Iowa § 524.224 Grounds for order to cease business — appointment of receiver

Iowa Statutes

§ 524.224 — Grounds for order to cease business — appointment of receiver

Iowa § 524.224

Title XIIICOMMERCE

Ch. 524BANKS

This text of Iowa § 524.224 (Grounds for order to cease business — appointment of receiver) 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 § 524.224 (2026).

Text

1.The superintendent may, without prior notice or hearings, order a state bank to cease to carry on its business whenever the superintendent determines that:

a.The state bank has violated its articles of incorporation or any law of this state.

b.The capital of the state bank is impaired.

c.The state bank is conducting its business in an unsafe or unsound manner.

d.The state bank is insolvent or is otherwise in such condition that it is unsound, unsafe, or inexpedient for it to transact business.

e.The state bank has suspended or refused payment of its deposits or other liabilities contrary to the terms thereof, or the superintendent determines the state bank is unlikely to be able to pay its deposits or other liabilities in the near future.

f.The state bank refuses to make its reco

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1. The superintendent may, without prior notice or hearings, order a state bank to cease
to carry on its business whenever the superintendent determines that:
a. The state bank has violated its articles of incorporation or any law of this state.
b. The capital of the state bank is impaired.

c. The state bank is conducting its business in an unsafe or unsound manner.
d. The state bank is insolvent or is otherwise in such condition that it is unsound, unsafe,
or inexpedient for it to transact business.
e. The state bank has suspended or refused payment of its deposits or other liabilities
contrary to the terms thereof, or the superintendent determines the state bank is unlikely to
be able to pay its deposits or other liabilities in the near future.
f. The state bank refuses to make its records available to the superintendent for
examination or otherwise refuses to make available, through an officer or employee having
knowledge thereof, information required by the superintendent for the proper discharge of
the duties of the superintendent’s office.
g. The state bank neglects or refuses to observe any order of the superintendent made
pursuant to the provisions of this chapter, unless the enforcement of such order is stayed in
a proceeding brought by the state bank.
h. The state bank has not transacted any business or performed any of the duties,
contemplated by its authorization to do business, for a period of thirty days.
2. Upon ordering a state bank to cease to carry on its business, the superintendent shall
immediatelyappointthefederaldepositinsurancecorporationasreceiverpursuanttosection
524.1310.

Legislative History

[C73, §1572; C97, §1877; C24, 27, 31, 35, §9283-e1, -e2, -e3, -e4; C39, §9235, 9285.05 – 9285.08; C46, 50, 54, 58, 62, 66, §528.29, 528.90 – 528.93; C71, 73, 75, 77, 79, 81, §524.224]