§ 533D.3 — License required — application process — display

Iowa § 533D.3

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533D: DELAYED DEPOSIT SERVICES

Text

1. A person shall not operate a delayed deposit services business in this state unless the
person is physically located in this state and licensed by the superintendent as provided in
this chapter.
2. An applicant for a license shall submit an application to the superintendent on
forms prescribed by the superintendent. The forms shall contain such information as the
superintendent may prescribe.
3. The application required by this section shall be submitted with the following:
a. An application fee of one hundred dollars.
b. A surety bond executed by a surety company authorized to do business in this state
in the sum of twenty-five thousand dollars, which bond shall be continuous in nature until
canceled by the surety. A surety shall provide at least thirty days’ notice in writing to the
licensee and to the superintendent indicating the surety’s intent to cancel the bond and the
effectivedateofthecancellation. Thesuretybondshallbeforthebenefitofthecitizensofthis
state and shall be conditioned upon the licensee’s willingness to comply with this chapter, the
faithful performance by the licensee of the duties and obligations pertaining to the delayed
§533D.3, DELAYED DEPOSIT SERVICES 2
deposit services business so licensed, and the prompt payment of any judgment recovered
against the licensee. The surety’s liability under this chapter is limited to the amount of the
bond regardless of the number of years the bond is in effect.
4. The superintendent shall issue a license to an applicant if the superintendent finds all
of the following:
a. The experience, character, and general fitness of the applicant and its officers,
directors, shareholders, partners, or members are such as to warrant a finding that the
applicant will conduct the delayed deposit services business honestly, fairly, and efficiently.
b. The applicant and its officers, directors, shareholders, partners, or members have not
been convicted of a felony in this state, or convicted of a crime in another jurisdiction which
would be a felony in this state.
c. The applicant is financially responsible and will conduct the delayed deposit services
business pursuant to this chapter and other applicable laws.
d. The applicant has unencumbered assets of at least twenty-five thousand dollars
available for operating the delayed deposit services business.
5. The superintendent shall approve or deny an application for a license by written order
not more than ninety days after the filing of an application. An order of the superintendent
issued pursuant to this section may be appealed pursuant to chapter 17A.
6. a. A license issued pursuant to this chapter shall be conspicuously posted at the
licensee’s place of business. A license shall remain in effect until the next succeeding
January 1, unless earlier suspended or revoked by the superintendent.
b. A license shall be renewed annually by filing with the superintendent on or before
December 1 an application for renewal containing such information as the superintendent
may require to indicate any material change in the information contained in the original
applicationorsucceedingrenewalapplicationsandarenewalfeeoftwohundredfiftydollars.
c. The superintendent may assess a late fee of ten dollars per day for applications
submitted and accepted for processing after December 1.
7. The superintendent may authorize applicants and licensees to be licensed through
a nationwide licensing system and to pay the corresponding system processing fees. The
superintendent may establish by rule or order new requirements as necessary, including but
not limited to requirements that applicants, including officers and directors and those who
have control of the applicant, submit to fingerprinting and criminal history checks.
8. For the purposes of this section and in order to reduce the points of contact which the
federal bureau of investigation may be required to maintain for purposes of subsection 7, the
superintendentmayusethenationwidelicensingsystemasachannelingagentforrequesting
information from and distributing information to the United States department of justice or
other governmental agency, or to or from any other source so directed by the superintendent.