524.613 - PROHIBITIONS APPLICABLE TO CERTAIN FINANCIAL TRANSACTIONS INVOLVING DIRECTORS. - Iowa Statutes

524.613 PROHIBITIONS APPLICABLE TO CERTAIN FINANCIAL TRANSACTIONS INVOLVING DIRECTORS. 1. A director of a state bank shall not receive anything of value, other than compensation and expense reimbursement authorized by section 524.610, for procuring, or attempting to procure, any loan or extension of credit, as defined in section 524.904, to the state bank or for procuring, or attempting to procure, an investment by the state bank. 2. A state bank shall not pay an overdraft of a director of the state bank on an account at the state bank, unless the payment of funds is made in accordance with either of the following: a. A written, preauthorized, interest-bearing extension of credit plan that specifies a method of repayment. b. A written, preauthorized transfer of collected funds from another account of the account holder at the state bank.          Section History: Early Form [C31, 35, § 9221-c3; C39, § 9221.3; C46, 50, 54, 58, 62, 66, § 528.10; C71, 73, 75, 77, 79, 81, § 524.613]          Section History: Recent Form 95 Acts, ch 148, §69 Referred to in § 524.1601, 524.1806