§ 533A.10 — Examination of licensee — records

Iowa § 533A.10

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533A: DEBT MANAGEMENT

Text

1. The superintendent may examine the condition and affairs of a licensee. In connection
with any examination, the superintendent may examine on oath any licensee, and any
director, officer, employee, customer, creditor, or stockholder of a licensee concerning the
affairs and business of the licensee. The superintendent shall ascertain whether the licensee
transacts its business in the manner prescribed by the law and applicable rules. The licensee
shall pay the cost of the examination as determined by the superintendent based on the
actual cost of the operation of the finance bureau of the banking division of the department
of insurance and financial services, including the proportionate share of the administrative
expenses in the operation of the banking division attributable to the finance bureau, as
determined by the superintendent, incurred in the discharge of duties imposed upon the
superintendent by this chapter. Failure to pay the examination fee within thirty days of
receipt of demand from the superintendent shall subject the licensee to a late fee of up to five
percent per day of the amount of the examination fee for each day the payment is delinquent.
2. Intheinvestigationofallegedviolationsofthischapter, thesuperintendentmaycompel
the attendance of any person or the production of any books, accounts, records and files, and
may examine under oath all persons in attendance.
3. Except as otherwise provided by this chapter, all papers, documents, examination
reports and other writings relating to the supervision of licensees are not public records and
are not subject to disclosure under chapter 22. The superintendent may disclose information
to representatives of other state or federal regulatory authorities. The superintendent may
release summary complaint information as long as the information does not specifically
identify the complainant. The superintendent may prepare and circulate reports reflecting
financial information examination results for all licensees on an aggregate basis, including
other information considered pertinent to the purpose of each report for general statistical
information. The superintendent may prepare and circulate reports provided by law. The
superintendent may release the reports and correspondence in the course of an enforcement
proceeding or a hearing held by the superintendent and may provide this information to the
attorney general for purposes of enforcing this chapter or the consumer fraud Act, section
714.16.
4. The superintendent may receive documents, materials, or other information, including
otherwise confidential and privileged documents, materials, or other information, through a
nationwide licensing system and from other local, state, federal, or international regulatory
agencies, the conference of state bank supervisors and its affiliates and subsidiaries, the
national association of consumer credit administrators and its affiliates and subsidiaries, and
any other regulator association, and shall maintain as confidential and privileged any such
document, material, or other information received with notice or the understanding that it is
confidentialorprivilegedunderthelawsofthejurisdictionthatisthesourceofthedocument,
material, or other information.

Legislative History

[C71, 73, 75, 77, 79, 81, §533A.10]