Iowa § 536.4 Grant or refusal of license

Iowa Statutes

§ 536.4 — Grant or refusal of license

Iowa § 536.4

Title XIIICOMMERCE

Ch. 536REGULATED LOANS

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Bluebook

Iowa Code § 536.4 (2026).

Text

1.Upon the filing of such application, the approval of such bond and the payment of such fees, the superintendent shall make a thorough and complete investigation of the facts as the superintendent may deem necessary or proper.

2.Ifthesuperintendentshalldeterminefromsuchapplicationandfromsuchinvestigation that the applicant can have a reasonable expectancy of a successful lending business at the location of the office for which application is made, and that there is a real need and necessity in that community for additional lending facilities to adequately serve the local people, and that said applicant is one who will command the respect of and confidence from the people in that community; that the financial responsibility, experience, character, and general fitness of theapplicant, and

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1. Upon the filing of such application, the approval of such bond and the payment of such
fees, the superintendent shall make a thorough and complete investigation of the facts as the
superintendent may deem necessary or proper.
2. Ifthesuperintendentshalldeterminefromsuchapplicationandfromsuchinvestigation
that the applicant can have a reasonable expectancy of a successful lending business at the
location of the office for which application is made, and that there is a real need and necessity
in that community for additional lending facilities to adequately serve the local people, and
that said applicant is one who will command the respect of and confidence from the people in
that community; that the financial responsibility, experience, character, and general fitness of
theapplicant, andofthemembersthereofiftheapplicantbeapartnershiporassociation, and
of the officers and directors thereof if the applicant be a corporation, are such as to warrant
the belief that the business will be operated lawfully, honestly, fairly, and efficiently within the
purposes of this chapter, and if the superintendent shall find that the applicant has available
or actually in use the assets described in section 536.2, the superintendent shall thereupon
issue and deliver a license to the applicant to make loans in accordance with the provisions
of this chapter at the place of business specified in the said application; if the superintendent
shall not so find the superintendent shall not issue such license and the superintendent shall
notify the applicant of the denial and return to the applicant the bond and the sum paid by the
applicant as a license fee, retaining the investigation fee to cover the costs of investigating the
application. The superintendent shall approve or deny every application for a license under
3 REGULATED LOANS, §536.7A
this chapter within sixty days from the filing of the application and the approved bond and
the payment of the said fees.
3. If the application is denied, the superintendent shall within twenty days thereafter file
with the banking division a written transcript of the evidence and decision and findings with
respect thereto containing the reasons supporting the denial, and forthwith serve upon the
applicant a copy thereof.