reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 12 - Uniform Waiver Rules › Rule 187-12.4 - Notice

Current through Register Vol. 47, No. 3, July 24, 2024
The superintendent shall acknowledge a petition upon receipt.
				The superintendent shall ensure that, within 30 days of the receipt of the
				petition, notice of the pendency of the petition and a concise summary of its
				contents have been provided to all persons to whom notice is required by any
				provision of law. In addition, the superintendent may give notice to other
				persons. To accomplish this notice provision, the superintendent may require
				the petitioner to serve the notice on all persons to whom notice is required by
				any provision of law and provide a written statement to the superintendent
				attesting that notice has been provided.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 12 - Uniform Waiver Rules › Rule 187-12.5 - Superintendent's Responsibilities Regarding Petition for Waiver

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Additional information.
Prior to issuing an order granting or denying a waiver, the superintendent may
			 request additional information from the petitioner relative to the petition and
			 surrounding circumstances. If the petition was not filed in a contested case,
			 the superintendent may, on the superintendent's own motion or at the
			 petitioner's request, schedule a telephonic or in-person meeting between the
			 petitioner and the superintendent or the superintendent's designee.
(2)
Hearing procedures.
The
			 provisions of Iowa Code sections 17A.10 to 17A.18A regarding contested case
			 hearings shall apply in three situations:
(a)
			 to any petition for a waiver of a rule filed within a contested case;
(b) when the superintendent so provides by
			 rule or order; or
(c) when a statute
			 so requires.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 12 - Uniform Waiver Rules › Rule 187-12.6 - Public Availability

Current through Register Vol. 47, No. 3, July 24, 2024
All orders granting or denying waivers under this chapter shall
				be indexed, filed and available for public inspection as provided in Iowa Code
				section 17A.3. Petitions for a waiver and orders granting or denying a waiver
				petition are public records under Iowa Code chapter 22. Some petitions or
				orders may contain information that the superintendent is authorized or
				required to keep confidential. The superintendent may accordingly redact
				confidential information from petitions or orders prior to public
				inspection.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 12 - Uniform Waiver Rules › Rule 187-12.7 - Voiding or Cancellation

Current through Register Vol. 47, No. 3, July 24, 2024
A waiver is void if the material facts upon which the request
				or petition is based are not true or if material facts have been withheld. A
				waiver issued by the superintendent pursuant to this chapter may be withdrawn,
				canceled, or modified if, after appropriate notice and opportunity for hearing,
				the superintendent issues an order finding any of the following:
1. The petitioner or the person who was the
			 subject of the waiver order withheld or misrepresented material facts relevant
			 to the propriety or desirability of the waiver; or
2. The alternative means for ensuring that
			 the public health, safety and welfare will be adequately protected after
			 issuance of the waiver order have been demonstrated to be insufficient;
			 or
3. The subject of the waiver
			 order has failed to comply with any conditions contained in the
			 order.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 12 - Uniform Waiver Rules › Rule 187-12.9 - Defense

Current through Register Vol. 47, No. 3, July 24, 2024
After the superintendent issues an order granting a waiver, the
				order is a defense within its terms and the specific facts indicated therein
				for the person to whom the order pertains in any proceeding in which the rule
				in question is sought to be invoked.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 12 - Uniform Waiver Rules › Rule 187-12.10 - Appeals

Current through Register Vol. 47, No. 3, July 24, 2024
Granting or denying a request for waiver is final agency action
				under Iowa Code chapter 17A. An appeal to district court shall be taken within
				30 days of the issuance of the order in response to the request unless a
				contrary time is provided by rule or statute.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of this chapter, the definitions in Iowa Code
				chapter 536 shall apply. In addition, unless the context otherwise
				requires:
"Business of making regulated loans"
means
				making ten or more loans of money or other forms of credit in a calendar year
				for which a license is required under Iowa Code section
				536.1,
				advertising the availability of such loans, or directly undertaking the
				collection of payments due on such loans or otherwise enforcing rights against
				borrowers who have entered into regulated loans.
"Nationwide multistate licensing system"
or
"NMLS"
means a multistate licensing system developed and
				maintained by the Conference of State Bank Supervisors and the American
				Association of Residential Mortgage Regulators for the licensing and
				registration of nondepository financial institutions.
"Regulated loan"
means a loan made by a
				licensee acting under the terms of the Iowa regulated loan Act. A regulated
				loan qualifies as a consumer loan subject to the Iowa Consumer Credit Code if
				the borrower is a person other than an organization; the debt is incurred for
				personal, family, or household use; and the amount financed is below the
				statutory threshold.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.2 - Utilization of Nmls

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 All application and licensing information shall be submitted through the NMLS
			 including but not limited to the following: original application information;
			 changes in application information; license renewal information; changes in
			 name, location, and control; and notices of significant events.
(2) The applicant or licensee shall pay any
			 fees required by NMLS including but not limited to the following: initial
			 set-up fee and annual processing fees, background check fees, and credit
			 background check fees.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.4 - 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
			 536.4.
(2) The following may be considered evidence
			 that the business of the applicant may not be operated lawfully and honestly
			 within the purposes of Iowa Code chapter 536 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 has
			 pleaded 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 15 - Regulated Loans › Rule 187-15.5 - Renewal of License

Current through Register Vol. 47, No. 3, July 24, 2024
(1) 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 make regulated loans 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.
(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 15 - Regulated Loans › Rule 187-15.6 - Changes in the Licensee's Name, Location, or Control; Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A licensee wishing to change the name or
			 location of a regulated loan business shall notify the superintendent through
			 the NMLS at least 30 days prior to the effective date of the requested change.
			 The notice shall include proof that the licensee has either obtained a new bond
			 or amended the existing mandatory bond to reflect the new name or location. The
			 licensee shall submit the appropriate fee in conjunction with the
			 notice.
(2) When a change of
			 control of a licensee is proposed, the party that will assume control of the
			 licensee shall give notice to the superintendent through the NMLS, at least 60
			 days before the proposed change will take effect. Change of control is defined
			 in Iowa Code section 536.7A. The party that will assume control of the licensee
			 shall furnish the superintendent through the NMLS with the same information
			 required of initial applicants for a license, along with the appropriate fee.
			 The party that will assume control may be required to 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. The superintendent shall approve
			 or deny the request in accordance with the provisions of Iowa Code section
			 536.4
			 and rule 187-15.4(17A,536).
(3)
			 Failure to notify the administrator within the prescribed time as required by
			 this rule may subject the licensee to disciplinary action.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.7 - Notice of Significant Events

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall notify the administrator immediately and in
				writing within 10 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 a 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 15 - Regulated Loans › Rule 187-15.8 - 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
			 536.10(3).
(2)
Late fees for failing to
			 respond.
In the process of administering Iowa Code chapter 536, 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, an annual processing fee, and a loan sponsorship
			 transfer fee.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.9 - Licensee Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General records 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 all records for at least 24 months from the date of the final transaction
			 with the borrower.
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 15 - Regulated Loans › Rule 187-15.10 - 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 other 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 an individual with control of 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 15 - Regulated Loans › Rule 187-15.11 - Disciplinary Action

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 The superintendent has authority pursuant to Iowa Code chapters 536 and 17A to
			 impose discipline for violations of Iowa Code chapter 536 and the rules
			 promulgated thereunder.
(2) Grounds
			 for discipline. The superintendent may impose any of the disciplinary sanctions
			 set out in Iowa Code section
			 536.9(2)
			  when the superintendent makes any of the
			 findings in Iowa Code section
			 536.9(1)
			  or when the superintendent finds any of the
			 following:
a. The licensee has abandoned its
			 place of business for 60 or more days.
b. 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.
c. The
			 licensee has engaged in any conduct that subverts or attempts to subvert an
			 examination or investigation by the superintendent.
d. The licensee continues to operate a
			 regulated loan business without an active and current license.
e. The licensee fails to notify the
			 superintendent within 10 days of the occurrence of one of the significant
			 events set forth in rule
			 187-15.7
			 (17A,536).
f. The licensee fails
			 to notify the superintendent of a change in control, name, or principal place
			 of business.
g. The licensee
			 operates a regulated loan business in the same location as another business
			 without the superintendent's written approval.
h. Another state or jurisdiction has denied,
			 suspended, revoked, or refused to renew the licensee's license, registration,
			 or authorization to engage in the business of making loans under the other
			 state's or jurisdiction's law.
i.
			 The licensee fails to create and maintain complete and accurate records as
			 required by state or federal law, regulation, or rule.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.12 - Annual Report

Current through Register Vol. 47, No. 3, July 24, 2024
Licensees must file with the superintendent an annual report,
				on forms prescribed by the superintendent, on or before April 15. The
				information contained in the annual report shall be confidential, and the
				superintendent may publish the information only in composite form. The
				superintendent may assess a late fee of $10 for each day the annual report is
				delinquent.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.13 - Restrictions on Making Regulated Loans

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall adhere to the following restrictions related
				to making regulated loans.
(1)
Jurisdiction.
A licensee shall have authority to make and
			 complete loans by mail, or by comparable electronic means, from the lender's
			 licensed office. However, all loans made to Iowa residents pursuant to Iowa
			 Code chapters 536 and 537 must comply with all applicable Iowa laws.
(2)
Default charge.
Default
			 charges are not to be collected if payment is made by a credit accident and
			 health insurance claim.
(3)
Interest rate.
Pursuant to the power granted to the
			 superintendent under Iowa Code sections
			 536.13(1)
"b"
and 536.13(2), the maximum rate of interest that may be
			 charged beginning September 1, 2020, and until such time as a different rate is
			 fixed by the superintendent, is 36 percent per annum on any part of the unpaid
			 balance not exceeding $3,000 and 24 percent per annum on any part of the unpaid
			 balance in excess of $3,000, but not exceeding $8,400 and 18 percent per annum
			 on any part of the unpaid balance in excess of $8,400, but not exceeding
			 $30,000.
(4)
Branch
			 locations.
Licensees may not establish branch locations outside of the
			 United States.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of this chapter, the definitions in Iowa Code
				chapter 536A shall apply. In addition, unless the context otherwise
				requires:
"Business of making industrial loans"
means
				making ten or more loans of money or other forms of credit in a calendar year
				for which a license is required under Iowa Code section
				536A.3, advertising the
				availability of such loans, or directly undertaking the collection of payments
				due on such loans or otherwise enforcing rights against borrowers who have
				entered into industrial loans.
"Industrial loan"
means a loan made by a
				person who is a licensee acting under the terms of the Iowa industrial loan
				law. An industrial loan qualifies as a consumer loan subject to the Iowa
				Consumer Credit Code if the borrower is a person other than an organization;
				the debt is incurred for personal, family, or household use; and the amount
				financed is below the statutory threshold.
"Industrial loan business"
means the business
				of operating an industrial loan company as defined in Iowa Code section
				536A.2(1).
"Nationwide multistate licensing system"
or
"NMIS"
means a multistate licensing system developed and
				maintained by the Conference of State Bank Supervisors and the American
				Association of Residential Mortgage Regulators for the licensing and
				registration of nondepository financial institutions.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.2 - Utilization of Nmls

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 All application and licensing information shall be submitted through the NMLS
			 including but not limited to the following: original application information;
			 changes in application information; license renewal information; changes in
			 name, location, and control; and notices of significant events.
(2) The applicant or licensee shall pay any
			 fees required by NMLS including but not limited to the following: initial
			 set-up fee and annual processing fees, background check fees, and credit
			 background check fees.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.4 - 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 sections
			 536A.10 and
			 536A.11.
(2) The following may be considered evidence
			 that the business of the applicant may not be operated lawfully and honestly
			 within the purposes of Iowa Code chapter 536A 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 has
			 pleaded 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 16 - Industrial Loans › Rule 187-16.5 - Renewal of License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 To remain authorized to operate an industrial loan company, 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 make
			 industrial loans 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.
(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 16 - Industrial Loans › Rule 187-16.6 - 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 an industrial loan business shall notify the superintendent through
			 the NMLS at least 30 days prior to the effective date of the change. The notice
			 shall include proof that the licensee has either obtained a new bond or amended
			 the existing mandatory bond to reflect the new name or location. The licensee
			 shall submit the appropriate fee in conjunction with the notice.
(2) When a change of control of a licensee is
			 proposed, the party that will assume control of the licensee shall submit an
			 application for certificate of approval of the proposed change of control to
			 the superintendent, on the form provided and with the information requested,
			 through the NMLS at least 60 days before the proposed change will take effect.
			 Change of control is defined in Iowa Code section
			 536A.12(4).
			 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 the appropriate fee. 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 sections
			 536A.10 and
			 536A.11 and
			 rule
			 187-16.4
			 (17A,536A).
(3) Failure to notify
			 the administrator within the prescribed time as required by this rule may
			 subject the licensee to disciplinary action.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.7 - Notice of Significant Events

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall notify the administrator immediately and in
				writing within 10 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.
(2) A prosecuting
			 authority files criminal charges against the licensee or any of a 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 16 - Industrial Loans › Rule 187-16.8 - 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
			 536A.15(4).
(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, an annual processing fee, and a loan sponsorship
			 transfer fee.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.9 - Licensee Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General records 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 24 months from the date of the final transaction with
			 the borrower.
c. The licensee shall
			 maintain all books and records in good order and shall produce books and
			 records for the superintendent upon request. The superintendent or the
			 superintendent's duly appointed representative shall have the right to examine
			 and investigate the books, accounts, and records wherever situated of all
			 businesses authorized or conducted by a licensee licensed pursuant to Iowa Code
			 chapter 536A. All books, accounts and records pertaining to businesses
			 conducted pursuant to such licenses shall be made readily available to the
			 examiners who may investigate without prior notice. 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 16 - Industrial Loans › Rule 187-16.10 - 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 other 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 an individual with control of 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 16 - Industrial Loans › Rule 187-16.11 - Disciplinary Action

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 The superintendent has authority pursuant to Iowa Code chapters 536A and 17A to
			 impose discipline for violations of Iowa Code chapter 53 6A and the rules
			 promulgated thereunder.
(2) Grounds
			 for discipline. The superintendent may impose any of the disciplinary sanctions
			 set out in Iowa Code section
			 536A.18(2)
			  when the superintendent finds any of the
			 following:
a. The licensee has abandoned its
			 place of business for 60 or more days.
b. 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.
c. The
			 licensee has engaged in any conduct that subverts or attempts to subvert an
			 examination or investigation by the superintendent.
d. The licensee continues to operate an
			 industrial loan business without an active and current license.
e. The licensee fails to notify the
			 superintendent within 10 days of the occurrence of one of the significant
			 events set forth in rule
			 187-16.7
			 (17A,536A).
f. The licensee fails
			 to notify the superintendent of a change in control, name, or principal place
			 of business.
g. The licensee
			 operates an industrial loan business in the same location as another business
			 without the superintendent's written approval.
h. Another state or jurisdiction has denied,
			 suspended, revoked, or refused to renew the licensee's license, registration,
			 or authorization to engage in the business of making loans under the other
			 state's or jurisdiction's law.
i.
			 The licensee fails to create and maintain complete and accurate records as
			 required by state or federal law, regulation, or rule.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.12 - Other Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 Annual report. Licensees must file with the superintendent an annual report, on
			 forms prescribed by the superintendent, on or before April 15. The information
			 contained in the annual report shall be confidential, and the superintendent
			 may publish the information only in composite form. The superintendent may
			 assess a late fee of $10 for each day the annual report is
			 delinquent.
(2) Reserved.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 16 - Industrial Loans › Rule 187-16.13 - Restrictions on Making Industrial Loans

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall adhere to the following restrictions related
				to making industrial loans.
(1)
Jurisdiction.
A licensee shall have authority to make and
			 complete loans by mail, or by comparable electronic means, from the lender's
			 licensed office. However, all loans made to Iowa residents pursuant to Iowa
			 Code chapters 536A and 537 must comply with all applicable Iowa laws.
(2)
Default charge.
Default
			 charges are not to be collected from a borrower if payment is made by a credit
			 accident and health insurance claim.
(3)
Branch locations.
Licensees may not establish branch locations outside of the United
			 States.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 17 - Delayed Deposit Services › Rule 187-17.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of this chapter, the definitions in Iowa Code
				chapter 533D shall apply. In addition, unless the context otherwise
				requires:
"Delayed deposit transactions"
means the
				activities of a "delayed deposit services business" as defined in Iowa Code
				section
				533D.2(2).
				These transactions qualify as consumer loans subject to the Iowa Consumer
				Credit Code, Iowa Code chapter 537, if the borrower is a person other than an
				organization and the debt is incurred for personal, family, or household
				use.
"License application"
means an application
				submitted to the superintendent for a license to operate as a delayed deposit
				services business in accordance with the provisions of Iowa Code chapter
				533D.
"Maker"
means a person who issues a check in
				order to enter into a delayed deposit transaction.
"Nationwide multistate licensing system"
or
"NMLS"
means a multistate licensing system developed and
				maintained by the Conference of State Bank Supervisors and the American
				Association of Residential Mortgage Regulators for the licensing and regulation
				of nondepository financial institutions.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 17 - Delayed Deposit Services › Rule 187-17.2 - Utilization of Nmls

Current through Register Vol. 47, No. 3, July 24, 2024
All application and licensing information shall be submitted
				through the NMLS including but not limited to the following: original
				application information; changes in application information; license renewal
				information; changes in name, location, and control; and notices of significant
				events. The applicant or licensee shall pay any fees required by NMLS including
				but not limited to the following: system processing fees, background check
				fees, and credit background check fees.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 17 - Delayed Deposit Services › Rule 187-17.3 - Application for License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 An application for a license to operate a delayed deposit services 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 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 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 a
			 license to enter into delayed deposit transactions must file with the
			 superintendent a $25,000 surety bond in compliance with the provisions of Iowa
			 Code section
			 533D.3(3)
			 "b."
(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 17 - Delayed Deposit Services › Rule 187-17.4 - 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
			 533D.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 533D 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 17 - Delayed Deposit Services › Rule 187-17.5 - Renewal of License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 To remain authorized to enter into delayed deposit transactions in Iowa, 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 enter into delayed deposit transactions 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.
(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 17 - Delayed Deposit Services › Rule 187-17.6 - 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 delayed deposit services 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 enter into delayed
			 deposit transactions 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 187-17.5
			 (17A,533D).
(3) When change of
			 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 of control is defined in Iowa Code
			 section
			 533D.6.
			 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 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
			 533D.3.
(4) Failure to notify the administrator
			 within the prescribed time as required by this rule may subject the licensee to
			 disciplinary action.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 17 - Delayed Deposit Services › Rule 187-17.8 - 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
			 533D.11(3).
(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 17 - Delayed Deposit Services › Rule 187-17.9 - 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 24 months from the date of the final transaction with the
			 borrower.
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 17 - Delayed Deposit Services › Rule 187-17.10 - 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 other 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 an individual with control of 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.