Iowa Administrative Code › Agency 187 - Banking Division › Chapter 15 - Regulated Loans › Rule 187-15.3 - Application for License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 An application for a license to operate a regulated loan 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			 application withdrawn if it does not contain all of the information required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			 may also request that the application be withdrawn at any time before the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 must submit the application
			 fee and the initial license fee specified in Iowa Code section
			 536.2. The
			 superintendent shall refund the initial license fee if the application is
			 denied, but the application fee is not subject to refund. The applicant shall
			 also pay any additional fees required by the NMLS including but not limited to
			 the following: system processing fees, background check fees, and credit
			 background check fees.
(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
			 regulated loan company license must file with the superintendent a bond
			 complying with the provisions of Iowa Code section
			 536.3. For applicants or
			 licensees who do not make, arrange, broker, process, or underwrite any
			 residential mortgage loans, as defined in Iowa Code section
			 535D.3(13),
			 the bond shall be in the amount of $25,000. For applicants or licensees who
			 make, broker, process, or underwrite residential mortgage loans, as defined in
			 Iowa Code section
			 535D.3(13),
			 the bond amount required to be filed and maintained shall be set and adjusted
			 annually by March 31 using the following scale, based on the volume of
			 residential mortgage loans made, originated, arranged, brokered, processed, and
			 underwritten, as the case may be, by the applicant or licensee during the
			 preceding calendar year:
Loans
Bond Amount
$0 - $5,000,000
$25,000
$5,000,001 - $20,000,000
$50,000
$20,000,001 - $50,000,000
$75,000
$50,000,001 - $100,000,000
$100,000
Over $100,000,000
$150,000
(6)
			 Licenses expire on the next December 31 after they are issued, but licenses
			 granted on or after November 1 but before January 1 will not expire until
			 December 31 of the following year. For example, a license granted on November
			 17, 2017, would not expire until December 31, 2018.