Iowa § 536A.19 Receivership — liquidation

Iowa Statutes

§ 536A.19 — Receivership — liquidation

Iowa § 536A.19

Title XIIICOMMERCE

Ch. 536AINDUSTRIAL LOANS

This text of Iowa § 536A.19 (Receivership — liquidation) 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 § 536A.19 (2026).

Text

1.If the superintendent revokes the license of any industrial loan company, the superintendent shall promptly report the revocation to the attorney general, who may apply §536A.19, INDUSTRIAL LOANS 8 to the district court of the county in which the licensee had conducted its business for the appointment of a receiver to take possession of the assets of the corporation for the purpose of liquidating its affairs. The court shall appoint the superintendent as receiver unless the superintendent has tendered the appointment to the federal deposit insurance corporation, in which case the court shall appoint the federal deposit insurance corporation as receiver. The affairs of the industrial loan company, after such appointment, shall be under the direction of the court. The attorney general sha

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1. If the superintendent revokes the license of any industrial loan company, the
superintendent shall promptly report the revocation to the attorney general, who may apply
§536A.19, INDUSTRIAL LOANS 8
to the district court of the county in which the licensee had conducted its business for
the appointment of a receiver to take possession of the assets of the corporation for the
purpose of liquidating its affairs. The court shall appoint the superintendent as receiver
unless the superintendent has tendered the appointment to the federal deposit insurance
corporation, in which case the court shall appoint the federal deposit insurance corporation
as receiver. The affairs of the industrial loan company, after such appointment, shall be
under the direction of the court. The attorney general shall represent the superintendent in
all proceedings connected with the receivership.
2. When an insured industrial loan company has ceased to carry on its business, the
superintendent may tender the appointment as receiver of the insured industrial loan
company to the federal deposit insurance corporation. If the federal deposit insurance
corporation accepts the appointment as receiver, the rights of depositors and other creditors
of the insured industrial loan company shall be determined in accordance with the laws of
this state.
3. The federal deposit insurance corporation as receiver shall possess all of the powers,
rights, and privileges of the superintendent in connection with the liquidation.
4. If the federal deposit insurance corporation pays or makes available for payment the
insureddepositliabilitiesofaninsuredindustrialloancompany, thefederaldepositinsurance
corporation, whether or not it has become receiver, shall be subrogated to all rights of the
owners of such deposits against the insured industrial loan company in the same manner and
to the same extent as subrogation of the federal deposit insurance corporation is provided for
in applicable federal law with respect to a national bank.