§ 524.107

524.107 Persons authorized to engage in banking business — educational bank. 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 lawsof the United States to engage in the business of receiving money for deposit, and except asprovided in subsection 2, shall not engage in this state in the business of receiving moneyfor deposit, transact the business of banking, or establish in this state a place of business forsuch 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 mannerwhich would tend to create the impression that the person is authorized to engage in thebusiness of banking or to act in a fiduciary capacity, except a state bank authorized to doso 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 holdingcompany as defined in section 524.1801, a savings and loan holding company as defined in12 U.S.C.

another state,a national bank to the extent permitted by the laws of the United States, a bank holdingcompany as defined in section 524.1801, a savings and loan holding company as defined in12 U.S.C. §1467a, or a federal savings association to the extent permitted by the laws of theUnited States. 3. Notwithstanding subsections 1 and 2, an organization formed for educational purposes in association with an accredited elementary or secondary school which engages in the receiptof deposits may use the words 'educational bank', the use of which is otherwise restrictedin subsection 2, and such an educational bank is not a bank within the meaning or scope ofregulation of this chapter. [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] 89 Acts, ch 257, §4; 89 Acts, ch 319, §80; 95 Acts, ch 148, §6; 96 Acts, ch 1056, §2; 2008 Acts, ch 1160, §1; 2012 Acts, ch 1017, §105; 2014 Acts, ch 1001, §3; 2022 Acts, ch 1062, §9 Referred to in §524.1005, 524.1603 Sat Dec 23 01:10:21 2023 Iowa Code 2024, Section 524.107 (26, 0)