534.301 - SAVINGS ACCOUNT AUTHORITY.
534.301 SAVINGS ACCOUNT AUTHORITY. 1. Deposit accounts. A stock association or mutual association may receive money for deposit. 2. Share accounts. A mutual association may receive money to be held in withdrawable share accounts and time share accounts. 3. NOW accounts. An association may offer savings accounts under which the owner of the account may order or authorize the withdrawal of part or all of the savings account by means of a negotiable or nonnegotiable draft or similar instrument payable to the owner or to third parties or their order. 4. Terms and conditions. An association shall establish the interest rate, method of computing interest, service charges, and other terms and conditions of each type of savings account it will accept. These terms and conditions shall be consistent with this chapter, and shall be applied equally to all similar accounts. An association shall furnish a copy of the terms and conditions of a savings account upon request. An association shall give reasonable notice of any change in the terms and conditions to the owners of each type of savings account which is changed, provided that notice of changes in interest rates or methods of computing interest may be provided by posting a conspicuous notice of the change in each of the association's offices. The terms and conditions of an account established for a specified time period cannot be changed during that time period except with mutual consent or according to the original terms. 5. Inducements. An association may give inducements for the opening of a savings account or the making of additions to a savings account. 6. Operating under federal rules as to deposits and interest. A savings and loan association operating under this chapter may operate in a manner similar to federally chartered savings and loan associations regarding the use of the terms "deposit" and "interest" and with such other powers as have been authorized to federally chartered associations under the Home Owners' Loan Act, 12 U.S.C. § 1461 et seq., as amended, and as permitted under the rules and regulations of the federal housing finance board and the federal office of thrift supervision, to the extent that similar rules and regulations have been adopted by the superintendent and have been filed with the secretary of state. This subsection does not diminish or restrict the powers otherwise granted to such association by the laws of Iowa. The adoption and filing of such rules or regulations by the superintendent shall not diminish or restrict the rights of associations which do not make the above determination. 7. Limitation on members' savings. Associations having assets of five hundred thousand dollars or less shall not accept from any one member savings liability of more than ten thousand dollars. Associations having assets in excess of five hundred thousand dollars shall not accept from any one member savings liability in excess of ten percent of its assets. These limitations shall not apply to share accounts issued to the United States government, or to any other federal government agency or instrumentality.
Section History: Early Form 1--5. [80 Acts, ch 1166, § 1; C81, § 534.11; 82 Acts, ch 1253, § 10] 6. [69 Acts, ch 276, § 1; 70 Acts, ch 1252, § 1; C71, § 534.19] 7. [C73, § 1185; S13, § 1898; C24, 27, 31, 35, 39, § 9330; C46, 50, 54, 58, § 534.20; C62, 66, 71, 73, 75, 77, 79, 81, § 534.14]
Section History: Recent Form C85, § 534.301 91 Acts, ch 92, §11; 2007 Acts, ch 88, §28 Referred to in § 534.209