§ 536A.10 — Issuance of license

Iowa § 536A.10

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 536A: INDUSTRIAL LOANS

Text

1. The superintendent shall approve the application and issue to the applicant a license
to engage in the industrial loan business in accordance with the provisions of this chapter, if
the superintendent shall find:
a. That the financial responsibility, experience, character and general fitness of the
applicant and of the officers thereof are such as to command the confidence of the
§536A.10, INDUSTRIAL LOANS 4
community, and to warrant the belief that the business will be operated honestly, fairly and
efficiently within the purpose of this chapter;
b. That a reasonable necessity exists for a new industrial loan company in the community
to be served;
c. That the applicant has available for the operation of the business at the specified
location paid-in capital and surplus as required by section 536A.8; and
d. That the applicant is a corporation organized for pecuniary profit under the laws of the
state of Iowa.
2. The superintendent shall approve or deny an application for a license within one
hundred twenty days from the date of the filing of such application.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §536A.10]