Iowa Code 524.1601 – Penalties and criminal provisions applicable to directors, officers, and employees of state banks and bank holding companies
Current as of: 2024 | Check for updates
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Attorney's Note
Under the Iowa Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Serious misdemeanor | up to 1 year | between $430 and $2,560 |
Terms Used In Iowa Code 524.1601
- Conviction: A judgement of guilt against a criminal defendant.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
524.1601 Penalties and criminal provisions applicable to directors, officers, and employees of state banks and bank holding companies.
1. A director, officer, or employee of a state bank or bank holding company who willfully violates any of the provisions of section 524.612, subsection 2; section 524.613; section
524.706, subsection 1, insofar as such subsection incorporates § 524.612, subsection
2; or § 524.710, shall be guilty of a serious misdemeanor, and, in the following circumstances, shall pay an additional fine or fines equal to:
a. The amount of money or the value of the property which the director, officer, or
employee received for procuring, or attempting to procure, a loan, extension of credit, or investment by the state bank or bank holding company, upon conviction of a violation of § 524.613 or of § 524.710.
b. The amount by which the director’s or executive officer’s deposit account in the state
bank or bank holding company is overdrawn, in violation of 12 C.F.R. §215.4(e).
c. The amount of any profit which the director, officer, or employee receives on the transaction, upon conviction of a violation of § 524.612, subsection 2, or of section
524.706, subsection 1, insofar as each applies to purchases from and sales to a state bank or bank holding company upon terms more favorable to such director, officer, or employee than those offered to other persons.
d. The amount of profit, fees, or other compensation received, upon conviction of a
violation of § 524.710, subsection 2.
2. A director or officer who willfully makes or receives a loan in violation of 12 C.F.R.
§215.4 or 215.5, shall be guilty of a serious misdemeanor and shall be subject to an additional fine equal to that amount of the loan in excess of the limitation imposed by such regulations, and shall be forever disqualified from acting as a director or officer of any state bank or bank holding company.
3. A director, officer, or employee of a state bank or bank holding company who willfully makes or receives a loan or extension of credit of funds held by the state bank or bank holding company as fiduciary, in violation of § 524.1002, subsection 4, shall be guilty of a serious misdemeanor and shall be subject to a further fine equal to the amount of the loan or extension of credit made in violation of § 524.1002, subsection 4, and shall be forever disqualified from acting as a director, officer, or employee of any state bank or bank holding company.
4. A director, officer, or employee of a state bank or bank holding company who willfully violates, or participates in the violation of, § 524.814, or § 524.819, shall be guilty of a serious misdemeanor.
[C97, S13, §1869; C24, 27, 31, 35, 39, §9221; C46, 50, 54, 58, 62, 66, §528.7, 528.63; C71, 73,
75, 77, 79, 81, §524.1601]
98 Acts, ch 1036, §16; 2006 Acts, ch 1015, §9; 2007 Acts, ch 22, §93; 2015 Acts, ch 29, §83;
2017 Acts, ch 138, §8, 9
1. A director, officer, or employee of a state bank or bank holding company who willfully violates any of the provisions of section 524.612, subsection 2; section 524.613; section
524.706, subsection 1, insofar as such subsection incorporates § 524.612, subsection
2; or § 524.710, shall be guilty of a serious misdemeanor, and, in the following circumstances, shall pay an additional fine or fines equal to:
a. The amount of money or the value of the property which the director, officer, or
employee received for procuring, or attempting to procure, a loan, extension of credit, or investment by the state bank or bank holding company, upon conviction of a violation of § 524.613 or of § 524.710.
b. The amount by which the director’s or executive officer’s deposit account in the state
bank or bank holding company is overdrawn, in violation of 12 C.F.R. §215.4(e).
c. The amount of any profit which the director, officer, or employee receives on the transaction, upon conviction of a violation of § 524.612, subsection 2, or of section
524.706, subsection 1, insofar as each applies to purchases from and sales to a state bank or bank holding company upon terms more favorable to such director, officer, or employee than those offered to other persons.
d. The amount of profit, fees, or other compensation received, upon conviction of a
violation of § 524.710, subsection 2.
2. A director or officer who willfully makes or receives a loan in violation of 12 C.F.R.
§215.4 or 215.5, shall be guilty of a serious misdemeanor and shall be subject to an additional fine equal to that amount of the loan in excess of the limitation imposed by such regulations, and shall be forever disqualified from acting as a director or officer of any state bank or bank holding company.
3. A director, officer, or employee of a state bank or bank holding company who willfully makes or receives a loan or extension of credit of funds held by the state bank or bank holding company as fiduciary, in violation of § 524.1002, subsection 4, shall be guilty of a serious misdemeanor and shall be subject to a further fine equal to the amount of the loan or extension of credit made in violation of § 524.1002, subsection 4, and shall be forever disqualified from acting as a director, officer, or employee of any state bank or bank holding company.
4. A director, officer, or employee of a state bank or bank holding company who willfully violates, or participates in the violation of, § 524.814, or § 524.819, shall be guilty of a serious misdemeanor.
[C97, S13, §1869; C24, 27, 31, 35, 39, §9221; C46, 50, 54, 58, 62, 66, §528.7, 528.63; C71, 73,
75, 77, 79, 81, §524.1601]
98 Acts, ch 1036, §16; 2006 Acts, ch 1015, §9; 2007 Acts, ch 22, §93; 2015 Acts, ch 29, §83;
2017 Acts, ch 138, §8, 9