2009 Iowa Code
Title 13 - Commerce
Subtitle 2 - Financial Institutions
CHAPTER 527 - ELECTRONIC TRANSFER OF FUNDS
527.3 - ENFORCEMENT.

        527.3  ENFORCEMENT.
         1.  For purposes of this chapter the superintendent of banking
      only has the power to issue rules applicable to, to accept and
      approve or disapprove applications or informational statements from,
      to conduct hearings and revoke any approvals relating to, and to
      exercise all other supervisory authority created by this chapter with
      respect to banks; the superintendent of savings and loan associations
      only shall have and exercise such powers and authority with respect
      to savings and loan associations; the superintendent of credit unions
      only has such powers and authority with respect to credit unions; and
      the superintendent of banking or the superintendent's designee only
      has such powers and authority with respect to industrial loan
      companies.
         2.  The administrator shall have the authority to examine any
      person who operates a multiple use terminal, limited-function
      terminal, or other satellite terminal, and any other device or
      facility with which such terminal is interconnected, as to any
      transaction by, with, or involving a financial institution which
      affects a customer asset account.  Information obtained in the course
      of such an examination shall not be disclosed, except as provided by
      law.
         3.  Nothing contained in this chapter shall authorize the
      administrator to regulate the conduct of business functions or to
      obtain access to any business records, data, or information of a
      person who operates a multiple use terminal, except those pertaining
      to a financial transaction engaged in through a satellite terminal,
      or as may otherwise be provided by law.
         4.  Nothing contained in this chapter shall be construed to
      prohibit or to authorize the administrator to prohibit an operator of
      a multiple use terminal, other than a financial institution, or an
      operator of any other device or facility with which such terminal is
      interconnected, other than a central routing unit or data processing
      center (as defined in section 527.2) from using those facilities to
      perform internal proprietary functions, including the extension of
      credit pursuant to an open-end credit arrangement.
         5.  An administrator may conduct hearings and exercise any other
      appropriate authority conferred by this chapter regarding the
      operation or control of a satellite terminal upon the written request
      of a person, including but not limited to, a retailer, financial
      institution, or consumer.
         6.  The authority of an administrator pursuant to section 527.5,
      subsection 2, paragraph "a", to approve access cards issued by a
      financial institution for use as an access device includes the
      requirement that a registration statement shall be filed with the
      administrator and be maintained on a current basis by each financial
      institution issuing access cards within the state.  The registration
      statement shall be in writing on a form prescribed by the
      administrator, and contain the name and address of the registrant, a
      depiction of both sides of the access card, and any other information
      the administrator deems relevant relating to the access card and
      transactions utilizing the access card which affect a customer asset
      account.
         7.  A financial institution shall not be required to join, be a
      member or shareholder of, or otherwise participate in, any
      corporation, association, partnership, cooperative, or other
      enterprise as a condition of the financial institution's utilization
      of any satellite terminal located within this state.
         8.  An administrator may issue any order necessary to secure
      compliance with or prevent a violation of this chapter or the rules
      adopted pursuant to this chapter, regarding the establishment and
      operation of a satellite terminal, limited-function terminal,
      upgraded, altered, modified, or replaced limited-function terminal,
      and any other device or facility with which such terminal is
      interconnected.  A person who violates a provision of this chapter or
      any rule or any order issued pursuant to this chapter is subject to a
      civil penalty not to exceed one thousand dollars for each day the
      violation continues.  A person aggrieved by an order of an
      administrator may appeal the order by filing a written notice of
      appeal with the administrator within thirty days of the issuance of
      the order.  The administrator shall schedule a hearing for the
      purpose of hearing the arguments of the aggrieved person within
      thirty days of the filing of the notice of appeal.  The provisions of
      chapter 17A shall apply to all matters related to the appeal.  The
      attorney general, on request of the administrator, shall institute
      any legal proceedings necessary to obtain compliance with an order of
      the administrator or to prosecute a person for a violation of the
      provisions of this chapter or rules adopted pursuant to this chapter.
      

         Section History: Early Form

         [C77, 79, 81, § 527.3] 

         Section History: Recent Form

         87 Acts, ch 158, §3; 91 Acts, ch 92, §1; 91 Acts, ch 216, §4, 5;
      95 Acts, ch 66, §2
         Referred to in § 527.2, 527.12