Iowa Code 533.325 – Confidentiality of state credit union information
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 533.325
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
533.325 Confidentiality of state credit union information.
1. The directors, officers, committee members, and employees of a state credit union shall hold in confidence all information regarding transactions of the state credit union, including information regarding transactions with its members and their personal affairs, except to the extent necessary in connection with any of the following:
a. Making, extending, or collecting a loan or line of credit.
b. Guaranteeing of member share drafts by third parties.
c. Communicating with an insurance company for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or the resolution of a claim, pursuant to § 533.308, subsection 3.
d. Pursuant to a confidentiality agreement that is executed pursuant to § 533.108, subsection 1.
e. Complying with the examination of credit union records by regulatory authorities .
f. Compliance with an order from a court having jurisdiction over the state credit union.
2. The board of directors may authorize participation of a state credit union in a credit or consumer reporting agency if the board has determined that use of such an agency is essential in making and extending a loan or line of credit, or guaranteeing member share drafts, and that information supplied by the state credit union to such agency will be made available only to legitimate members of that agency having a legitimate business need for the information in connection with a business transaction involving the state credit union.
2007 Acts, ch 174, §56; 2012 Acts, ch 1020, §17
Referred to in §533.113
1. The directors, officers, committee members, and employees of a state credit union shall hold in confidence all information regarding transactions of the state credit union, including information regarding transactions with its members and their personal affairs, except to the extent necessary in connection with any of the following:
a. Making, extending, or collecting a loan or line of credit.
b. Guaranteeing of member share drafts by third parties.
c. Communicating with an insurance company for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or the resolution of a claim, pursuant to § 533.308, subsection 3.
d. Pursuant to a confidentiality agreement that is executed pursuant to § 533.108, subsection 1.
e. Complying with the examination of credit union records by regulatory authorities .
f. Compliance with an order from a court having jurisdiction over the state credit union.
2. The board of directors may authorize participation of a state credit union in a credit or consumer reporting agency if the board has determined that use of such an agency is essential in making and extending a loan or line of credit, or guaranteeing member share drafts, and that information supplied by the state credit union to such agency will be made available only to legitimate members of that agency having a legitimate business need for the information in connection with a business transaction involving the state credit union.
2007 Acts, ch 174, §56; 2012 Acts, ch 1020, §17
Referred to in §533.113