Iowa Code 533.307 – Account insurance
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Terms Used In Iowa Code 533.307
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
533.307 Account insurance.
Except as provided in § 533.302, subsection 3, a credit union organized under this chapter, as a condition of maintaining its privilege of organization, shall acquire and maintain insurance to protect each shareholder and each depositor against loss of funds held on account by the credit union. The insurance shall be obtained from the national credit union administrator or from some other share guarantor or insurance plan approved by the Iowa commissioner of insurance and the superintendent, provided that each credit union shall acquire deposit insurance from the appropriate agency of the federal government.
2007 Acts, ch 174, §38; 2012 Acts, ch 1020, §13
Referred to in §533.102
Except as provided in § 533.302, subsection 3, a credit union organized under this chapter, as a condition of maintaining its privilege of organization, shall acquire and maintain insurance to protect each shareholder and each depositor against loss of funds held on account by the credit union. The insurance shall be obtained from the national credit union administrator or from some other share guarantor or insurance plan approved by the Iowa commissioner of insurance and the superintendent, provided that each credit union shall acquire deposit insurance from the appropriate agency of the federal government.
2007 Acts, ch 174, §38; 2012 Acts, ch 1020, §13
Referred to in §533.102