{"data":{"id":"us-ia/iowa-code-524.612","jurisdiction":"us-ia","citation":"Iowa Code § 524.612","heading":"Director dealing with state bank.","body":"1. A director shall not receive terms or be paid a rate of interest on deposits, by a state bank of which the person is a director, which are more favorable than that provided to any other customer under similar circumstances. Any waiver of ordinary or customary charges related to deposit accounts shall not violate this subsection.\n2. A director shall not purchase or lease any assets from or sell or lease any assets to a state bank of which the person is a director except upon terms not less favorable to the state bank than those offered to or by other persons. All purchases or leases from and sales or leases to a director shall receive the prior approval of a majority of the board of directors voting in the absence of the interested director.","path":["Title XIII - COMMERCE (Ch. 505 - 554I)","Chapter 524 - BANKS","Subchapter VI - DIRECTORS"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/524.612.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:14Z","sha256":"1a5b343c9c1cdeef2e65de0c57be5c4eba4b8b44090808d598e96fe2da050f1c","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-524.611","next":"us-ia/iowa-code-524.613"},"notice":"GroundRules: Original legal text. Not legal advice."}