Superintendent of credit unions.

(1) A superintendent of credit unions shall be appointed by the governor to serve at the pleasure of the governor, subject to confirmation by the senate, to regulate credit unions. The appointee shall be selected solely with regard to qualification and fitness to discharge the duties of office and the individual appointed shall have at least five years’ experience as a director or executive officer of a credit union, or comparable experience in the regulation or examination of credit unions. For purposes of this subsection, credit union membership does not qualify as credit union experience.

(2) The superintendent shall receive a salary set by the governor within a range established by section 8A.461.

(3) The superintendent may adopt rules as necessary or appropriate to administer this chapter, subject to the prior approval of the rules by the review board.

2007 Acts, ch 174, §4; 2023 Acts, ch 19, §2746; 2024 Acts, ch 1182, §166, 168