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Iowa Code Title XIII. Commerce [Chs. 505-554D] § 533.109. Insurance and surety bond

Current as of January 01, 2024 | Updated by Findlaw Staff

1. The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state in order to ensure both of the following:

a. The faithful performance of the deputy superintendent, assistants, examiners, and all other employees of the credit union division.

b. Protection from any liability that may accrue in case of the loss of property of a state credit union, or of a member of a state credit union or of any other person, in the course of an examination, investigation, or other function required or allowed by the laws of this state.

2. The superintendent shall be bonded in accordance with chapter 64, provided that such bond shall be in the amount of one hundred thousand dollars.

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Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 533.109. Insurance and surety bond - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-533-109/

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