Iowa Administrative Code › Agency 187 - Banking Division › Chapter 10 - Electronic Transfer of Funds › Rule 187-10.5 - Applications to Establish a Satellite Terminal

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Approval required.
A
			 satellite terminal shall not be established or operated in the state of Iowa
			 unless written approval for that establishment and operation has been obtained
			 from the administrator. Exceptions to this requirement may exist based upon
			 judicial rulings on applicability of Iowa Code subsections
			 527.5(3)
			  and
			 527.5(7)
			  to certain federally chartered financial
			 institutions.
(2)
Application requirements.
A person desiring to establish and
			 operate a satellite terminal shall submit to the administrator an application
			 which shall contain all of the information and shall be accompanied by all
			 documentation expressly provided for in Iowa Code subsection
			 527.5(3).
(3)
Incomplete applications.
If the application is found by the administrator to be incomplete, the
			 applicant will be notified within a reasonable period of that fact and of the
			 specific deficiencies. Anytime after 30 days following any such notification,
			 the application may be denied for lack of information if requested supplemental
			 information is not timely submitted by the applicant.
(4)
Final notice.
Upon
			 receiving a complete application, the administrator shall approve or disapprove
			 an application for the establishment and operation of a satellite terminal
			 within 30 days after the date of written notice to the applicant that the
			 application is determined to be complete. The administrator shall notify the
			 applicant in writing as to the decision to approve or disapprove.
(5)
Denial of application.
If the administrator finds grounds, under any applicable law or rule, for
			 denying establishment of a satellite terminal, the administrator shall notify
			 the person filing the informational statement or an amendment thereto within 30
			 days of the filing thereof of the existence of such grounds. If such
			 notification is not given by the administrator, the administrator shall be
			 considered to have expressly approved the establishment and operation of the
			 satellite terminal as described in the informational statement or amendment and
			 according to the agreements attached thereto, and operation of the satellite
			 terminal in accordance therewith may commence on or after the thirtieth day
			 following such filing. However, this subrule shall not be construed to prohibit
			 the administrator from enforcing the provisions of this chapter or Iowa Code
			 chapter 527, nor shall it be construed to constitute a waiver of any
			 prohibition, limitation or obligation imposed by this chapter or Iowa Code
			 chapter 527.
(6)
Failure to
			 establish
If the applicant fails to establish a satellite terminal
			 within 60 days after the date of written notification of approval by the
			 administrator or within 90 days of filing of the application if such notice is
			 not given by the administrator and expressed approval is presumed, the
			 application to establish and operate a satellite terminal in this state shall
			 be considered to be withdrawn by the applicant and the satellite terminal shall
			 not be established and operated in Iowa without reapplication or extension of
			 the application period by the administrator.
(7)
Notice to terminate satellite
			 terminal operation.
If an establishing financial institution
			 determines, for whatever reasons, that a satellite terminal it operates shall
			 no longer be made available for continued use in the state of Iowa, written
			 notice of such termination of service shall be provided to the administrator,
			 with a copy to the central routing unit, at least 15 business days prior to
			 such discontinuance of service.
This rule is intended to implement Iowa Code subsection
				527.5(7).