189—17.21(533) Director, officer, or employee overdraft.
- 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.
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:
This rule is intended to implement Iowa Code section 533.205(7).
[ARC 3734C, IAB 4/11/18, effective 5/16/18]