‘affiliate’, ‘deposit’, ‘deposit in this state’, ‘deposit report’, ‘depository institution’, ‘holding company’, ‘incorporated in any state’, and ‘series of acquisitions’. The document establishes limitations on the direct or indirect acquisition of depository institutions or their deposits. It states that a depository institution or holding company cannot acquire a depository institution or its deposits if it would result in exceeding fifteen percent of the total deposits in the state. The document also prohibits certain transfers or conversions of deposits for the purpose of compliance with the deposit limitation. The superintendent is authorized to review and verify compliance with the deposit limitation. No specific penalties are mentioned in this document.
Whom does it apply to?
Depository institutions and holding companies
What does it govern?
Acquisition of depository institutions and control of deposits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa