reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.3 - Application for License

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An application
			 for a license to operate a debt management business in Iowa shall be submitted
			 to the superintendent, on the form provided and with the information requested,
			 through the 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 The superintendent may consider an application withdrawn if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			 application be withdrawn at any time before the superintendent has decided to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 the
			 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
			 shall submit with the application an application fee of $100 and an initial
			 license fee of $250. 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 within ten 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 a
			 license to operate a debt management business must file with the superintendent
			 a $25,000 surety bond in compliance with the provisions of Iowa Code section
			 533A.2(4).
(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.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.4 - Grounds for Approval or Denial

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
			 superintendent shall approve or deny a license application in accordance with
			 the provisions of Iowa Code section
			 533A.3.
(2) The following may be considered evidence
			 that the business of the applicant may not be operated lawfully and honestly
			 consistent with the purposes of Iowa Code chapter 533A and may therefore be
			 considered grounds for denial of an application:
a. An applicant, or an officer, director, or
			 individual who has control of an applicant, has had a mortgage loan originator
			 license or any lending license revoked in any governmental
			 jurisdiction.
b. An applicant, or
			 an officer, director, or individual who has control of an applicant, has been
			 convicted of, or pled guilty or no contest to, a felony in a domestic, foreign,
			 or military court if such felony involved an act of fraud, dishonesty, or
			 breach of trust, or money laundering.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.5 - Renewal of License

Current through Register Vol. 47, No. 3, July 24, 2024
(1) To remain authorized to operate a debt
			 management business, a licensee must renew a license before the expiration date
			 of the license. A licensee who fails to renew a license before the expiration
			 date is not authorized to operate a debt management business in Iowa after the
			 expiration date.
(2) An application
			 to renew a license shall be submitted to the superintendent, on the form
			 provided and with the information requested, through the NMLS by December 1 of
			 the year of expiration. For example, for a license that will expire on December
			 31, 2017, an application for renewal shall be submitted by December 1, 2017.
			 All requested information, including any material change to information
			 contained in the original application, shall be provided to the superintendent.
			 The superintendent may assess late fees of up to $10 per day for applications
			 submitted and accepted for processing after December 1.
(3) The superintendent shall grant an
			 application to renew a license if:
a. The
			 licensee submits the application and the appropriate renewal fee by December 1
			 or the licensee submits the application after December 1 but before January 1
			 and pays the appropriate renewal fee and the appropriate late fee;
b. The application is fully completed and
			 includes all necessary information; and
c. The application does not reveal grounds to
			 deny a license.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.6 - Changes in the Licensee's Name, Location, or Control

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
			 licensee wishing to change the name or location of a debt management business
			 shall notify the superintendent at least 30 days prior to the requested change.
			 The request shall include proof that the licensee has either obtained a new
			 bond or amended the existing bond to reflect the new name or location. The
			 licensee shall submit a $25 fee per license in conjunction with the request. A
			 licensee may not operate a debt management business under a different name
			 without providing such notice and submitting the required fee.
(2) A licensee wishing to establish a branch
			 office must submit the application to the superintendent, on the form provided
			 and with the information requested, through the NMLS, along with a fee of $250.
			 Licenses issued to branch offices are treated as independent licenses and are
			 subject to the renewal requirements, fees, and procedures specified in rule
			 187-20.5 (17A,533A).
(3) When
			 change in control of a licensee is proposed, the party that will assume control
			 of the licensee shall give notice to the superintendent at least 60 days before
			 the proposed change will take effect. Change in control is defined in Iowa Code
			 section
			 533A.5A.
			 The party that will assume control of the licensee shall furnish the
			 superintendent with the same information required of initial applicants for a
			 license, along with a fee of $100. The party that will assume control may be
			 required to provide fingerprints, authorize a fingerprint background check
			 through the NMLS, and pay the appropriate fees for the purpose of conducting a
			 national criminal history background check through the Federal Bureau of
			 Investigation. The superintendent shall approve or deny the request in
			 accordance with the provisions of Iowa Code section
			 533A.3.
(4) Failure to notify the superintendent
			 within the prescribed time as required by this rule may subject the licensee to
			 disciplinary action.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.7 - Notice of Significant Events

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall notify the superintendent immediately and in
				writing within ten days of the occurrence of any of the following
				events.
(1) The licensee or any of the
			 licensee's officers, directors, principal stockholders, or affiliates file for
			 bankruptcy protection or commence reorganization proceedings.
(2) A prosecuting authority files criminal
			 charges against the licensee or any of the licensee's officers, directors,
			 principal stockholders, or affiliates.
(3) Another state or jurisdiction institutes
			 license denial, cease and desist, suspension or revocation procedures, or other
			 formal or informal regulatory action against the licensee or any of the
			 licensee's officers, directors, principal stockholders, or
			 affiliates.
(4) The attorney
			 general of Iowa, the Federal Trade Commission, or the enforcer of the consumer
			 protection laws of any other jurisdiction initiates an action to enforce the
			 consumer protection laws against the licensee or any of the licensee's
			 officers, directors, principal stockholders, or affiliates.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.8 - Administrative Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Examination or investigation
			 fees. A
licensee shall pay an investigation or examination fee as
			 determined by the superintendent based on the actual cost of the operation of
			 the finance bureau of the banking division, as described in Iowa Code section
			 533A.10(1).
(2)
Late fees for failing to
			 respond.
In the process of administering this chapter, the
			 superintendent may require a person to provide responses to formal orders,
			 examinations, or complaint inquiries. If a person fails to respond within 30
			 days of the request, the superintendent may assess a penalty of $10 per day
			 after the initial 30 days.
(3)
NMLS system processing fees.
In addition to the fees set forth
			 in this chapter, the applicant or licensee shall pay any fee assessed by the
			 NMLS attributed to the licensee's record in the NMLS including but not limited
			 to the initial set-up fee and annual processing fee.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.9 - Licensee Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General record requirements.
			 A
licensee must keep records that allow the superintendent to
			 determine the licensee's compliance with relevant statutes and regulations.
a. The licensee may keep the records as a
			 hard copy or in an electronic equivalent.
b. The licensee shall keep records for at
			 least 36 months from the date of the final transaction with the
			 debtor.
c. The licensee shall
			 maintain all books and records in good order and shall produce books and
			 records for the superintendent upon request. Failure to produce such books and
			 records within 30 days of the superintendent's request may be grounds for
			 disciplinary action against the licensee.
d. The obligation to maintain records
			 continues even after the licensee ceases business operations in Iowa and turns
			 in or surrenders its license. The owners and directors of the licensee are
			 responsible for ensuring that this requirement is met.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.10 - Complaints and Investigations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
			 superintendent may, at any time and as often as the superintendent deems
			 necessary, investigate a licensee and examine the licensee's books, accounts,
			 records, and files.
(2) The
			 superintendent may investigate complaints about, or alleged violations by, any
			 licensee.
(3) The following shall
			 constitute a complaint or alleged violation:
a. A written complaint received from a
			 consumer, member of the public, employee, business affiliate, or governmental
			 agency.
b. Notice to the
			 superintendent from any source that the licensee has been the subject of
			 disciplinary proceedings in another jurisdiction.
c. Notice to the superintendent from any
			 source that the licensee has been convicted of forgery, embezzlement, obtaining
			 money under false pretenses, extortion, conspiracy to defraud, or other similar
			 offense, in a court of competent jurisdiction in this state or in any other
			 state, territory, or district of the United States, or in any foreign
			 jurisdiction.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.11 - Disciplinary Action

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The superintendent has authority pursuant
			 to Iowa Code chapters 533A and 17A to impose discipline for violations of Iowa
			 Code chapter 533A and the rules promulgated thereunder.
(2) Grounds for discipline. The
			 superintendent may impose any of the disciplinary sanctions set out in Iowa
			 Code section
			 533A.7(2)
			  when the superintendent finds any of the
			 following:
a. The licensee has violated a
			 provision of Iowa Code chapter 533 A or a rule adopted under Iowa Code chapter
			 533 A or any other state or federal law applicable to the conduct of the
			 licensee's business.
b. A fact or
			 condition exists which, had it existed at the time of the licensee's original
			 application for a license, would have warranted the superintendent to refuse to
			 issue the original license.
c. The
			 licensee is found upon investigation to be insolvent, in which case the license
			 shall be revoked immediately.
d.
			 The licensee has violated an order of the superintendent.
e. The licensee fails to fully cooperate with
			 an examination or investigation, including failing to respond to an inquiry
			 from the superintendent within 30 days of the date the superintendent mails a
			 written communication directed to the licensee's last-known address on file
			 with the superintendent.
f. The
			 licensee has engaged in any conduct that subverts or attempts to subvert an
			 examination or investigation by the superintendent.
g. The licensee continues to operate a debt
			 management business without an active and current license.
h. The licensee operates a debt management
			 business in the same location as another business without the superintendent's
			 written approval.
i. The licensee
			 has abandoned its place of business for 60 or more days.
j. The licensee fails to notify the
			 superintendent within ten days of the occurrence of one of the significant
			 events set forth in rule 187-20.7 (17A,533A).
k. Another state or jurisdiction has denied,
			 suspended, revoked, or refused to renew the licensee's license, registration,
			 or authorization to operate a debt management business under the other state's
			 or jurisdiction's law.
l. The
			 licensee fails to create and maintain complete and accurate records as required
			 by state or federal law, regulation, or rule.
m. The licensee fails to notify the
			 superintendent of a change in ownership, name, or principal place of
			 business.
n. The licensee fails to
			 pay a license fee required by Iowa Code chapter 533A or to maintain a bond
			 required by Iowa Code chapter 533A.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.13 - Restrictions on Operating a Debt Management Business

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall adhere to the following restrictions related
				to operating a debt management business.
(1) Licensees shall not engage in any of the
			 acts prohibited by Iowa Code section
			 533A.11.
(2) Licensees may not establish branch
			 locations outside the United States.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of this chapter, the definitions in Iowa Code
				chapter 543E shall apply. In addition, unless the context otherwise requires,
				the following definitions shall apply:
"Nationwide multistate licensing system "
or
"NMLS"
means a mortgage licensing system owned and operated
				by the State Regulatory Registry, LLC, a wholly owned subsidiary of the
				Conference of State Bank Supervisors.
"Owner "
means a person who owns or has the
				power to vote more than 10 percent of the shares of an appraisal management
				company.
"Ownership"
means being an owner or otherwise
				having the power to vote more than 10 percent of the shares of an appraisal
				management company.
"Registrant"
means a person who is registered
				as an appraisal management company in this state.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.4 - Renewal of Registration

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 To remain registered to operate an appraisal management company in Iowa, a
			 registrant must renew a registration before the date the registration lapses. A
			 registrant who holds a lapsed registration shall not directly or indirectly
			 engage in or attempt to engage in business as an appraisal management company
			 or advertise or hold itself out as engaging in or conducting business as an
			 appraisal management company in Iowa until the administrator has reinstated the
			 lapsed registration or has approved a new registration.
(2) An application to renew a registration
			 shall be submitted to the administrator, through the NMLS or as otherwise
			 prescribed by the administrator, no earlier than November 1 and no later than
			 December 1 of the year for which the registration is valid. For example, for a
			 registration that will lapse on December 31,2017, an application for renewal
			 shall be submitted by December 1,2017. All requested information, including any
			 material change to information contained in the original application, shall be
			 provided to the administrator as directed by the NMLS or as otherwise
			 prescribed by the administrator. Applications for renewal of a registration
			 must be accompanied by a fee as specified in subrule 25.8(5). The administrator
			 may also assess late fees as specified in subrule 25.8(5) for applications
			 submitted after December 1.
(3) The
			 administrator shall grant an application to renew a registration if:
a. The administrator receives the application
			 and the appropriate renewal fee by December 1, or the administrator receives
			 the application after December 1 but before January 1 and it is accompanied by
			 the appropriate renewal fee and the appropriate late fee;
b. The application is fully completed and
			 includes all necessary information; and
c. The application does not reveal grounds
			 that would be sufficient to deny initial registration, or issue a registration
			 subject to restriction, pursuant to rule 187-25.4 (17A,543E).
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.5 - Reinstatement of Lapsed Registration

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The registration of an appraisal
			 management company that has lapsed for failure to satisfy the minimum standards
			 for renewal may be reinstated if the registrant meets the following
			 requirements:
a. The application for
			 reinstatement is submitted between January 1 and February 28 of the year
			 immediately following the year the registration lapsed.
b. All minimum requirements for renewal of
			 registration for the year in which the registration lapsed are satisfied prior
			 to submission of the application for reinstatement. The registrant seeking to
			 reinstate a registration must submit all information required to renew a
			 registration pursuant to rule 187-25.4 (17A,543E).
c. The registrant pays a reinstatement fee as
			 specified in subrule 25.8(5), in addition to the renewal fee, and any late
			 charges.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.7 - Notice of Significant Events

Current through Register Vol. 47, No. 3, July 24, 2024
A registrant shall notify the administrator immediately and in
				writing within 15 calendar days of the occurrence of any of the following
				events.
(1) The registrant or any of
			 the registrant's officers, directors, owners, or affiliates file for bankruptcy
			 protection or commence reorganization proceedings.
(2) A prosecuting authority files criminal
			 charges against the registrant or any of a registrant's officers, directors,
			 owners, or affiliates.
(3) Another
			 state or jurisdiction institutes registration denial, cease and desist,
			 suspension or revocation procedures, or other regulatory action against the
			 registrant or any of the registrant's officers, directors, owners, or
			 affiliates.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.8 - Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Examination or investigation fees. A
registrant shall pay an
			 investigation or examination fee as determined by the administrator based on
			 the actual cost of the operation of the finance bureau of the banking division,
			 as described in Iowa Code section 543E.10(1).
(2)
Examination or investigation late
			 fees. A
registrant shall pay the administrator the total charge for an
			 examination or investigation within 30 days after the administrator has
			 requested payment. If a registrant fails to pay an examination or investigation
			 fee by the due date, the administrator may assess an additional penalty as
			 identified in subrule 25.8(5) for each day the fee is overdue.
(3)
Late fees for failing to
			 respond.
In the process of administering this chapter, the
			 administrator may require a person to provide responses to formal orders,
			 examinations, or complaint inquiries. If a person fails to respond within 30
			 days of the request, the administrator may assess a fee as specified in subrule
			 25.8(5).
(4)
NMLS system
			 processing fees.
In addition to the fees set forth in this chapter,
			 the applicant or registrant shall pay any fee assessed by the NMLS attributed
			 to the registrant's record in the NMLS system including but not limited to the
			 initial set-up fee, an annual processing fee, and any fees associated with
			 changing or updating the registrant's record.
(5)
Fees.
Application for registration fee
$250
Registration fee (initial) (not applicable to
						  preregistration)
$750
Registration fee (annual renewal)
$750
Background investigation fee
$51
Appraisal management company national registry fee (not
						  applicable to preregistration)
As determined by the appraisal subcommittee
NMLS fees
As determined by the NMLS
Fee for late submission of application for
						  renewal
$50
Fee to reinstate a lapsed registration
$250
Reissuance or replacement of a lost, destroyed, or
						  stolen registration
$25
Fee for change of principal location
$25
Fee for change of name
$25
Fee for change of ownership
$150
Fee for change of controlling person
$150
Fee for late payment of examination or investigation
						  fees
5 percent of amount due per day beyond 30 days past
						  due
Fee for late response to examination request
$10 per day beyond 30 days past due
Conversion fee for preregistered persons (applicable
						  only when converting a preregistration to a registration)
$150
Dishonored check fee
$30
Examination or investigation fee
$100 per hour
Mailing list fee
$30
Fee for letter of good standing
$25
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.9 - Registrant Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General record requirements.
The following requirements apply
			 to all records a registrant is required to keep pursuant to Iowa Code section
			 543E.13
			 and this chapter:
a. The registrant may keep
			 records as a hard copy or in an electronic equivalent.
b. The registrant shall maintain all books
			 and records in good order and shall produce books and records for the
			 administrator upon request. Failure to produce such books and records within 30
			 days of the administrator's request may be grounds for disciplinary action
			 against the registrant.
c. The
			 obligation to maintain required records continues even after the registrant
			 ceases business operations in Iowa and turns in or surrenders its registration.
			 The owners and directors of the registrant are responsible for ensuring that
			 this requirement is met for the period required under Iowa Code section
			 543E.13
			 and this chapter.
d. The registrant
			 shall keep all required records for at least five years from the date the
			 record was created, unless a longer retention period is required by
			 statute.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.10 - Examinations, Investigations, and Complaints

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The administrator may, at any time and as
			 often as the administrator deems necessary, examine a registrant's books,
			 accounts, records, and files and investigate a registrant to assess potential
			 violations of applicable appraisal-related laws, regulations, rules, or
			 orders.
(2) The administrator may
			 investigate complaints about, or alleged violations committed by, any
			 registrant.
(3) The following shall
			 constitute a complaint or alleged violation:
a. A written complaint received from a
			 consumer, member of the public, employee, business affiliate, or other
			 governmental agency.
b. Notice to
			 the administrator from any source that the registrant, or any owner or
			 controlling person thereof, has been the subject of disciplinary proceedings in
			 another jurisdiction.
c. Notice to
			 the administrator from any source that any owner or controlling person of the
			 registrant has been convicted of forgery, embezzlement, obtaining money under
			 false pretenses, extortion, conspiracy to defraud, or other similar offense, in
			 a court of competent jurisdiction in this state or in any other state,
			 territory, or district of the United States, or in any foreign
			 jurisdiction.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.11 - Disciplinary Action

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 The administrator has authority pursuant to Iowa Code chapters 543E and 17A to
			 impose discipline for violations of Iowa Code chapter 543E and this
			 chapter.
(2) Grounds for
			 discipline. The administrator may impose any of the disciplinary sanctions set
			 out in Iowa Code section
			 543E.17(1)
			  when the administrator finds any of the
			 following:
a. The registrant, or an owner or
			 controlling person thereof, has violated a provision of Iowa Code chapter 543E
			 or this chapter.
b. The registrant,
			 or an owner or controlling person thereof, fails to fully cooperate with an
			 examination or investigation, including failing to respond to an inquiry from
			 the administrator within 30 calendar days of the date the administrator mails a
			 written communication directed to the registrant's last-known address on file
			 with the administrator.
c. The
			 registrant, or an owner or controlling person thereof, has engaged in any
			 conduct that subverts or attempts to subvert an examination or investigation by
			 the administrator.
d. The
			 registrant continues to operate an appraisal management company without an
			 active and current registration.
e.
			 The registrant fails to timely notify the administrator of the occurrence of
			 any of the significant events set forth in rule 187-25.7 (17A,543E).
f. The registrant fails to notify the
			 administrator of a change in ownership, controlling person, name, or principal
			 place of business.
g. Another state
			 or jurisdiction has denied, suspended, revoked, or refused to renew the
			 registrant's registration or authorization to operate an appraisal management
			 company under the other state's or jurisdiction's law.
h. The registrant fails to create and
			 maintain complete and accurate records as required by state or federal law,
			 regulation, or rule.
i. The
			 registrant, or an owner or controlling person thereof, has violated an order of
			 the administrator.
j. The
			 registrant has abandoned its place of business for 60 or more days.
k. The registrant fails to pay any fee
			 required by Iowa Code chapter 543E or this chapter or to maintain a bond
			 required by Iowa Code chapter 543E.
l. A fact or condition exists which, had it
			 existed at the time of the original application for registration, would have
			 warranted the administrator to refuse to issue the original
			 registration.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.12 - Appraisal Management Company National Registry Maintained by the Appraisal Subcommittee

Current through Register Vol. 47, No. 3, July 24, 2024
The administrator shall transmit to the appraisal subcommittee
				information and fees as necessary for inclusion on the appraisal management
				company national registry.
(1)
Registered appraisal management companies.
The administrator
			 shall transmit to the appraisal subcommittee all information regarding
			 registered appraisal management companies required for inclusion on the
			 appraisal management company national registry, including but not limited to a
			 roster of appraisal management companies registered in this state and records
			 relating to any disciplinary action taken against a registrant.
(2)
Federally regulated appraisal
			 management companies.
The administrator shall collect from a federally
			 regulated appraisal management company all fees required for registration on
			 the appraisal management company national registry maintained by the appraisal
			 subcommittee. A federally regulated appraisal management company shall also pay
			 all fees associated with the administration of this rule, including but not
			 limited to fees required by the NMLS. The administrator shall collect from a
			 federally regulated appraisal management company the following information
			 necessary for the fulfillment of this obligation: the name, address, and
			 telephone number of the company; the national registry identification number
			 and tax identification number of the company; the start date of the company's
			 registration on the appraisal management company national registry; the name of
			 and contact information for a contact person for the company; and any other
			 information as required by the administrator.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 1 - Description of Organization › Rule 189-1.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The definitions of terms included in Iowa Code section 17A.2 shall apply to such terms used in this chapter In addition, as used in this chapter:
"Board"
means the credit union review board.
"Division "
means the credit union division.
"Superintendent"
means the superintendent of the credit union division.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 1 - Description of Organization › Rule 189-1.3 - Credit Union Division

Current through Register Vol. 47, No. 3, July 24, 2024
The division is the office of the superintendent and other personnel who discharge the duties and responsibilities imposed upon the superintendent by the laws of this state. The superintendent has general supervisory and regulatory authority over all state chartered credit unions.
(1)
Central
			 organization
-
superintendent.
The superintendent is
			 appointed by the governor and approved by the senate. The superintendent is the
			 head of the credit union division with offices located at 200 East Grand
			 Avenue, Suite 370, Des Moines, Iowa 50309. Rules may be promulgated by the
			 superintendent subject to prior approval by the board. The superintendent may
			 employ personnel as necessary to carry out the provisions of the credit union
			 law.
(2)
Credit union
			 review hoard.
The credit union review board is composed of seven
			 members who are appointed by the governor and approved by the senate. With the
			 exception of four members first appointed as of January 1, 1979, board members
			 serve for a three-year term. The board may adopt, amend, and repeal rules or
			 take other action it deems necessary or suitable to effect the provisions of
			 the credit union law. The board meets at least four times each year and special
			 meetings may be called by the chairperson. A majority of the members of the
			 board shall constitute a quorum to transact business.
This rule is intended to implement Iowa Code section
				533.107.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 1 - Description of Organization › Rule 189-1.4 - Forms and Instructions

Current through Register Vol. 47, No. 3, July 24, 2024
Information concerning the forms and instructions of the superintendent is available at the offices of the credit union division during usual business hours, 8 a.m. to 4 p.m. daily, excluding Saturdays, Sundays and holidays. Copies of the forms and instructions are also available at the credit union division's Web site at https://creditunions.iowa.gov/ [File Link Not Available].
This rule is intended to implement Iowa Code section 533.102.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Applicants "
means those persons who make application to the credit union division.
"Application "
includes the documents required by the credit union division for chartering a credit union or for approval of an employee group to obtain service from an already chartered credit union.
"Chartering"
means the approval of the credit union division of the state of Iowa which is required before a credit union may operate and do business in the state of Iowa.
"Common bond"
means the relationship between natural or corporate persons required before such persons can be members of a credit union.
"Division "
means the credit union division of the department of commerce of the state of Iowa.
"Incorporators "
means those persons listed as incorporators in the filed documents of incorporation.
"Membership "
means those persons who possess the required common bond and who are approved as eligible for services of a credit union.
"Multiple group "
means a combination of an association common bond and an occupation, industry, or employer common bond.
"Organization "
means the process of identifying the proposed membership of a credit union and choosing persons to apply for chartering with the division.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.2 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
All chartering and approval for the extension of credit union services shall be consistent with Iowa Code chapter 533 and shall promote safety and soundness of all credit unions. The division shall determine that each application has sound economic basis and that approval of the application will not endanger the safety and soundness of other credit unions.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.4 - Organization Procedure

Current through Register Vol. 47, No. 3, July 24, 2024
When persons wish to obtain a charter for a new credit union, they shall determine that the proposed membership for the credit union has a common bond as required by this chapter and that there exists probable support for the credit union by the proposed membership. The persons shall also choose seven applicants to apply for charter with the division.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.5 - Field of Membership and Common Bond

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Types of common bond.
Common bonds shall include relationships based on association, occupation,
			 industry, or employer, or residence or employment within a specified community.
a. Association common bond shall be based on
			 common loyalties, benefits, interests and activities.
b. Occupation, industry or employer common
			 bond shall be based on common business, employer, or corporate
			 parent.
c. Multiple group shall be
			 based on a combination of
"a"
and
"b. "
d. Community common bond shall be
			 based on residence, employment or principal place of business in a specific
			 geographic boundary.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.6 - Application for Charter

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Applicants' duties.
The applicants for charter shall inform
			 the superintendent of the division of the interest and commitment regarding
			 forming a credit union. The applicants shall also obtain from the
			 superintendent the necessary information regarding applying for a charter, as
			 well as an application and any other documents required for chartering. The
			 applicants shall be responsible for filing all documents required for
			 chartering and incorporation with the superintendent.
(2)
Application for
			 chartering.
The documents contained as part of the application for
			 chartering shall include, but not be limited to, documents requesting the
			 following information: names, addresses and current employment of all
			 applicants; the proposed management staff and the proposed slate of credit
			 union officers; a summary of the plan of business which indicates the economic
			 feasibility of the operation of the credit union; a description of the common
			 bond; and a draft of bylaws and articles of incorporation.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.7 - Chartering Standards

Current through Register Vol. 47, No. 3, July 24, 2024
In order to grant a charter, the superintendent shall determine that the purpose of this chapter is met and that each and every one of the following standards is met:
1. The
			 proposed members possess a sufficient common bond;
2. The proposed management has the necessary
			 financial expertise;
3. Chartering
			 the credit union is in the interest of its proposed members;
4. The support of the proposed members
			 indicates that the credit union will succeed; and
5. The applicants' plan of business is based
			 on adequate and well-reasoned consideration of the expected costs and returns
			 from operations.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.8 - Incorporation and Commencement of Business

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Organization meeting.
Proposed members shall meet and through
			 a majority vote approve the incorporation of the credit union chartered by the
			 division.
(2)
Filing of
			 corporate records.
a.
Articles of incorporation.
Upon the division's grant of a charter, the
			 applicants shall file the credit union's articles of incorporation, with the
			 certificate of approval attached, with the county recorder of the county where
			 the credit union is to have its principal place of business.
b.
Oath of office.
Within
			 ten days after the meeting to incorporate the new credit union, and within ten
			 days after each annual meeting thereafter, a notarized oath of office including
			 the name, signature, position, and address of each member of the board of
			 directors shall be filed with the superintendent. Within ten days of the
			 appointment or election of any new member of the board of directors, a
			 notarized oath of office shall be filed in the same manner.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.9 - Board of Directors Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The board of
			 directors shall hold at least 12 regular meetings each calendar year. No more
			 than one regular meeting shall be held in one calendar month.
(2) A quorum shall be required to undertake
			 any credit union business and required at any meeting of the board of directors
			 called by the superintendent pursuant to Iowa Code chapter 533.
(3) A director or committee member must be
			 able to read and understand the credit union's balance sheet and income
			 statement, have a working knowledge of basic finance and generally accepted
			 accounting principles (GAAP) utilized in the credit union, be able to
			 understand the risk found in depository institutions and credit union board
			 governance, and understand the internal control structures of the credit union.
			 If a director or committee member does not have the requisite skills when
			 elected or appointed, the director or committee member must obtain these skills
			 in a timely manner, not to exceed 12 months.
This rule is intended to implement Iowa Code sections
				533.205(3)
"c,"
533.205(3)
"g,"
and
				533.113A.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.10 - Use of Credit Union Name

Current through Register Vol. 47, No. 3, July 24, 2024
After being chartered as a credit union, a credit union shall represent itself as a credit union in the course of obtaining and doing business. Failure to meet this requirement may be grounds for revocation of charter by the superintendent.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.11 - Employee Groups

Current through Register Vol. 47, No. 3, July 24, 2024
Upon the application to and approval by the superintendent, an employee group may be served by an already chartered credit union without the requirement of a common bond relationship between the employee group and the chartered credit union effecting service.
(1)
Application to serve an employee
			 group. A
credit union desiring to serve an employee group shall submit
			 an "Application to Serve an Employee Group" which is available from the
			 division.
(2)
Recognition
			 of an employee group.
The superintendent may recognize that an
			 employee group exists and approve a credit union's application to serve the
			 employee group consistent with Iowa Code chapter 533 and the purpose of this
			 chapter.
(3)
Inquiry.
The superintendent may conduct an inquiry, and may
			 use any of the powers granted to the superintendent under Iowa Code chapter
			 533, as deemed necessary in connection with an "Application to Serve an
			 Employee Group" to determine:
a. That the
			 credit union making application has the authority in its bylaws to serve an
			 employee group;
b. That the
			 employee group has made application to the credit union for services;
			 and
c. That the quality and
			 management of the credit union making application are sound and that the credit
			 union is capable of and will offer services to members of the proposed employee
			 group equivalent to those offered to its present membership.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.12 - Approval or Denial

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Inquiry
			 and review.
The superintendent may conduct an inquiry, and use any
			 powers granted to the superintendent under Iowa Code chapter 533, as is deemed
			 necessary in connection with any application under this chapter to determine if
			 granting the application would be consistent with the purpose of this
			 chapter.
(2)
Method of
			 notice of decisions on applications.
The superintendent shall notify
			 the applicants in writing of the decision of approval or denial of any
			 application made under this chapter and shall send the decision to the
			 applicants. If an application is denied, the superintendent shall provide the
			 applicants with the reasons for the denial.
(3)
Time of notice.
The
			 superintendent shall provide notification regarding approval or denial of an
			 application for chartering within the time period required by Iowa Code chapter
			 533 and shall notify regarding approval or denial of employee group
			 applications within 60 days. If it is necessary for an application to be
			 amended, whether by addition, deletion or change, the period of review shall
			 begin anew as of the date of amendment.
(4)
Intervention.
The period
			 of review will be extended for 14 days if the division receives a written
			 intervention in objection to the approval of the employee group application.
			 Upon the filing of an intervention, the superintendent may request additional
			 information from the applicants.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 2 - Organization, Chartering and Field of Membership of a Credit Union › Rule 189-2.13 - Appeal

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Contested case.
Applicants may appeal the denial of an
			 application by requesting a contested case hearing before the superintendent
			 within 30 days of issuance of the decision. The costs of a contested case
			 hearing shall be paid by a requester if the requester fails to prevail at the
			 contested case hearing.
(2)
Appeal to review board.
The appeal of a ruling of the
			 superintendent in a contested case hearing shall be before the credit union
			 review board.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 3 - Conversion of an Iowa-chartered Credit Union to Another Charter Type › Rule 189-3.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter:
"Credit union "
means credit union as defined in the Iowa Credit Union Act, Iowa Code section 533.102.
"Federal banking agencies "
means federal banking agencies as defined in Section 3 of the Federal Deposit Insurance Act.
"Federal credit union"
means credit union as defined in Section 101 of the Federal Credit Union Act,  12 U.S.C. 1752(1).
"Mutual savings bank"
and
"savings association
"have the same meaning as defined in Section 3 of the Federal Deposit Insurance Act.
"Senior management official"
means a chief executive officer, an assistant chief executive officer, a chief financial officer, and any other senior executive officer as defined by the appropriate federal banking agency pursuant to Section 32(f) of the Federal Deposit Insurance Act,  12 U.S.C. 1831 i(f).
"Superintendent"
means the superintendent of credit unions of the Iowa credit union division of the department of commerce.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 3 - Conversion of an Iowa-chartered Credit Union to Another Charter Type › Rule 189-3.2 - Authority to Convert

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An
			 Iowa-chartered credit union, with the approval of its members, may convert to a
			 federal credit union, subject to applicable law, regulation and procedures of
			 the governing recipient chartering authority, the National Credit Union
			 Administration, and the requirements of this chapter.
(2) An Iowa-chartered credit union shall
			 remain responsible for the entire annual fee pursuant to Iowa Code section
			 533.112 during the year in which
			 the credit union converts.
(3)
			 Disclosure to members.
a. No credit union
			 shall convert to a federal credit union without full disclosure to its members
			 of the intents and purposes of conversion.
b. If the intent to undertake a second
			 conversion to a mutual savings bank or a savings association is among the
			 purposes for conversion to a federal credit union, those facts and all related
			 information shall be fully disclosed to members.
c. If a further conversion to a stock
			 institution is among the possible outcomes from the conversion, the converting
			 Iowa-chartered credit union shall fully and accurately disclose this
			 possibility to its members.