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2023 Iowa Code › Title XIII - COMMERCE › Chapter 533C - UNIFORM MONEY SERVICES ACT › Section 533C.301 - License required.

533C.301 License required.
1. A person shall not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal to or greater than five percent of total revenues unless the person:
a. Is licensed under this article.
b. Is licensed for money transmission under article 2.
c. Is an authorized delegate of a person licensed under article 2.
2. A license under this article is not transferable or assignable.
2003 Acts, ch 96, §10, 42; 2004 Acts, ch 1086, §89
Referred to in §533C.707
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533C - UNIFORM MONEY SERVICES ACT › Section 533C.302 - Application for license.

533C.302 Application for license.
1. A person applying for a license under this article shall do so in a form prescribed by the superintendent. The application must state or contain:
a. The legal name and residential and business addresses of the applicant, if the applicant is an individual, or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director.
b. The location of the principal office of the applicant.
c. The complete addresses of other locations in this state where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations.
d. A description of the source of money and credit to be used by the applicant to engage in currency exchange.
e. Other information the superintendent reasonably requires with respect to the applicant, but not more than the superintendent may require under article 2.
2. A nonrefundable application fee of one thousand dollars and the license fee must accompany an application for a license under this article. The license fee shall be the sum of two hundred fifty dollars plus an additional fifty dollars for each location at which business is conducted, but not to exceed one thousand dollars. Fees for locations added after the initial application shall be submitted with the quarterly reports pursuant to section 533C.503, subsection 2. The license fee must be refunded if the application is denied. A license under this article expires on the next December 31 after its issuance. The initial license fee is considered an annual fee and the superintendent shall prorate the license fee, refunding any amount due to a partial license period. However, no refund of a license fee shall be made when a license is suspended, revoked, or surrendered.
3. 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.
4. 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 3, the superintendent may use the nationwide licensing system as a channeling agent for requesting 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.
2003 Acts, ch 96, §11, 42; 2013 Acts, ch 5, §10, 11; 2013 Acts, ch 70, §25
Referred to in §533C.303
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533C - UNIFORM MONEY SERVICES ACT › Section 533C.303 - Issuance of license.

533C.303 Issuance of license.
1. Upon the filing of an application under this article, the superintendent shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The superintendent may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The superintendent shall issue a license to an applicant under this article if the superintendent finds that all of the following conditions have been fulfilled:
a. The applicant has complied with section 533C.302.
b. The applicant has not been convicted of or pled guilty to any felony or an indictable misdemeanor for financial gain within the past ten years.
c. The applicant has paid a fee set by the department of public safety, division of criminal investigation, to defray the costs associated with the search of criminal history records of the applicant. If the applicant is a corporation, the applicant shall pay the fee associated with a criminal history record check for the directors and officers of the corporation. If the applicant is a partnership, the applicant shall pay the fee associated with a criminal history record check for each of the partners. The superintendent may require the applicant to provide additional information from the applicant if the department of public safety records indicate that a person with the same name has a criminal history. If the applicant is a publicly traded corporation or a subsidiary or affiliate of a publicly traded corporation, no criminal history record check shall be required.
d. The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.
2. When an application for an original license under this article is complete, the superintendent shall promptly notify the applicant of the date on which the application was determined to be complete and the superintendent shall approve or deny the application within one hundred twenty days after that date.
3. The superintendent may for good cause extend the application period.
4. An applicant who is denied a license by the superintendent under this article may appeal, within thirty days after receipt of the notice of the denial, from the denial and request a hearing. The denial of a license shall not be deemed a contested case under chapter 17A.
2003 Acts, ch 96, §12, 42; 2004 Acts, ch 1101, §78; 2005 Acts, ch 35, §31
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533C - UNIFORM MONEY SERVICES ACT › Section 533C.304 - Renewal of license.

533C.304 Renewal of license.
1. A licensee under this article shall pay an annual renewal fee no later than December 1. The annual renewal fee shall be the sum of two hundred fifty dollars plus an additional fifty dollars for each location at which business is conducted, but shall not exceed one thousand dollars. Fees for locations added after the initial application shall be submitted with the quarterly reports pursuant to section 533C.503, subsection 2.
2. A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the superintendent. The renewal report must state or contain:
a. A description of each material change in information submitted by the licensee in its original license application that has not been reported to the superintendent on any required report.
b. A list of the locations in this state where the licensee or an authorized delegate of the licensee engages in currency exchange.
3. If a licensee does not file a renewal report and pay its renewal fee by December 1, or any extension of time granted by the superintendent, the superintendent may assess a late fee of one hundred dollars per day.
4. The superintendent for good cause may grant an extension of the renewal date.
2003 Acts, ch 96, §13, 42; 2013 Acts, ch 5, §12; 2013 Acts, ch 70, §26
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533C - UNIFORM MONEY SERVICES ACT › Section 533C.802 - Hearings.

533C.802 Hearings.
Except as otherwise provided in sections 533C.703 and 533C.707, the superintendent shall not suspend or revoke a license, place a licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be heard. The superintendent shall also hold a hearing when requested to do so by an applicant whose application for a license is denied.
2003 Acts, ch 96, §34, 42
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533C - UNIFORM MONEY SERVICES ACT › Section 533C.901 - Uniformity of application and construction.

533C.901 Uniformity of application and construction.
1. The provisions of this chapter shall be liberally construed to effectuate its remedial purposes. Civil remedies under this chapter shall be supplemental and not mutually exclusive. The civil remedies do not preclude and are not precluded by other provisions of law.
2. The provisions of this chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting the law and to make the reporting requirements regarding financial transactions under Iowa law uniform with the reporting requirements regarding financial transactions under federal law.
3. The attorney general may enter into reciprocal agreements with the attorney general or chief prosecuting attorney of any state to effectuate the purposes of this chapter.
2003 Acts, ch 96, §36, 42
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533C - UNIFORM MONEY SERVICES ACT › Section 533C.902 - Financial services licensing fund.

533C.902 Financial services licensing fund.
1. A financial services licensing fund is created as a separate fund in the state treasury under the authority of the banking division of the department of commerce. Moneys deposited in the fund shall be used to pay for staffing necessary to perform examinations, audits, and other duties required of the superintendent and the banking division under this chapter.
2. The fund shall receive moneys including, but not limited to, any fees, costs, expenses, or penalties collected pursuant to this chapter.
3. Notwithstanding section 8.33, moneys appropriated to the fund and other moneys credited to the fund shall not revert at the close of the fiscal year but shall remain in the financial services licensing fund and shall remain available for expenditure for the purposes designated.
2003 Acts, ch 96, §37, 42
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.2 - Definitions.

533D.2 Definitions.
For purposes of this chapter, unless the context otherwise requires:
1. “Check” means a check, draft, share draft, or other instrument for the payment of money.
2. “Delayed deposit services business” means a person who for a fee does either of the following:
a. Accepts a check dated subsequent to the date it was written.
b. Accepts a check dated on the date it was written and holds the check for a period of time prior to deposit or presentment pursuant to an agreement with, or any representation made to, the maker of the check, whether express or implied.
3. “Licensee” means a person licensed to operate pursuant to this chapter.
4. “Person” means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.
5. “Superintendent” means the superintendent of banking.
95 Acts, ch 139, §2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.4 - Surrender of license.

533D.4 Surrender of license.
A licensee may surrender a delayed deposit services license by delivering to the superintendent written notice that the license is surrendered. The surrender does not affect the licensee’s civil or criminal liability for acts committed prior to such surrender, the liability of the surety on the bond, or entitle such licensee to a return of any part of the annual license fee. The superintendent may establish procedures for the disposition of the books, accounts, and records of the licensee and may require such action as deemed necessary for the protection of the makers of checks which are outstanding at the time of surrender of the license.
95 Acts, ch 139, §4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.5 - Change in circumstances — notification of superintendent.

533D.5 Change in circumstances — notification of superintendent.
A licensee is to notify the superintendent in writing within thirty days of the occurrence of a material development affecting the licensee, including, but not limited to, any of the following:
1. Filing for bankruptcy or reorganization.
2. Reorganization of the business.
3. Commencement of license revocation or any other civil or criminal proceedings by any other state or jurisdiction.
4. The filing of a criminal indictment or complaint against the licensee or any of the licensee’s officers, directors, shareholders, partners, members, employees, or agents.
5. A felony conviction against the licensee or any of the licensee’s officers, directors, shareholders, partners, members, employees, or agents.
95 Acts, ch 139, §5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.6 - Continued operation after change in ownership — approval of superintendent required.

533D.6 Continued operation after change in ownership — approval of superintendent required.
1. The prior written approval of the superintendent is required for the continued operation of a delayed deposit services business whenever a change in control of a licensee is proposed. The person requesting such approval shall pay to the superintendent a fee of one hundred dollars. Control in the case of a corporation means direct or indirect ownership of, or the right to control, ten percent or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy. Control in the case of any other entity means any change in the principals of the organization, whether active or passive. The superintendent may require information deemed necessary to determine whether a new application is required. Costs incurred by the superintendent in investigating a change of control request shall be paid by the person requesting such approval.
2. A license issued pursuant to this chapter is not transferable or assignable.
95 Acts, ch 139, §6; 2006 Acts, ch 1042, §28; 2007 Acts, ch 22, §94
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.7 - Principal place of business — branch offices authorized.

533D.7 Principal place of business — branch offices authorized.
1. Except as provided in subsection 2, a licensee may operate a delayed deposit services business only at an office designated as its principal place of business in the application. The licensee shall maintain its books, accounts, and records at its designated principal place of business. A licensee may change the location of its designated principal place of business with the prior written approval of the superintendent. The superintendent shall establish forms and procedures for determining whether the change of location should be approved.
2. A licensee may operate branch offices only in the same county in which the licensee’s designated principal place of business is located. The licensee may establish a branch office or change the location of a branch office with the prior written approval of the superintendent. The superintendent shall establish forms and procedures for determining whether the location of a branch office should be approved.
3. A fee of twenty-five dollars shall be paid to the superintendent for each request made pursuant to subsection 1 or 2 for a change of location. For each new branch office established, a fee of two hundred fifty dollars shall be paid to the superintendent.
95 Acts, ch 139, §7; 2006 Acts, ch 1042, §29
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.7A - Notice of name change.

533D.7A Notice of name change.
A licensee shall notify the superintendent thirty days in advance of the effective date of a change in the name of the licensee. With the notice of change, the licensee shall submit a fee of twenty-five dollars per license to the superintendent.
2006 Acts, ch 1042, §30
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.8 - Other business operations at same site — restrictions.

533D.8 Other business operations at same site — restrictions.
1. A licensee may operate a delayed deposit services business at a location where any other business is operated or in association or conjunction with any other business with the written approval of the superintendent and consistent with both of the following requirements:
a. The books, accounts, and records of the delayed deposit services business are kept and maintained separate and apart from the books, accounts, and records of the other business.
b. The other business is not of a type which would tend to enable the concealment of acts engaged in to evade the requirements of this chapter. If the superintendent determines upon investigation that the other business is of a type which would conceal such acts the superintendent shall order the licensee to cease the operation of the delayed deposit services business at the location.
2. The department may order the licensee to cease operations of the business if it fails to obtain written approval of the superintendent before operating a business in association or conjunction with services provided under this chapter.
95 Acts, ch 139, §8
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.9 - Fee restriction — required disclosure.

533D.9 Fee restriction — required disclosure.
1. A licensee shall not charge a fee in excess of fifteen dollars on the first one hundred dollars on the face amount of a check or more than ten dollars on subsequent one hundred dollar increments on the face amount of the check for services provided by the licensee, or pro rata for any portion of one hundred dollars face value.
2. A licensee shall give to the maker of the check, at the time any delayed deposit service transaction is made, or if there are two or more makers, to one of them, notice written in clear, understandable language disclosing all of the following:
a. The fee to be charged for the transaction.
b. The annual percentage rate as computed pursuant to the federal Truth in Lending Act.
c. The date on which the check will be deposited or presented for negotiation.
d. Any penalty, not to exceed fifteen dollars, which the licensee will charge if the check is not negotiable on the date agreed upon. A penalty to be charged pursuant to this section shall only be collected by the licensee once on a check no matter how long the check remains unpaid. A penalty to be charged pursuant to this section is a licensee’s exclusive remedy and if a licensee charges a penalty pursuant to this section no other penalties under this chapter or any other provision apply.
3. In addition to the notice required by subsection 2, every licensee shall conspicuously display a schedule of all fees, charges, and penalties for all services provided by the licensee authorized by this section. The notice shall be posted at the office and every branch office of the licensee.
95 Acts, ch 139, §9; 2006 Acts, ch 1042, §31
Referred to in §533D.10
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.10 - Prohibited acts by licensee.

533D.10 Prohibited acts by licensee.
1. A licensee shall not do any of the following:
a. Hold from any one maker more than two checks at any one time.
b. Hold from any one maker a check or checks in an aggregate face amount of more than five hundred dollars at any one time.
c. Hold or agree to hold a check for more than thirty-one days.
d. Require the maker to receive payment by a method which causes the maker to pay additional or further fees and charges to the licensee or another person.
e. Repay, refinance, or otherwise consolidate a postdated check transaction with the proceeds of another postdated check transaction made by the same licensee.
f. Receive any other charges or fees in addition to the fees listed in section 533D.9, subsections 1 and 2.
2. For purposes of this section, “licensee” includes a person related to the licensee by common ownership or control, a person in whom the licensee has any financial interest, or any employee or agent of the licensee.
95 Acts, ch 139, §10
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.12 - Disciplinary action.

533D.12 Disciplinary action.
1. The superintendent may, after notice and hearing pursuant to chapter 17A, take disciplinary action against a licensee if the superintendent finds any of the following:
a. The licensee or any of its officers, directors, shareholders, partners, or members has violated this chapter, any rule adopted by the superintendent, or any other state or federal law applicable to the conduct of its business.
b. The licensee has failed to pay a license fee required under this chapter or to maintain in effect the bond or bonds required under this chapter.
c. A fact or condition existing which, if it had existed at the time of the original application for the license, would have resulted in the denial of issuance of a license.
d. The licensee has abandoned its place of business for a period of sixty days or more.
e. The licensee fails to pay an administrative penalty or the cost of investigation as ordered by the superintendent.
f. The licensee has violated an order of the superintendent.
2. The superintendent may impose one or more of the following disciplinary actions against a licensee:
a. Revoke a license.
b. Suspend a license until further order of the superintendent or for a specified period of time.
c. Impose a period of probation under specified conditions.
d. Impose civil penalties in an amount not to exceed five thousand dollars for each violation.
e. Issue a citation and warning respecting licensee behavior.
f. Order the licensee to pay restitution.
3. The superintendent may order an emergency suspension of a licensee’s license pursuant to section 17A.18A. A written order containing the facts or conduct which warrants the emergency action shall be timely sent to the licensee by restricted certified mail. Upon issuance of the suspension order, the licensee must also be notified of the right to an evidentiary hearing. A suspension proceeding shall be promptly instituted and determined.
4. Except as provided in this section, a license shall not be revoked or suspended except after notice and a hearing thereon in accordance with chapter 17A.
5. A licensee may surrender a license by delivering to the superintendent written notice of surrender, but a surrender does not affect the licensee’s civil or criminal liability for acts committed before the surrender.
6. A revocation, suspension, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract between the licensee and any person, including a debtor.
95 Acts, ch 139, §12; 2008 Acts, ch 1160, §13