(1) Every account holder and borrower has the right to inspect the books and records of a savings association that pertain to the accounts of the account holder or borrower. Otherwise, the right of inspection and examination of the accounts of account holders or personal information in loan records is limited to:
(a) The Director of the Department of Consumer and Business Services or an authorized representative of the director.
(b) Persons authorized to act for the association.
(c) Any federal or state instrumentality or agency authorized to inspect or examine the books and records of an insured association.
(d) Any person acting under authority of a court of competent jurisdiction.
(2) A member has the right to communicate with other members of the association with reference to any question pending or to be presented for consideration at a meeting of the members. An association may not defeat such right by a redemption of the member’s accounts in the association. A member who wishes to communicate with other members shall submit to the association a request, subscribed by the member, which includes:
(a) The member’s full name and address.
(b) The nature and extent of the member’s interest in the association at the time the member’s application for communication is made.
(c) A statement of the reasons for and purposes of the communication and that the communication is not for any reason other than the business welfare of the association.
(d) A copy of the communication.
(e) If the communication concerns a question to be raised at a meeting of the members of the association, the date of the meeting at which the matter will be presented.
(3) Upon receipt of the request referred to in subsection (2) of this section, the association shall, within 10 days, notify the requesting member of:
(a) The approximate number of the members and the estimated amount of the reasonable costs and expenses of mailing the communication; or
(b) Its determination to refuse the request and the specific reasons for its refusal, including its determination whether or not the request has been made for a proper purpose.
(4) Within seven days after receipt of the sum specified pursuant to subsection (3)(a) of this section and sufficient copies of the communication, the association shall mail the communication to all its members.
(5) If a request referred to by subsection (2) of this section is refused by the association, the requesting member may submit the request and the refusal thereof to the director for review. The director may issue an order denying the request or, if the director finds the request is not for any reason other than the business welfare of the association, granting the request and directing the association to comply with subsection (4) of this section.
(6) In any action arising out of a request that is refused under this section, the court may award reasonable attorney fees to the prevailing party. [Formerly 722.303; 1985 c.762 §58; 1995 c.618 §126]
Section: Previous 722.108 722.110 722.112 722.113 722.114 722.115 722.116 722.118 722.120 722.122 722.124 722.125 722.130 722.132 722.134 NextLast modified: August 7, 2008