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Can you summarize IACO Chapter 524?
COMMERCE > BANKS
Short Summary
The Iowa Banking Act governs the business of banking in the state of Iowa. It applies to state banks, national banks, federal savings associations, out-of-state banks, and other entities mentioned in the Iowa Code. The Act aims to ensure the safe and sound conduct of banking operations, protect the assets of state banks, maintain public confidence, and safeguard the interests of depositors, creditors, shareholders, and the public. It also promotes competition among state banks and with banks from other states and the United States. The Act grants management of state banks the ability to exercise business judgment within the framework of the Act’s purposes. It delegates rulemaking power and administrative discretion to the superintendent for flexible supervision and regulation of state banks. The Act also seeks to simplify and modernize the law governing banking and fiduciary powers, allowing state banks to adopt new technologies that enhance banking efficiency and convenience. It provides definitions for various terms used in the Iowa Code related to banks and banking. The Act does not mention any specific exemptions or penalties.
Whom does it apply to?
State banks, national banks, federal savings associations, out-of-state banks, and other entities mentioned in the Iowa Code
What does it govern?
The Iowa Banking Act
What are exemptions?
No exemptions or penalties are mentioned in this document
Jurisdiction
Iowa