Iowa Admin. Code r. 189-17.21

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 189-17.21 - Director, officer, or employee overdraft

A state credit union may pay an overdraft of a director, officer, or employee of the state credit union on an account at the state credit union when the payment of funds is made in accordance with any of the following:

1. A written, preauthorized, interest-bearing extension of credit plan that specifies a method of repayment.

2. A written, preauthorized transfer of collected funds from another account of the account holder at the state credit union.

3. The overdraft is paid pursuant to an overdraft protection plan or courtesy pay program. Such payment is limited to one time per quarter, and the overdraft shall last no longer than ten days. Each credit union board of directors shall enact a policy regarding failure to comply with the provisions of this rule.

This rule is intended to implement Iowa Code section 533.205(7).

Iowa Admin. Code r. 189-17.21

Adopted by IAB April 11, 2018/Volume XL, Number 21, effective 5/16/2018