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IA Code § 533C.401 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.401 - Relationship between licensee and authorized delegate.

533C.401 Relationship between licensee and authorized delegate.   1. In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.   2. A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The licensee shall furnish in a record to each authorized delegate policies and procedures for the operation of the money services business.   3. An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.   4. If a license is suspended or revoked or a licensee does not renew its license, the superintendent shall notify all authorized delegates of the licensee whose names are in a record filed with the superintendent of the suspension, revocation, or nonrenewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.   5. An authorized delegate shall not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is licensed to engage under article 2 or 3. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.   6. A person operating under a written contract with a licensee as required under subsection 2 shall not be deemed to be conducting unauthorized money services because the licensee has failed to properly designate the person as an authorized delegate under this chapter provided that the person is otherwise operating in full compliance with this chapter.  2003 Acts, ch 96, §14, 42  Referred to in §533C.707
IA Code § 533C.402 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.402 - Unauthorized activities.

533C.402 Unauthorized activities.   A person shall not provide money services on behalf of another person not licensed under this chapter. A person who engages in that activity provides money services to the same extent as if the person were a licensee.  2003 Acts, ch 96, §15, 42  Referred to in §533C.707
IA Code § 533C.501 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.501 - Authority to conduct examinations.

533C.501 Authority to conduct examinations.   1. The superintendent may conduct an annual examination of a licensee upon reasonable notice in a record to the licensee. The superintendent may conduct an annual examination of any authorized delegate of a licensee upon reasonable notice in a record to the authorized delegate and the licensee.   2. The superintendent may examine a licensee or its authorized delegate, at any time, without notice, if the superintendent has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or a rule adopted or an order issued under this chapter.   3. The licensee shall pay the reasonable cost of the examination.   4. Information obtained during an examination under this chapter may be disclosed only as provided in section 533C.507.  2003 Acts, ch 96, §16, 42  Referred to in §533C.505
IA Code § 533C.502 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.502 - Joint examinations.

533C.502 Joint examinations.   1. The superintendent may conduct an on-site examination of records listed in section 533C.505 in conjunction with representatives of other state agencies or agencies of another state or of the federal government. Instead of an examination, the superintendent may accept the examination report of an agency of this state or of another state or of the federal government or a report prepared by an independent licensed or certified public accountant.   2. A joint examination or an acceptance of an examination report does not preclude the superintendent from conducting an examination as provided by law. A joint report or a report accepted under this section is an official report of the superintendent for all purposes.  2003 Acts, ch 96, §17, 42
IA Code § 533C.503 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.503 - Reports.

533C.503 Reports.   1. A licensee shall file with the superintendent within fifteen business days any material changes in information provided in a licensee’s application as prescribed by the superintendent.   2. A licensee shall file with the superintendent within forty-five days after the end of each fiscal quarter a current list of all authorized delegates and locations in this state where the licensee or an authorized delegate of the licensee provides money services. The licensee shall state the name and street address of each location and authorized delegate.   3. A licensee shall file a report with the superintendent within one business day after the licensee has reason to know of the occurrence of any of the following events:   a. The filing of a petition by or against the licensee under the United States bankruptcy code, 11 U.S.C. §101 et seq., for bankruptcy or reorganization.   b. The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.   c. The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.   d. The cancellation or other impairment of the licensee’s bond or other security.   e. A charge filed against or conviction of the licensee or of an executive officer, manager, or director of, or person in control of, the licensee for a felony.   f. A charge filed against or conviction of an authorized delegate for a felony.  2003 Acts, ch 96, §18, 42; 2004 Acts, ch 1101, §79  Referred to in §533C.202, 533C.205, 533C.302, 533C.304
IA Code § 533C.504 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.504 - Change of control.

533C.504 Change of control.   1. A licensee shall:   a. Request approval from the superintendent of a proposed change of control.   b. Submit a nonrefundable fee of one thousand dollars with the request.   2. After review of a request for approval under subsection 1, the superintendent may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.   3. The superintendent shall approve a request for change of control under subsection 1 if, after investigation, the superintendent determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.   4. When an application for a change of control under this article is complete, the superintendent shall notify the licensee in a record of the date on which the request was determined to be complete and shall approve or deny the request within one hundred twenty days after that date.   5. The superintendent, by rule or order, may exempt a person from any of the requirements of subsection 1, paragraph “b”, if it is in the public interest to do so.   6. Subsection 1 does not apply to a public offering of securities.   7. Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the superintendent as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the superintendent determines that the person would not be a person in control of a licensee, the superintendent shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections 1 through 3.  2003 Acts, ch 96, §19, 42
IA Code § 533C.505 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.505 - Records.

533C.505 Records.   1. A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:   a. A record of each payment instrument sold.   b. A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts.   c. Bank statements and bank reconciliation records.   d. Records of outstanding payment instruments and stored-value obligations.   e. Records of each payment instrument and stored-value obligation paid within the three-year period.   f. A list of the last known names and addresses of all of the licensee’s authorized delegates.   g. Any other records the superintendent reasonably requires by rule.   2. The items specified in subsection 1 may be maintained in any form of record.   3. Records may be maintained outside this state if they are made accessible within seven business days of receipt of a written request from the superintendent.   4. All records maintained by the licensee as required in subsections 1 through 3 shall be open to inspection by the superintendent pursuant to section 533C.501.   5. A licensee, authorized delegate, or any officer, employee, agent, or any public official or governmental employee who keeps or files a record pursuant to this section or who communicates or discloses information or records under this section is not liable to its customer, to a state or local agency, or to any person for any loss or damage caused in whole or in part by the making, filing, or governmental use of the record, or any information contained in that record.   6. The licensee shall keep such records as the superintendent may require in order to determine whether such licensee is complying with the provisions of this chapter and with the rules and orders lawfully made by the superintendent under this chapter.  2003 Acts, ch 96, §20, 42; 2004 Acts, ch 1101, §80  Referred to in §533C.502
IA Code § 533C.506 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.506 - Money laundering reports.

533C.506 Money laundering reports.   A licensee and an authorized delegate shall file all reports required by federal currency reporting, recordkeeping, and suspicious activity reporting requirements as set forth in 31 U.S.C. §5311 – 5330, and  31 C.F.R. §103.11 – 103.170  .  2003 Acts, ch 96, §21, 42
IA Code § 533C.601 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.601 - Maintenance of permissible investments.

533C.601 Maintenance of permissible investments.   1. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored-value obligations issued or sold and money transmitted by the licensee in the United States.   2. The superintendent, with respect to any licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The superintendent by rule may prescribe or by order allow other types of investments that the superintendent determines to have a safety substantially equivalent to other permissible investments.   3. Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments and stored-value obligations in the event of bankruptcy or receivership of the licensee.  2003 Acts, ch 96, §23, 42  Referred to in §533C.205, 533C.602
IA Code § 533C.701 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.701 - Suspension and revocation — receivership.

533C.701 Suspension and revocation — receivership.   1. The superintendent may suspend or revoke a license, place a licensee in receivership, or order a licensee to revoke the designation of an authorized delegate if:   a. The licensee violates this chapter or a rule adopted or an order issued under this chapter.   b. The licensee does not cooperate with an examination or investigation by the superintendent.   c. The licensee engages in fraud, intentional misrepresentation, or gross negligence.   d. An authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a rule adopted or an order issued under this chapter, as a result of the licensee’s willful misconduct or willful blindness.   e. The competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, or responsible individual of the licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services.   f. The licensee engages in an unsafe or unsound practice.   g. The licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.   h. The licensee does not remove an authorized delegate after the superintendent issues and serves upon the licensee a final order finding that the authorized delegate has violated this chapter.   2. In determining whether a licensee is engaging in an unsafe or unsound practice, the superintendent may consider the size and condition of the licensee’s money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.  2003 Acts, ch 96, §25, 42  Referred to in §533C.703, 533C.707
IA Code § 533C.702 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.702 - Suspension and revocation of authorized delegates.

533C.702 Suspension and revocation of authorized delegates.   1. The superintendent may issue an order suspending or revoking the designation of an authorized delegate if the superintendent finds that:   a. The authorized delegate violated this chapter or a rule adopted or an order issued under this chapter.   b. The authorized delegate did not cooperate with an examination or investigation by the superintendent.   c. The authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence.   d. The authorized delegate is convicted of a violation of a state or federal anti-money laundering statute.   e. The competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services.   f. The authorized delegate is engaging in an unsafe or unsound practice.   2. In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the superintendent may consider the size and condition of the authorized delegate’s provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued under this chapter, and the previous conduct of the authorized delegate.   3. An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the superintendent.  2003 Acts, ch 96, §26, 42  Referred to in §533C.703, 533C.707
IA Code § 533C.703 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.703 - Orders to cease and desist.

533C.703 Orders to cease and desist.   1. If the superintendent determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the licensee, the superintendent may issue an order requiring the licensee or authorized delegate to cease and desist from the violation. The order becomes effective upon service of it upon the licensee or authorized delegate.   2. The superintendent may issue an order against a licensee to cease and desist from providing money services through an authorized delegate that is the subject of a separate order by the superintendent.   3. Once the superintendent has commenced an administrative proceeding pursuant to section 533C.701 or 533C.702, an order to cease and desist remains effective and enforceable pending the completion of the proceeding.   4. A licensee or an authorized delegate who is served with an order to cease and desist may petition the appropriate court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding pursuant to section 533C.701 or 533C.702.   5. An order to cease and desist expires unless the superintendent commences an administrative proceeding pursuant to section 533C.701 or 533C.702 within ten days after it is issued.  2003 Acts, ch 96, §27, 42; 2004 Acts, ch 1101, §81  Referred to in §533C.802
IA Code § 533C.704 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.704 - Consent orders.

533C.704 Consent orders.   The superintendent may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person’s authorized representative, and must indicate agreement with the terms contained in the order. A consent order may provide that it does not constitute an admission by a person that this chapter or a rule adopted or an order issued under this chapter has been violated.  2003 Acts, ch 96, §28, 42
IA Code § 533C.705 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.705 - Civil penalties.

533C.705 Civil penalties.   The superintendent may assess a civil penalty against a person who violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one thousand dollars per day for each day the violation is outstanding, plus this state’s costs and expenses for the investigation and prosecution of the matter, including reasonable attorney fees.  2003 Acts, ch 96, §29, 42
IA Code § 533C.706 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.706 - Criminal penalties.

533C.706 Criminal penalties.   1. A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or who intentionally makes a false entry or omits a material entry in such a record is guilty of a class “D” felony.   2. A person who knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter is guilty of an aggravated misdemeanor.   3. It shall be unlawful for any person to do any of the following:   a. With intent to disguise the fact that money or a payment instrument is the proceeds of criminal conduct, or with intent to promote, manage, establish, carry on, or facilitate the promotion, management, establishment, or carrying on of any criminal conduct, to knowingly furnish or provide to a licensee, authorized delegate, financial institution, person engaged in a trade or business, or any officer, employee, agent, or authorized delegate of any of them, or to the attorney general or department of public safety, any false, inaccurate, or incomplete information; or to knowingly conceal a material fact in connection with a transaction for which a report is required to be filed pursuant to this chapter.   b. With the intent to disguise the fact that money or a payment instrument is the proceeds of criminal conduct, or with intent to promote, manage, establish, carry on, or facilitate the promotion, management, establishment, or carrying on of any criminal conduct, or with intent to evade the making or filing of a report required under this chapter, or with intent to cause the making or filing of a report that contains a material omission or misstatement of fact, to conduct or structure a transaction or series of transactions by or through one or more licensees, authorized delegates, financial institutions, or persons engaged in a trade or business.   4. A person who violates subsection 3 is guilty of a class “C” felony and is also subject to a civil penalty of three times the value of the property involved in the transaction, or, if no transaction is involved, five thousand dollars.   5. Notwithstanding any other provision of law, each violation of this section constitutes a separate, punishable offense.  2003 Acts, ch 96, §30, 42
IA Code § 533C.707 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.707 - Unlicensed persons.

533C.707 Unlicensed persons.   1. If the superintendent has reason to believe that a person has violated or is violating section 533C.201, 533C.301, 533C.401, or 533C.402, the superintendent may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of section 533C.201, 533C.301, 533C.401, or 533C.402.   2. In an emergency, the superintendent may petition the district court for the issuance of a temporary restraining order ex parte pursuant to the rules of civil procedure.   3. An order to cease and desist becomes effective upon service of it upon the person.   4. An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to sections 533C.701 and 533C.702.   5. A person who is served with an order to cease and desist under this section may petition the district court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding pursuant to sections 533C.701 and 533C.702.   6. An order to cease and desist expires unless the superintendent commences an administrative proceeding within ten days after it is issued.  2003 Acts, ch 96, §31, 42  Referred to in §533C.802
IA Code § 533C.708 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 533C - UNIFORM MONEY SERVICES ACT|Section 533C.708 - Investigations.

533C.708 Investigations.   1. The attorney general or county attorney may conduct investigations within or outside this state to determine if any licensee, authorized delegate, or person engaged in a trade or business has failed to file a report required by this chapter or has engaged or is engaging in any act, practice, or transaction that constitutes a violation of this chapter.   2. Upon presentation of a subpoena from a prosecuting attorney, all licensees, authorized delegates, and financial institutions shall make their books and records available to the attorney general or county attorney or peace officer during normal business hours for inspection and examination in connection with an investigation pursuant to this section.  2003 Acts, ch 96, §32, 42