§ 524.804 — Data processing services

Iowa § 524.804

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

A state bank which owns or leases equipment to perform such bank services as check
and deposit sorting and posting, computation and posting of interest and other credits
and charges, preparation and mailing of checks, statements, notices, and similar items, or
other clerical, bookkeeping, accounting, statistical, or other similar functions, may provide
similarly related data processing services for others whether or not engaged in the business
of banking. If a state bank holds shares in a corporation organized solely for the purpose
of providing data processing services, pursuant to the authority granted by section 524.803,
subsection 1, paragraph “d”, other than a bank service corporation as defined by the laws of
the United States, such corporation shall be authorized to perform services for the state bank
owning such interest and for others, whether or not engaged in the business of banking.

Legislative History

[C62, 66, §524.31; C71, 73, 75, 77, 79, 81, §524.804]