Iowa § 524.107 Persons authorized to engage in banking business — educational bank

Iowa Statutes

§ 524.107 — Persons authorized to engage in banking business — educational bank

Iowa § 524.107

Title XIIICOMMERCE

Ch. 524BANKS

This text of Iowa § 524.107 (Persons authorized to engage in banking business — educational bank) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 524.107 (2026).

Text

1.A person, other than a state bank which is subject to the provisions of this chapter, an out-of-state bank, and a national bank or federal savings association authorized by the laws of the United States to engage in the business of receiving money for deposit, and except as provided in subsection 2, shall not engage in this state in the business of receiving money for deposit, transact the business of banking, or establish in this state a place of business for such purpose.

2.A person doing business in this state shall not use the words “bank” or use any derivative, plural, or compound of the words “bank”, “banking”, or “bankers” in any manner which would tend to create the impression that the person is authorized to engage in the business of banking or to act in a fiduciary capacity,

Free access — add to your briefcase to read the full text and ask questions with AI

1. A person, other than a state bank which is subject to the provisions of this chapter, an
out-of-state bank, and a national bank or federal savings association authorized by the laws
of the United States to engage in the business of receiving money for deposit, and except as
provided in subsection 2, shall not engage in this state in the business of receiving money
for deposit, transact the business of banking, or establish in this state a place of business for
such purpose.
2. A person doing business in this state shall not use the words “bank” or use any
derivative, plural, or compound of the words “bank”, “banking”, or “bankers” in any manner
which would tend to create the impression that the person is authorized to engage in the
business of banking or to act in a fiduciary capacity, except a state bank authorized to do
so by this chapter or an out-of-state bank authorized to do so by the laws of another state,
a national bank to the extent permitted by the laws of the United States, a bank holding
company as defined in section 524.1801, a savings and loan holding company as defined in
12 U.S.C. §1467a, or a federal savings association to the extent permitted by the laws of the
United States.
3. Notwithstanding subsections 1 and 2, an organization formed for educational purposes
inassociationwithanaccreditedelementaryorsecondaryschoolwhichengagesinthereceipt
of deposits may use the words “educational bank”, the use of which is otherwise restricted
in subsection 2, and such an educational bank is not a bank within the meaning or scope of
regulation of this chapter.

Legislative History

[C97, §1862, 1889; S13, §1889, 1889-i; C24, 27, 31, 35, 39, §9151, 9203, 9258, 9259, 9296; C46, 50, 54, 58, 62, 66, §524.24, 527.2, 528.50, 528.52, 532.13; C71, 73, 75, 77, 79, 81, §524.107]