524.1106 Fees paid to an affiliate — approval by superintendent. Any contract or arrangement for management or financial services which involves payment for these services by a state bank to a person who owns shares in that state bank, or toany other affiliate, must be made in compliance with 12 U.S.C. §371c and 12 U.S.C. §371c-1,and may be reviewed by the superintendent at any time. Any contract or arrangement forconsultation or other services which involve payment of those services by a state bank to anyperson who individually or whose spouse or immediate family or any combination thereofowns fifteen percent or more of the outstanding shares of that state bank or is an officeror director thereof, or to an affiliate may be reviewed by the superintendent. Fees paid toan affiliate must be substantially the same as those prevailing at the time for comparabletransactions involving nonaffiliated companies in accordance with the provisions of 12 U.S.C.§371c-1. The superintendent shall have authority to determine whether or not such fees arereasonable in relation to the services performed, and if the superintendent determines theyare unreasonable, to require that they be reduced to a ve authority to determine whether or not such fees arereasonable in relation to the services performed, and if the superintendent determines theyare unreasonable, to require that they be reduced to a reasonable amount or eliminated andthe excess refunded, or that such contract or arrangement not be entered into by the statebank. [C71, 73, 75, 77, 79, 81, §524.1106]2022 Acts, ch 1062, §99 Sat Dec 23 01:20:30 2023 Iowa Code 2024, Section 524.1106 (23, 0)
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