Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.3 - Application for License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 An application for a license to engage in the business of operating an
			 industrial loan company in Iowa shall be submitted to the superintendent, on
			 the form provided and with the information requested, through NMLS. The
			 superintendent may consider an application withdrawn if it does not contain all
			 of the information required and the missing information is not submitted to the
			 superintendent within 30 days after the superintendent requests the missing
			 information. The applicant may also request that the application be withdrawn
			 at any time before the superintendent has decided to grant or deny the
			 application.
(2) Each officer,
			 director, and individual who has control of an applicant must provide
			 fingerprints, authorize a fingerprint background check through NMLS, and pay
			 the appropriate fees for the purpose of conducting a national criminal history
			 background check through the Federal Bureau of Investigation.
(3) The applicant must submit the application
			 fee and the initial license fee specified in Iowa Code section
			 536A.7(2).
			 The superintendent shall refund the initial license fee if the application is
			 denied, but the application fee is not subject to refund.
(4) If any information material to the
			 application changes after the applicant files the initial application, the
			 applicant shall provide updated information to the superintendent in writing
			 within 10 days of the change. When such a material change in information has
			 occurred, the superintendent may deny an application if the applicant fails to
			 provide updated information within the prescribed time frame.
(5) An applicant for an industrial loan
			 company license must file with the superintendent a bond complying with the
			 provisions of Iowa Code section
			 536A.7A. For applicants or
			 licensees who do not make, arrange, broker, process, or underwrite any
			 residential mortgage loans, as defined in Iowa Code section
			 535D.3(13),
			 the bond shall be in the amount of $25,000. For applicants or licensees who
			 make, broker, process, or underwrite residential mortgage loans, as defined in
			 Iowa Code section
			 535D.3(13),
			 the bond amount required to be filed and maintained shall be set and adjusted
			 annually by March 31 using the following scale, based on the volume of
			 residential mortgage loans made, originated, arranged, brokered, processed, and
			 underwritten, as the case may be, by the applicant or licensee during the
			 preceding calendar year:
Loans
Bond Amount
$0 - $5,000,000
$25,000
$5,000,001 - $20,000,000
$50,000
$20,000,001 - $50,000,000
$75,000
$50,000,001 - $100,000,000
$100,000
Over $100,000,000
$150,000
(6)
			 Licenses expire on the next December 31 after they are issued, but licenses
			 granted on or after November 1 but before January 1 will not expire until
			 December 31 of the following year. For example, a license granted on November
			 17, 2017, would not expire until December 31, 2018.