ARC 5881C

ARC 5881C

CREDIT UNION DIVISION[189]

Notice of Intended Action

Proposing rule making related to fees

and providing an opportunity for public comment

The Credit Union Division hereby proposes to amend Chapter 15, "Foreign Credit Union Branch Offices," Iowa Administrative Code.

Legal Authority for Rule Making

This rule making is proposed under the authority provided in Iowa Code section 533.115.

State or Federal Law Implemented

This rule making implements, in whole or in part, Iowa Code section 533.115.

Purpose and Summary

The proposed amendment updates the annual fees paid by foreign credit unions to the Division.

Fiscal Impact

This rule making has no fiscal impact to the State of Iowa.

Jobs Impact

After analysis and review of this rule making, no impact on jobs has been found.

Waivers

Any person who believes that the application of the discretionary provisions of this rule making would result in hardship or injustice to that person may petition the Division for a waiver of the discretionary provisions, if any, pursuant to 189—Chapter 23.

Public Comment

Any interested person may submit written comments concerning this proposed rule making. Written comments in response to this rule making must be received by the Division no later than 4:30 p.m. on September 14, 2021. Comments should be directed to:

Public Hearing

No public hearing is scheduled at this time. As provided in Iowa Code section 17A.4(1)"b," an oral presentation regarding this rule making may be demanded by 25 interested persons, a governmental subdivision, the Administrative Rules Review Committee, an agency, or an association having 25 or more members.

Review by Administrative Rules Review Committee

The Administrative Rules Review Committee, a bipartisan legislative committee which oversees rule making by executive branch agencies, may, on its own motion or on written request by any individual or group, review this rule making at its regular monthly meeting or at a special meeting. The Committee's meetings are open to the public, and interested persons may be heard as provided in Iowa Code section 17A.8(6).

The following rule-making action is proposed:

Amend subrule 15.6(1) as follows:

15.6(1) Each credit union operating a branch office in this state pursuant to these rules and Iowa Code section 533.115 shall pay an annual registration fee of $1,000 plus $250 for each branch or office located in Iowa to the superintendent on or before February 1 of each year.