2020 Iowa Code
Title XIII - COMMERCE
Chapter 527 - ELECTRONIC TRANSFER OF FUNDS
Section 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 informationalstatements from, to conduct hearings and revoke any approvals relating to, and to exercise allother supervisory authority created by this chapter with respect to banks; the superintendentof credit unions only has such powers and authority with respect to credit unions; andthe superintendent of banking or the superintendent’s designee only has such powers andauthority 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 otherdevice 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. Informationobtained in the course of such an examination shall not be disclosed, except as provided bylaw. 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, orinformation of a person who operates a multiple use terminal, except those pertaining toa financial transaction engaged in through a satellite terminal, or as may otherwise beprovided 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 financialinstitution, or an operator of any other device or facility with which such terminal isinterconnected, other than a central routing unit or data processing center (as defined insection 527.2) from using those facilities to perform internal proprietary functions, includingthe 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 thewritten request of a person, including but not limited to, a retailer, financial institution, orconsumer. 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 deviceincludes the requirement that a registration statement shall be filed with the administratorand be maintained on a current basis by each financial institution issuing access cardswithin the state. The registration statement shall be in writing on a form prescribed by theadministrator, and contain the name and address of the registrant, a depiction of both sidesof the access card, and any other information the administrator deems relevant relatingto the access card and transactions utilizing the access card which affect a customer assetaccount. 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 otherenterprise as a condition of the financial institution’s utilization of any satellite terminallocated 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 theestablishment and operation of a satellite terminal, limited-function terminal, upgraded,altered, modified, or replaced limited-function terminal, and any other device or facility withwhich such terminal is interconnected. A person who violates a provision of this chapteror any rule or any order issued pursuant to this chapter is subject to a civil penalty not toexceed one thousand dollars for each day the violation continues. A person aggrieved byan order of an administrator may appeal the order by filing a written notice of appeal withthe administrator within thirty days of the issuance of the order. The administrator shallschedule a hearing for the purpose of hearing the arguments of the aggrieved person withinthirty days of the filing of the notice of appeal. The provisions of chapter 17A shall applyto 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 Tue Nov 26 18:09:02 2019 Iowa Code 2020, Section 527.3 (13, 0)

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§527.3, ELECTRONIC TRANSFER OF FUNDS 2 administrator or to prosecute a person for a violation of the provisions of this chapter orrules adopted pursuant to this chapter. [C77, 79, 81, §527.3]87 Acts, ch 158, §3; 91 Acts, ch 92, §1; 91 Acts, ch 216, §4, 5; 95 Acts, ch 66, §2; 2012 Acts, ch 1017, §122 Referred to in §527.2, 527.12 Tue Nov 26 18:09:02 2019 Iowa Code 2020, Section 527.3 (13, 0)

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