§ 524.211

524.211 Prohibitions relating to banking division personnel. 1. The superintendent, general counsel, examiners, and other employees assigned to the bank bureau of the banking division are prohibited from obtaining a loan of money orproperty from a state bank, or any person or entity affiliated with a state bank, unless theydo not personally participate in the examination, oversight, or official review concerning theregulation of the state bank. 2. The superintendent, general counsel, examiners, and other employees assigned to the finance bureau of the banking division are prohibited from obtaining a loan of money orproperty from a person or entity licensed pursuant to chapter 533A, 533D, 536, or 536A, or aperson or entity affiliated with such licensee. 3. The superintendent, general counsel, examiners, and other employees of the banking division, who have credit relations with a person or entity licensed or registered pursuant tochapter 535B, 535D, or 536C, are prohibited from participating in decisions, oversight, andofficial review of matters concerning the regulation of the licensee or registrant. 4.

registered pursuant tochapter 535B, 535D, or 536C, are prohibited from participating in decisions, oversight, andofficial review of matters concerning the regulation of the licensee or registrant. 4. Examiners and other employees assigned to the bank bureau of the banking division who have credit relations with a person or entity licensed pursuant to chapter 533A, 533D,536, or 536A, or with a person or entity affiliated with such licensee, are prohibited fromparticipating in decisions, oversight, and official review of matters concerning the regulationof the licensee. 5. An employee of the banking division, other than the superintendent or a member of the state banking council, shall not perform any services for, and shall not be a shareholder,member, partner, owner, director, officer, or employee of, any enterprise, person, or affiliatesubject to the regulatory purview of the banking division. 6. For the purposes of this section and section 524.212, an affiliate of a person other than a state bank shall include any corporation, trust, estate, association or other similarorganization: a.

n. 6. For the purposes of this section and section 524.212, an affiliate of a person other than a state bank shall include any corporation, trust, estate, association or other similarorganization: a. Of which such person, directly or indirectly, owns or controls either a majority of the voting shares or more than fifty percent of the number of shares voted for the election ofits directors, trustees, or other individuals exercising similar functions at the precedingelection, or controls in any manner the election of a majority of its directors, trustees orother individuals exercising similar functions. b. Of which control is held, directly or indirectly, through share ownership or in any other manner, by the shareholders of such person who own or control either a majority of the sharesof such person or more than fifty percent of the number of shares voted for the electionof directors of such person at the preceding election or by trustees for the benefit of theshareholders of any such person. c. Of which a majority of its directors, trustees, or other individuals exercising similar functions are directors of any one such person. d.

es for the benefit of theshareholders of any such person. c. Of which a majority of its directors, trustees, or other individuals exercising similar functions are directors of any one such person. d. Which owns or controls, directly or indirectly, either a majority of the voting shares of such person or more than fifty percent of the total number of shares voted for the election ofdirectors of such person at the preceding election, or controls in any manner the election of amajority of the directors of such person, or for the benefit of whose shareholders or membersall or substantially all of the outstanding voting shares of such person is held by trustees. 7. The superintendent, examiners, or other employees who are convicted of a felony while holding such position shall be immediately discharged from employment and shall be foreverdisqualified from holding any position in the banking division. 8. The superintendent shall not participate in the examination, oversight, or official review concerning the regulation of any state bank or any other enterprise, person, oraffiliate subject to the regulatory purview of the banking division of which the superintendentis a shareholder,

review concerning the regulation of any state bank or any other enterprise, person, oraffiliate subject to the regulatory purview of the banking division of which the superintendentis a shareholder, member, partner, owner, director, officer, or employee. The superintendentshall recuse themselves from participation in any such examination, oversight, orofficial review and the state banking council shall designate a member who satisfies thequalifications identified in section 524.201, subsection 1, and who is not a shareholder, Sat Dec 23 01:11:19 2023 Iowa Code 2024, Section 524.211 (29, 1) §524.211, BANKS 2 member, partner, owner, director, officer, or employee of the regulated entity to act in placeof the superintendent. [C97, §1875, 1876; SS15, §1875; C24, 27, 31, 35, 39, §9146; C46, 50, 54, 58, 62, 66, §524.18; C71, 73, 75, 77, 79, 81, §524.211; 81 Acts, ch 172, §1] 95 Acts, ch 148, §11 – 13; 96 Acts, ch 1056, §3; 2004 Acts, ch 1141, §10; 2006 Acts, ch 1177, §33; 2007 Acts, ch 88, §3; 2008 Acts, ch 1160, §3; 2011 Acts, ch 102, §1; 2012 Acts, ch 1017,§106; 2022 Acts, ch 1062, §14, 15; 2023 Acts, ch 19, §2026 Referred to in §524.1611Subsection 5 amended Sat Dec 23 01:11:19 2023

§3; 2008 Acts, ch 1160, §3; 2011 Acts, ch 102, §1; 2012 Acts, ch 1017,§106; 2022 Acts, ch 1062, §14, 15; 2023 Acts, ch 19, §2026 Referred to in §524.1611Subsection 5 amended Sat Dec 23 01:11:19 2023 Iowa Code 2024, Section 524.211 (29, 1)