Iowa Code 533C.203 – Supervision
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Terms Used In Iowa Code 533C.203
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Rule: includes "regulation". 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
533C.203 Supervision.
1. The superintendent may conduct an examination or investigation of a licensee or
authorized delegate or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the federal Bank Secrecy Act, Pub. L. No. 91-508, and the federal Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56. The superintendent shall provide supervision as follows:
a. Conducting an examination either on site or off site as the supervision may reasonably require.
b. Conducting an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government.
c. Accepting the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the superintendent.
d. Summoning and examining under oath a key individual or employee of a licensee or authorized delegate and requiring the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
2. A licensee or authorized delegate shall provide, and the superintendent shall have full and complete access to, all records the superintendent may reasonably require to conduct a complete examination. The records shall be provided at the location and in the format specified by the superintendent, provided the superintendent may utilize multistate record production standards and examination procedures when such standards will reasonably achieve the requirements of this section.
3. Unless otherwise directed by the superintendent, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee’s authorized delegates.
2003 Acts, ch 96, §6, 42; 2023 Acts, ch 83, §7
Referred to in §533C.606
Section stricken and rewritten
1. The superintendent may conduct an examination or investigation of a licensee or
authorized delegate or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the federal Bank Secrecy Act, Pub. L. No. 91-508, and the federal Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56. The superintendent shall provide supervision as follows:
a. Conducting an examination either on site or off site as the supervision may reasonably require.
b. Conducting an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government.
c. Accepting the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the superintendent.
d. Summoning and examining under oath a key individual or employee of a licensee or authorized delegate and requiring the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
2. A licensee or authorized delegate shall provide, and the superintendent shall have full and complete access to, all records the superintendent may reasonably require to conduct a complete examination. The records shall be provided at the location and in the format specified by the superintendent, provided the superintendent may utilize multistate record production standards and examination procedures when such standards will reasonably achieve the requirements of this section.
3. Unless otherwise directed by the superintendent, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee’s authorized delegates.
2003 Acts, ch 96, §6, 42; 2023 Acts, ch 83, §7
Referred to in §533C.606
Section stricken and rewritten