§ 536C.8 — Investigations

Iowa § 536C.8

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 536C: LENDER CREDIT CARDS

Text

1. The administrator may investigate at any time the business of a credit card issuer
subject to the provisions of this chapter. The administrator may examine the books, records,
accounts, and files pertaining to the business of issuing credit cards subject to the provisions
of this chapter.
2. The administrator may accept a copy of an examination conducted by a state or federal
regulator in lieu of an investigation or examination by the administrator.
3. If an investigation or examination is performed by the administrator under this section,
the credit card issuer shall pay to the administrator a fee based on the actual cost of such
investigation or examination as determined by the administrator.
4. Uponcompletionofaninvestigationorexaminationbytheadministrator, theexaminer
shall render a billing in triplicate, with one copy to be delivered to the credit card issuer and
two copies to be delivered to the administrator. Failure to pay the fee to the administrator
within thirty days after the billing for the investigation or examination is delivered shall
subject the credit card issuer to an additional fee of five percent of the amount of the original
fee for each day the payment is delinquent.