reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.9 - Disciplinary action.

536.9 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 has violated a provision of this chapter or a rule adopted under this chapter or any other state or federal law, rule, or regulation applicable to the conduct of its business.
b. A fact or condition exists which would have warranted the superintendent to refuse to originally issue the license.
c. The licensee has failed to pay the annual license fee or to maintain in effect the bond or bonds required under the provisions of this chapter.
d. The licensee is insolvent.
e. 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 borrower.
[C24, 27, 31, §9436; C35, §9438-f9; C39, §9438.09; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.9]
2008 Acts, ch 1160, §27
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.11 - Records — annual report by licensee.

536.11 Records — annual report by licensee.
1. The licensee shall keep such books, accounts, and 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 regulations lawfully made by the superintendent under this chapter. Every licensee shall preserve for at least two years after making the last entry on any loan recorded therein all books, accounts, and records, including cards used in the card system, if any.
2. Each licensee shall annually on or before the fifteenth day of April file a report with the superintendent giving such relevant information as the superintendent reasonably may require concerning the business and operations during the preceding calendar year of the licensed places of business conducted by such licensee within the state. Such report shall be made under oath and shall be in the form prescribed by the superintendent who shall make and publish annually an analysis and recapitulation of such reports.
3. Each licensee making residential mortgage loans shall submit to the nationwide mortgage licensing system and registry reports of condition, which shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require. For purposes of this subsection, “nationwide mortgage licensing system and registry” and “residential mortgage loan” mean the same as defined in section 535D.3.
[C24, 27, 31, §9434; C35, §9438-f11; C39, §9438.11; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.11]
2008 Acts, ch 1160, §28; 2009 Acts, ch 61, §42, 47; 2020 Acts, ch 1063, §309
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.12 - Restrictions on practices.

536.12 Restrictions on practices.
1. No licensee shall conduct the business of making loans under the provisions of this chapter within any office, room, suite or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except as may be authorized in writing by the superintendent upon the superintendent’s finding that the character of such other business is such that the granting of such authority would not facilitate evasions of this chapter or of the rules lawfully made by the superintendent hereunder.
2. No licensee shall make any loan provided for by this chapter under any other name or at any other place of business than that named in the license.
3. No licensee shall take any instrument in which blanks are left to be filled in after execution.
4. No licensee shall agree to obtain or arrange a residential mortgage for a potential borrower from a third person, unless the licensee also has a mortgage broker license and complies with all of the provisions of chapter 535B.
[C24, 27, 31, §9426, 9432; C35, §9438-f12; C39, §9438.12; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.12]
2008 Acts, ch 1160, §29
Referred to in §536.19
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.14 - Rights of borrower — payments.

536.14 Rights of borrower — payments.
Every licensee, in addition to complying with requirements of the Iowa consumer credit code, chapter 537, respecting consumer loans, shall:
1. Permit payment to be made in advance in any amount on any contract of loan at any time, but the licensee may apply such payment first to all interest or charges up to the date of such payment.
2. Upon repayment of the loan in full, mark indelibly every obligation and security other than a mortgage signed by the borrower with the word “paid” or “canceled”, and release any security interest which no longer secures a loan to the licensee, restore any collateral, return any note and any assignment given to the licensee by the borrower.
3. Display prominently in each licensed place of business an accurate schedule, to be approved by the superintendent, of the charges currently to be made upon all loans.
[C24, 27, 31, §9425; C35, §9438-f14; C39, §9438.14; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.14]
2003 Acts, ch 44, §114
Referred to in §536.19
Security interest, see §554.1201, subsection 2, paragraph aj
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.15 - Limitation on principal amount.

536.15 Limitation on principal amount.
A licensee shall not directly or indirectly charge, contract for, or receive any interest or consideration greater than the lender would be permitted by law to charge if the lender were not a licensee upon the loan, use, or forbearance of money, goods, or things in action, or upon the loan, use, or sale of credit, of the amount or value of more than the threshold amount. This section also applies to a licensee who permits a person, as borrower or as endorser, guarantor, or surety for a borrower, or otherwise, to owe directly or contingently or both to the licensee at any time the sum of more than the threshold amount for principal. For the purposes of this section, “threshold amount” means the same as defined in section 537.1301.
[C24, 27, 31, §9424; C35, §9438-f15; C39, §9438.15; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.15]
85 Acts, ch 158, §5; 2014 Acts, ch 1037, §10
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.16 - Nonresident licensees — face-to-face solicitation.

536.16 Nonresident licensees — face-to-face solicitation.
Notwithstanding other provisions of this chapter to the contrary, a person who neither has an office physically located in this state nor engages in face-to-face solicitation in this state, if authorized by another state to make loans in that state at a rate of finance charge in excess of the rate provided in chapter 535, shall not be subject to section 536.10 to the extent it requires the superintendent to make an examination of the affairs, place of business, and records of the person on a periodic basis.
[C75, 77, 79, 81, §536.16]
89 Acts, ch 257, §28; 2006 Acts, ch 1042, §39; 2008 Acts, ch 1160, §30, 31
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.19 - Violations.

536.19 Violations.
Any person, partnership, association, or corporation and the several members, officers, directors, agents, and employees thereof, who shall violate or participate in the violation of any of the provisions of section 536.1, 536.12, 536.13 or 536.14, which are not also violations of chapter 537, article 5, part 3, of the Iowa consumer credit code, shall be guilty of a serious misdemeanor. Violations of the Iowa consumer credit code, chapter 537, shall be subject to the penalties provided therein.
[C24, 27, 31, §9435; C35, §9438-f19; C39, §9438.19; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.19]
2003 Acts, ch 44, §114; 2008 Acts, ch 1032, §106; 2011 Acts, ch 25, §67
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.20 - Nonapplicability of statute.

536.20 Nonapplicability of statute.
This chapter shall not apply to any person doing business under and as permitted by any law of this state or of the United States relating to banks, trust companies, building and loan associations, credit unions or licensed pawnbrokers, nor shall it apply to any domestic corporation entitled to the benefits of chapter 536A.
[C35, §9438-f20; C39, §9438.20; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.20]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.21 - Rules.

536.21 Rules.
The superintendent is hereby authorized and empowered to adopt such reasonable and relevant rules pursuant to chapter 17A as may be necessary for the execution and the enforcement of the provisions of this chapter, in addition hereto and not inconsistent herewith.
[C35, §9438-f21; C39, §9438.21; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.21]
2021 Acts, ch 80, §341
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.22 - Assistants.

536.22 Assistants.
The superintendent of banking is hereby authorized to employ such competent help as the superintendent deems necessary to carry out and perform the provisions of this chapter, and is hereby authorized and empowered to pay such persons so employed from the license fees, examination fees, and investigation fees referred to in section 536.2.
[C35, §9438-f22; C39, §9438.22; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.22]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.23 - Judicial review.

536.23 Judicial review.
Judicial review of the actions of the superintendent may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A.
[C35, §9438-f23; C39, §9438.23; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.23]
2003 Acts, ch 44, §114; 2004 Acts, ch 1141, §34; 2006 Acts, ch 1042, §40
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.24 - List of licensees by banking superintendent.

536.24 List of licensees by banking superintendent.
The superintendent of banking shall, in listing the names of licensees under this chapter, indicate if the licensee is one of a chain of two or more such licensees, the name of the owner and the address of the principal place of business of each owner, a summary of individual reports of each such licensed office indicating its location, the name of licensee, capital, surplus, reserves, loans receivable, cash and due from banks, real estate, borrowed money, net worth, total assets, total liabilities and such other pertinent and related information as may be necessary or desirable to give a correct and full picture of the total assets and total liabilities of each such licensee.
[C62, 66, 71, 73, 75, 77, 79, 81, §536.24]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.26 - Insured loans.

536.26 Insured loans.
1. A licensee shall not, directly or indirectly, sell or offer for sale any life or accident and health insurance in connection with a loan made under this chapter except as and to the extent authorized by this section. Life, accident and health insurance, or any of them, may be written by a licensed insurance producer upon or in connection with any loan for a term not extending beyond the final maturity date of the loan contract, but only upon one obligor on any one loan contract.
2. The amount of life insurance shall at no time exceed the unpaid balance of principal and interest combined which are scheduled to be outstanding under the terms of the loan contract or the actual amount unpaid on the loan contract, whichever is greater.
3. Accident and health insurance shall provide benefits not in excess of the unpaid balance of principal and interest combined which are scheduled to be outstanding under the terms of the loan contract and the amount of each periodic benefit payment shall not exceed the total amount payable divided by the number of installments and shall provide that if the insured obligor is disabled, as defined in the policy, for a period of more than fourteen days, benefits shall commence as of the first day of disability.
4. The premium, which shall be the only charge for the insurance, shall not exceed that approved by the commissioner of insurance of the state of Iowa as filed in the office of such commissioner. Such charge, computed at the time the loan is made for the full term of the loan contract on the total amount required to pay principal and interest.
5. If a borrower procures insurance by or through a licensee, the licensee shall cause to be delivered to the borrower a copy of the policy within fifteen days from the date such insurance is procured. No licensee shall decline new or existing insurance which meets the standards set out herein nor prevent any obligor from obtaining such insurance coverage from other sources.
6. If the loan contract is prepaid in full by cash, a new loan, or otherwise, except by the insurance, any life, accident, and health insurance procured by or through a licensee shall be canceled and the unearned premium shall be refunded. The amount of the refund shall represent at least as great a proportion of the insurance premium or identifiable charge as the sum of the consecutive monthly balances of principal and interest of the loan contract originally scheduled to be outstanding after the installment date nearest the date of prepayment bears to the sum of all such monthly balances of the loan contract originally scheduled to be outstanding.
[C66, 71, 73, 75, 77, 79, 81, §536.26]
85 Acts, ch 158, §7; 2001 Acts, ch 16, §33, 37; 2016 Acts, ch 1011, §106
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.27 - Insurance related to property of borrower.

536.27 Insurance related to property of borrower.
A licensee may sell the borrower insurance against loss of or damage to property owned by the borrower or loss from liability arising out of the ownership or use of property owned by the borrower. When the transaction is a consumer credit transaction as defined in section 537.1301 the sale of property insurance is subject to the requirements of sections 537.2501 and 537.2510 and the rules adopted under those sections by the administrator of the Iowa consumer credit code, chapter 537.
85 Acts, ch 158, §9; 2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.28 - Definitions.

536.28 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Administrator” means the person designated in section 537.6103.
2. “Consumer loan” means a loan as defined in section 537.1301.
3. “Licensee” means a person licensed under this chapter.
4. “Superintendent” means the state superintendent of banking.
[C75, 77, 79, 81, §536.28]
85 Acts, ch 158, §8; 2004 Acts, ch 1141, §34; 2005 Acts, ch 3, §117, 118; 2006 Acts, ch 1042, §41
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.29 - Enforcement of Iowa consumer credit code.

536.29 Enforcement of Iowa consumer credit code.
1. The superintendent shall enforce the Iowa consumer credit code, chapter 537, with respect to licensees, as provided in sections 537.2303, 537.2305 and 537.6105.
2. The superintendent shall cooperate with the administrator, and shall assist the administrator whenever necessary to provide for the discharge of the duties of the administrator.
3. Notwithstanding other provisions of this chapter to the contrary, the superintendent shall authorize to be furnished to the administrator, access to or copies of records in the possession of the superintendent or other persons which relate to a person licensed under this chapter, when necessary to enable the administrator to enforce chapter 537.
4. The superintendent shall make an annual report in writing to the administrator. A copy of the report shall be furnished at cost by the superintendent to each licensee or other person upon request. The annual report shall contain:
a. A summary of license applications approved or denied by the superintendent since the last report.
b. A summary of the assets, liabilities and capital structure of all licensees, and volume of consumer installment of credit outstanding per licensee, as of December 31 of the year for which the report is made.
c. An estimate of the disbursements of agency funds for consumer credit protection during the calendar year ending the preceding December 31.
d. Information which the superintendent may deem appropriate and advisable to disclose.
e. Information which the administrator may require to be included.
[C75, 77, 79, 81, §536.29]
2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.30 - Powers and duties of the superintendent — nationwide system.

536.30 Powers and duties of the superintendent — nationwide system.
In addition to any other duties imposed upon the superintendent by law, the superintendent may require applicants and licensees to be licensed through the nationwide mortgage licensing system and registry as defined in section 535D.3. In order to carry out this requirement, the superintendent may participate in the nationwide mortgage licensing system and registry. For this purpose, 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, and pay fees therefor.
2009 Acts, ch 61, §43, 47
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.2 - Definitions.

536A.2 Definitions.
The following words and terms when used in this chapter shall have the following meanings unless the context clearly requires a different meaning:
1. “Administrator” means the person designated in section 537.6103.
2. “Affiliate” means the same as defined in 12 U.S.C. §1841(k).
3. “Commercial activities” means activities in which an industrial loan company is not specifically authorized to engage under the provisions of this chapter.
4. “Control” means the same as provided in 12 U.S.C. §1841(a)(2).
5. “Corporation” shall mean any corporation for pecuniary profit organized under the laws of the state of Iowa.
6. “Industrial loan company” shall mean a corporation operating under the provisions of this chapter and engaged in the business of loaning money to be repaid in one payment or in weekly, monthly or other periodic installments and the charging, receiving or requiring of interest, discount, fees, compensation or charges of whatever nature or kind for the use of such money and for the services to be rendered to the borrower in connection with the loan. The term “industrial loan company” shall not include those businesses specifically exempted in section 536A.5.
7. “License” shall mean a permit or authorization issued or required under the provisions of this chapter to make loans in accordance with this chapter at a single location or place of business.
8. “Licensee” means a person licensed under this chapter.
9. “Superintendent” means the superintendent of banking within the banking division of the department of commerce.
[C66, 71, 73, 75, 77, 79, 81, §536A.2]
86 Acts, ch 1245, §757; 94 Acts, ch 1023, §68; 2006 Acts, ch 1015, §12
Referred to in §714H.4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.3 - License.

536A.3 License.
With respect to a loan other than a consumer loan, a person shall not engage in the business of operating an industrial loan company in this state without first having obtained a license from the superintendent. With respect to a consumer loan, a person required by section 537.2301 to have a license is not authorized to engage in the business of operating an industrial loan company without first obtaining a license from the superintendent. A person that enters into less than ten supervised loans per year in this state and that neither has an office physically located in this state nor engages in face-to-face solicitation in this state may contract for and receive the rate of interest permitted in this chapter for licensees in this chapter. A “consumer loan” means the same as defined in section 537.1301.
[C66, 71, 73, 75, 77, 79, 81, §536A.3]
86 Acts, ch 1245, §758
Referred to in §536A.27
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.4 - Limitations.

536A.4 Limitations.
A license shall not be issued to any individual, partnership, nonprofit organization, or unincorporated association. A license shall not be issued to an applicant that engages in commercial activities directly or through an affiliate. Not more than one place of business where loans are made shall be maintained under the same license but the superintendent may issue more than one license to the same licensee upon compliance, for each such additional license, with all the provisions of this chapter governing an original issuance of a license.
[C66, 71, 73, 75, 77, 79, 81, §536A.4]
2006 Acts, ch 1015, §13
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.5 - Exemptions.

536A.5 Exemptions.
This chapter does not apply to any of the following:
1. Businesses organized or operating as permitted under the authority of a law of this state or the United States relating to banks, trust companies, building and loan associations, savings and loan associations, insurance companies, regulated loan companies organized under chapter 536, or credit unions.
2. Persons that make loans only on notes secured by first mortgages on real estate.
3. Licensed real estate brokers or salespersons.
4. A person engaged exclusively in the business of purchasing commodity financing or commercial paper.
5. A pawnbroker.
6. Loans made to a domestic or foreign corporation.
[C66, 71, 73, 75, 77, 79, 81, §536A.5]
85 Acts, ch 158, §10; 2006 Acts, ch 1015, §14
Referred to in §536A.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.6 - Administration by superintendent.

536A.6 Administration by superintendent.
The superintendent shall supervise the operation of industrial loan companies in this state in accordance with this chapter.
[C66, 71, 73, 75, 77, 79, 81, §536A.6]
86 Acts, ch 1245, §759
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.7 - Application for license.

536A.7 Application for license.
1. The application for a license to engage in the business of operating an industrial loan company shall be in the form as may be prescribed by the superintendent. The application shall give all of the following information:
a. The name of the corporation.
b. The location where the business is to be conducted, including the street address of the place of business.
c. The names and addresses of the officers and directors of the corporation.
d. Other relevant information as the superintendent shall require.
2. At the time of making the application, the applicant shall pay to the superintendent the sum of one hundred dollars to cover the cost of the investigation of the applicant. The applicant shall also pay to the superintendent the sum of two hundred fifty dollars as an annual license fee for the period ending December 31 following the application.
[C66, 71, 73, 75, 77, 79, 81, §536A.7]
89 Acts, ch 257, §29; 2006 Acts, ch 1042, §43
Referred to in §536A.9, 536A.11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.7A - Bonds.

536A.7A Bonds.
1. An applicant for a license shall file with the superintendent a bond furnished by a surety company authorized to do business in this state. Until such time as the superintendent pursuant to administrative rule determines a bond amount that reflects the dollar value of the loans originated, the bond shall be in the amount of twenty-five thousand dollars. The bond shall be continuous in nature until canceled by the surety with not less than thirty days’ notice in writing to the applicant and to the superintendent indicating the surety’s intention to cancel the bond on a specific date. The bond shall be for the use of the state and any persons who may have causes of action against the applicant. The bond shall be conditioned upon the applicant’s faithfully conforming to and abiding by this chapter and any rules adopted under this chapter and shall require that the surety pay to the state and to any persons all moneys that become due or owing to the state and to the persons from the applicant by virtue of this chapter.
2. In lieu of filing a bond, the applicant may pledge an alternative form of collateral acceptable to the superintendent, if the alternative collateral provides protection to the state and any aggrieved person that is equivalent to that provided by a bond.
2008 Acts, ch 1160, §32; 2009 Acts, ch 61, §44, 47
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.8 - Capital stock requirement.

536A.8 Capital stock requirement.
The paid-in capital stock of any corporation engaged in the business of operating an industrial loan company shall not be less than twenty-five thousand dollars when the corporation is transacting business in any city having less than twenty-five thousand inhabitants according to the last preceding decennial census. The paid-in capital stock of any corporation engaged in the business of operating an industrial loan company in any city having a population of more than twenty-five thousand inhabitants according to the last preceding decennial census shall not be less than fifty thousand dollars. The paid-in capital stock of any corporation engaged in the business of operating an industrial loan company outside the limits of any incorporated city shall not be less than fifty thousand dollars. Every corporation engaged in the industrial loan business in the state of Iowa shall have a surplus of not less than ten percent of its paid-in capital stock.
[C66, 71, 73, 75, 77, 79, 81, §536A.8]
Referred to in §536A.10, 536A.30
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.9 - Investigation of application.

536A.9 Investigation of application.
Upon the filing of an application for a license to engage in the business of operating an industrial loan company, and upon payment of the investigation fee and license fee as required by section 536A.7, the superintendent shall cause an investigation to be made of the facts set forth in the application. If as the result of the preliminary investigation the superintendent deems it proper, the superintendent may hold a hearing at a time and place designated by the superintendent for the purpose of completing the superintendent’s investigation.
[C66, 71, 73, 75, 77, 79, 81, §536A.9]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.10 - Issuance of license.

536A.10 Issuance of license.
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 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.
[C66, 71, 73, 75, 77, 79, 81, §536A.10]
2012 Acts, ch 1023, §139; 2012 Acts, ch 1138, §74
Referred to in §536A.30
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.11 - Denial of license.

536A.11 Denial of license.
1. If the superintendent shall not approve the application, the superintendent shall prepare a written denial of the application with a written finding of facts which shall be sent by certified mail to the applicant. Within fifteen days after mailing of notice of the denial of its application, the applicant may file with the superintendent a written demand for a hearing on the application. Upon such demand being made, the superintendent must within thirty days hold a formal hearing at the superintendent’s office in Des Moines, Iowa, notice of the time of which hearing shall be given by the superintendent to the applicant by mail within fifteen days after the filing of the written demand by the applicant. Notice of the time and place of hearing shall also be given by the superintendent to all corporations holding licenses to engage in the industrial loan business in the county where the applicant proposes to establish its business and notice of said time and place of hearing shall be published pursuant to section 618.14.
2. At the formal hearing after the original denial of the license by the superintendent, the applicant shall be entitled to present evidence in support of the application. The superintendent shall then grant or deny the application for a license within thirty days from the date of the formal hearing and give notice to the applicant by a decision and finding of facts in writing. If the application for a license is disapproved and a license is denied, the superintendent shall refund the annual license fee which was required to be deposited by section 536A.7 providing the cost of investigation does not exceed the investigation fee. If the cost of investigation exceeds the investigation fee, the excess cost shall be deducted from the license fee before any refund is made.
3. Judicial review of actions of the superintendent may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A.
[C66, 71, 73, 75, 77, 79, 81, §536A.11]
2003 Acts, ch 44, §114; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.13 - Books and records.

536A.13 Books and records.
Each industrial loan company shall keep such books, accounts and records as will enable the superintendent to determine whether or not the licensee is complying with the provisions of this chapter. Industrial loan companies shall not be required to preserve or keep their records or files for a longer period than eleven years next after the first day of January of the year following the time of the making or filing of such records or files.
[C66, 71, 73, 75, 77, 79, 81, §536A.13]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.14 - Reports.

536A.14 Reports.
1. a. Each licensee shall annually on or before the fifteenth day of April file with the superintendent a report in writing showing the results of the operation of its industrial loan business for the previous calendar year, which reports shall contain:
(1) A balance sheet showing all assets and liabilities as of the thirty-first day of December next preceding.
(2) An operating statement showing income, expenses, and net profit for the previous calendar year.
(3) Such other relevant information as the superintendent shall reasonably require.
b. The report shall be verified under oath by the president and secretary of the corporation. The superintendent shall make and publish annually an analysis and recapitulation of such reports.
2. Each licensee making residential mortgage loans shall submit to the nationwide mortgage licensing system and registry reports of condition, which shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require. For purposes of this subsection, “nationwide mortgage licensing system and registry” and “residential mortgage loan” mean the same as defined in section 535D.3.
[C66, 71, 73, 75, 77, 79, 81, §536A.14]
2008 Acts, ch 1160, §33; 2009 Acts, ch 61, §45, 47
Referred to in §535D.23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.15 - Examination of licensees.

536A.15 Examination of licensees.
1. The superintendent or the superintendent’s designee shall, at least once each year without previous notice, examine the books, accounts, and records of each licensee engaged in the industrial loan business as defined by this chapter. A licensee issuing senior debt to the general public shall be audited at the expense of the licensee by a certified public accountant licensed to practice in the state of Iowa. A licensee not issuing senior debt to the general public may provide an audited statement of the licensee’s parent corporation which includes the Iowa licensee. After receiving such an audit or audited statement, the superintendent may make further examination of the licensee as the superintendent deems necessary. A record of each examination shall be kept in the superintendent’s office.
2. Except as otherwise provided by this chapter, all papers, documents, examination reports, and other writing relating to the supervision of licensees are not public records and are not subject to disclosure under chapter 22. The superintendent may disclose information to representatives of other state or federal regulatory authorities. The superintendent may release summary complaint information so long as the information does not specifically identify the complainant. The superintendent may prepare and circulate reports reflecting financial information and examination results for all licensees on an aggregate basis, including other information considered pertinent to the purpose of each report for general statistical information. The superintendent may prepare and circulate reports provided by law. The superintendent may release the reports and correspondence in the course of an enforcement proceeding or a hearing held by the superintendent. The superintendent may also provide this information to the attorney general for purposes of enforcing this chapter or the consumer fraud Act, section 714.16.
3. Any evidence of criminal acts committed by officers, directors, or employees of an industrial loan company shall be reported by the superintendent to the proper authorities.
4. The licensee shall be charged and shall pay the actual costs of the examination as determined by the superintendent based on the actual cost of the operation of the finance bureau of the banking division of the department of commerce including the proportionate share of administrative expenses in the operation of the banking division attributable to the finance bureau as determined by the superintendent incurred in the discharge of the duties imposed upon the superintendent by this chapter. Failure to pay the examination fee within thirty days of receipt of demand from the superintendent shall subject the licensee to a late fee of five percent of the amount of the examination fee for each day the payment is delinquent.
[C66, 71, 73, 75, 77, 79, 81, §536A.15]
87 Acts, ch 11, §3; 2006 Acts, ch 1042, §45
Referred to in §536A.30, 537.2305
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.16 - Cease and desist orders.

536A.16 Cease and desist orders.
If the superintendent has reasonable cause to believe that a licensee is violating this chapter or rules adopted pursuant to this chapter, the superintendent may, after ten days’ advance written notice, in addition to all actions provided for in this chapter, and without prejudice, enter an order requiring the licensee to cease, desist, and refrain from the violation. After receipt of the advance written notice, the licensee, within five days from the receipt of the notice, may file with the superintendent a written demand for a hearing. Hearings shall promptly be held in the office of the superintendent and a cease and desist order shall not be issued until after the hearing. The licensee shall be entitled to present evidence and the testimony of witnesses at the hearing.
[C66, 71, 73, 75, 77, 79, 81, §536A.16; 82 Acts, ch 1253, §37]
91 Acts, ch 63, §1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.17 - Injunctions.

536A.17 Injunctions.
The superintendent by counsel of the attorney general may commence an action in the district court, in the name of the state of Iowa as plaintiff on the relation of the superintendent to restrain and enjoin any licensee from violating this chapter or rules adopted pursuant to this chapter, or to restrain and enjoin any person, partnership, firm, or corporation from engaging in the business of operating an industrial loan company without obtaining a license as required by this chapter.
[C66, 71, 73, 75, 77, 79, 81, §536A.17; 82 Acts, ch 1253, §38]
91 Acts, ch 63, §2; 2008 Acts, ch 1032, §106
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.18 - Disciplinary action.

536A.18 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. That the licensee has failed to pay the annual license fee required by this chapter or to maintain in effect the bond or bonds required under this chapter.
b. That the licensee has violated any of the provisions of this chapter or a rule adopted under this chapter or any other state or federal law, rule, or regulation applicable to the conduct of its business.
c. That the licensee has refused to submit to the examination required by this chapter.
d. That the licensee has neglected or refused for a period of more than thirty days to pay a final judgment rendered against it in the courts of this state.
e. That the licensee has become insolvent.
f. A fact or condition exists which would have warranted the superintendent to refuse to originally issue the license.
g. 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 suspension, revocation, relinquishment, or expiration of a license shall not invalidate, impair, or affect the legality of obligations of any preexisting contracts, or prevent the enforcement or collection thereof.
7. Judicial review of the actions of the superintendent may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A.
[C66, 71, 73, 75, 77, 79, 81, §536A.18]
2003 Acts, ch 44, §114; 2008 Acts, ch 1160, §34
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.19 - Receivership — liquidation.

536A.19 Receivership — liquidation.
1. If the superintendent revokes the license of any industrial loan company, the superintendent shall promptly report the revocation to the attorney general, who may apply to the district court of the county in which the licensee had conducted its business for the appointment of a receiver to take possession of the assets of the corporation for the purpose of liquidating its affairs. The court shall appoint the superintendent as receiver unless the superintendent has tendered the appointment to the federal deposit insurance corporation, in which case the court shall appoint the federal deposit insurance corporation as receiver. The affairs of the industrial loan company, after such appointment, shall be under the direction of the court. The attorney general shall represent the superintendent in all proceedings connected with the receivership.
2. When an insured industrial loan company has ceased to carry on its business, the superintendent may tender the appointment as receiver of the insured industrial loan company to the federal deposit insurance corporation. If the federal deposit insurance corporation accepts the appointment as receiver, the rights of depositors and other creditors of the insured industrial loan company shall be determined in accordance with the laws of this state.
3. The federal deposit insurance corporation as receiver shall possess all of the powers, rights, and privileges of the superintendent in connection with the liquidation.
4. If the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of an insured industrial loan company, the federal deposit insurance corporation, whether or not it has become receiver, shall be subrogated to all rights of the owners of such deposits against the insured industrial loan company in the same manner and to the same extent as subrogation of the federal deposit insurance corporation is provided for in applicable federal law with respect to a national bank.
[C66, 71, 73, 75, 77, 79, 81, §536A.19]
96 Acts, ch 1159, §2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.21 - Other business in same office.

536A.21 Other business in same office.
A licensee engaged in the business of operating an industrial loan company under the provisions of this chapter may not conduct its business within any office, room, suite, place of business, or premises in which commercial activities are conducted, unless the place where its business is conducted by the industrial loan company is physically separated from the location where commercial activities are conducted and has a separate entrance. The prohibition of this section shall not apply to the conduct of business if, prior to January 1, 2006, the superintendent has determined in writing that the character of the other business is such that its operation by the licensee would not facilitate evasions of the provisions of this chapter or any other provision of the Code relating to the making of loans.
[C66, 71, 73, 75, 77, 79, 81, §536A.21]
2006 Acts, ch 1015, §16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.22 - Thrift certificates.

536A.22 Thrift certificates.
1. Licensed industrial loan companies shall not sell senior debt to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness.
2. a. Licensees selling debt instruments on January 1, 1996, may continue to do so until there is a change of control of the licensee which occurs on or after January 1, 1996. If there is a change of control of a licensee on or after January 1, 1996, and the licensee has sold senior debt instruments that remain outstanding at the time of the change of control, such outstanding senior debt instruments that do not have a stated maturity date shall be redeemed within six months of the date of the change of control. Such outstanding senior debt instruments with stated maturity dates shall be redeemed on their stated maturity dates.
b. The total amount of such thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness outstanding and in the hands of the general public shall not at any time exceed ten times the total amount of capital, surplus, undivided profits, and subordinated debt that gives priority to such securities of the issuing industrial loan company. The sale of such securities is subject to the provisions of chapter 502 and rules adopted by the superintendent of banking pursuant to chapter 17A, except that the sale of thrift certificates or installment thrift certificates which are redeemable by the holder either upon demand or within a period not in excess of five years are exempt from sections 502.301 and 502.504.
[C66, 71, 73, 75, 77, 79, 81, §536A.22; 82 Acts, ch 1253, §39]
91 Acts, ch 63, §3; 93 Acts, ch 96, §1; 96 Acts, ch 1159, §3; 2004 Acts, ch 1161, §67, 68; 2006 Acts, ch 1015, §17; 2007 Acts, ch 170, §6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.24 - Electronic transactions.

536A.24 Electronic transactions.
A licensee may engage in any transaction otherwise permitted by this chapter and applicable law, by means of either the direct transmission of electronic impulses or other indicia of a transaction for delayed transmission to the licensee. Subject to the provisions of chapter 527, a licensee may utilize, establish or operate, alone or with one or more other licensees, banks incorporated under the provisions of chapter 524 or federal law, credit unions incorporated under the provisions of chapter 533 or federal law, savings and loan associations incorporated under the provisions of federal law, or third parties, the satellite terminals permitted under chapter 527, by means of which the licensee may transmit to or receive from any customer electronic impulses constituting transactions pursuant to this section. However, such utilization, establishment or operation is lawful only when in compliance with chapter 527. Nothing in this section authorizes a licensee or other person to engage in transactions not otherwise permitted by applicable law, nor does anything in this section repeal, replace or in any other way affect any applicable law or rule regarding the maintenance of or access to financial information maintained by a licensee.
[C81, §536A.24]
2012 Acts, ch 1017, §137