§ 536a-19

536A.19 Receivership — liquidation. 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 applyto the district court of the county in which the licensee had conducted its business forthe appointment of a receiver to take possession of the assets of the corporation for thepurpose of liquidating its affairs. The court shall appoint the superintendent as receiverunless the superintendent has tendered the appointment to the federal deposit insurancecorporation, in which case the court shall appoint the federal deposit insurance corporationas receiver. The affairs of the industrial loan company, after such appointment, shall beunder the direction of the court. The attorney general shall represent the superintendent inall 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 loancompany to the federal deposit insurance corporation.

ustrial loan company has ceased to carry on its business, the superintendent may tender the appointment as receiver of the insured industrial loancompany to the federal deposit insurance corporation. If the federal deposit insurance corporation accepts the appointment as receiver, the rights of depositors and other creditorsof the insured industrial loan company shall be determined in accordance with the laws ofthis 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 insured deposit liabilities of an insured industrial loan company, the federal deposit insurancecorporation, whether or not it has become receiver, shall be subrogated to all rights of theowners of such deposits against the insured industrial loan company in the same manner andto the same extent as subrogation of the federal deposit insurance corporation is provided forin applicable federal law with respect to a national bank.

industrial loan company in the same manner andto the same extent as subrogation of the federal deposit insurance corporation is provided forin applicable federal law with respect to a national bank. [C66, 71, 73, 75, 77, 79, 81, §536A.19]96 Acts, ch 1159, §2 Sat Dec 23 01:39:22 2023 Iowa Code 2024, Section 536A.19 (15, 0)