Iowa Administrative Code

50.45(1) Definitions. For purposes of this rule, the following definitions shall apply: “3(c)(1) fund” means a qualifying private fund that is eligible for the exclusion from the definition of an investment company under the Investment Company Act of 1940 (15 U.S.C. Section 80a-3…

The provisions of this rule shall apply to federal covered investment advisers to the extent that the conduct alleged is fraudulent, deceptive, or as otherwise permitted by the National Securities Markets Improvement Act of 1996. 50.46(1) It is unlawful for any investment adviser…

50.47(1) On and after July 1, 2017, every investment adviser registered in Iowa shall make and maintain records, pursuant to Iowa Code section 502.411(3)“a,” of the establishment, implementation and maintenance of a written business continuity and succession plan. The business co…

50.50(1) Broker-dealers, investment advisers, broker-dealer agents, investment adviser representatives, and federal covered investment advisers who use the Internet, the World Wide Web, or similar proprietary or common carrier electronic systems (collectively described as the “In…

50.51(1) Every consent appointing the administrator or successor to be an attorney to receive service of any lawful process as required by Iowa Code section 502.611 shall be properly notarized and shall contain, at a minimum, the following information: a. Name of the applicant; b…

50.52(1) Upon receipt of a certificate of noncompliance from the CSRU for default on debts owed to or collected by the CSRU, the administrator shall issue a notice to a securities agent or investment adviser representative applicant or registrant that any pending application for …

50.54(1) Upon receipt of a certificate of noncompliance from the centralized collection unit of the department of revenue (CCU), the administrator shall issue a notice to a securities agent or investment adviser representative applicant or registrant that any pending application …

50.55(1) The use of a senior-specific certification or designation by any person in connection with the offer, sale, or purchase of securities or the provision of advice as to the value of or the advisability of investing in, purchasing, or selling securities, either directly or …

50.60(1) Except as provided in subrule 50.60(5), no investment company that is registered under the Investment Company Act of 1940 or that has a currently filed registration statement under the Securities Act of 1933 is required to file with the administrator, either prior to the…

50.61(1) Form U-7 may be obtained from the NASAA website at www.nasaa.org. Form U-7 has been developed under the Small Business Investment Incentive Act of 1980 which prescribes state and federal cooperation in furthering the policies of the Act: diminishing the burden of raising…

50.62(1) An equity security meeting the conditions of this rule may be registered pursuant to Iowa Code section 502.303 if all of the following conditions are satisfied, unless waived by the administrator, and except as provided by subrule 50.62(2): a. The issuer must be a corpor…

50.63(1) Pursuant to Iowa Code section 502.303(2), offerings filed on SEC Form F-7, Form F-8, Form F-9 or Form F-10 shall become effective the later of three days after filing, or the effective date with the SEC. 50.63(2) Pursuant to Iowa Code section 502.605(3), financial statem…

50.64(1) Except as otherwise provided by this rule, the balance sheet, statement of cash flows, and statement of income required by Iowa Code section 502.304(2)“q” shall be certified by an independent certified public accountant who shall also issue an opinion on the financial st…

In the administrator’s discretion, a registration by qualification statement filed pursuant to Iowa Code section 502.304 may not become effective until one or both of the following are filed: 1. When the value, after its purchase, of certain property does or will constitute a mat…

50.66(1) Overview of national models. In cooperation with the securities administrators of other states and with a view to effectuating a policy to achieve maximum uniformity of regulations regarding the registration of securities, registration and business practices of securitie…

A registration statement registered by qualification pursuant to Iowa Code section 502.304 is presumed to be reasonably current for purposes of Iowa Code section 502.305(9) if: 1. The issuer notifies the administrator in writing of any change in a material fact contained in the r…

As a condition to registration by qualification pursuant to Iowa Code section 502.304, a prospectus containing the information required by Iowa Code section 502.304(2) shall be delivered to each person to which an offer is made, before or concurrently with the earliest of the fol…

50.69(1) The following advertising regarding the offer, sale or purchase of any security in Iowa is exempt from the filing requirements of Iowa Code section 502.504: a. A prospectus published or circulated regarding an offering of a security registered pursuant to Iowa Code secti…

Except as provided in Iowa Code sections 502.302(3) and 502.304A(3)“g,” a person who files a registration statement or a notice filing pursuant to Iowa Code section 502.305 as amended by 2016 Iowa Acts, House File 2394, section 2, shall pay the following fees: 50.70(1) For the in…

An issuer offering a security that is a covered security pursuant to Section 18(b)(4)(F) of the Securities Act of 1933 shall submit no later than 15 days after the first sale of such federal covered security in Iowa an electronic filing and fees through www.efdnasaa.org, under “f…

50.82(1) An agricultural cooperative association issuing notes or other evidence of indebtedness shall notify the administrator in writing 30 days before the security is initially sold. Notification shall include: a. The name of the issuer, the date of organization of the issuer,…

50.83(1) Any unregistered broker-dealer effecting a transaction under an unsolicited order or offer to buy and claiming an exemption from registration based solely upon Iowa Code section 502.202(6) shall obtain acknowledgment from the customer on or before the settlement date of …

50.84(1) An offer, but not a sale, of a security made by or on behalf of an issuer for the sole purpose of soliciting an indication of interest in receiving a prospectus (or its equivalent) for such security is exempt from registration pursuant to Iowa Code section 502.301 if: a.…

Offers of securities made by, or on behalf of, issuers on or through the Internet are exempt from registration pursuant to Iowa Code sections 502.301 and 502.504 if: 1. The Internet offer states, directly or indirectly, that the securities are not being offered to state residents…

The administrator shall view the following as reasons for entering an order under Iowa Code section 502.204 to deny or revoke an exemption provided under Iowa Code section 502.202(14): 1. A public advertisement is used to promote the sale of securities for which such exemption is…

50.87(1) Church extension funds or similar organizations making continuous offerings shall be exempt pursuant to Iowa Code section 502.201(7)“b” provided the issuer: a. Applies for the exemption; b. Files an offering circular and otherwise substantially complies with the NASAA St…

The administrator grants the exemption for transactions with specified investors to the following persons: 50.88(1) Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of…

Nationally recognized securities manuals for purposes of Iowa Code section 502.202(2)“d” include Mergent’s Manuals, S & P Capital IQ Standard Corporation Descriptions, Fitch Investment Services, and Best’s Insurance Reports, Life-Health. This rule is intended to implement Iowa Co…

50.90(1) Definitions. For purposes of this rule, in addition to the definitions set forth in rule 191— 50.1(502), the definitions in Iowa Code section 502.202(24)“a” and the following definitions apply: “Administrator’s website” means the Internet site of the Iowa insurance divis…

This rule applies to offerings made under 17 CFR Section 227, federal Regulation Crowdfunding, General Rules and Regulations, and Sections 4(a)(6) and 18(b)(4)(C) of the Securities Act of 1933 (referred to collectively as “federal Regulation Crowdfunding”). 50.91(1) Initial filin…

This rule applies to an issuer offering and selling securities in this state in an offering exempt under Tier 2 of 17 CFR Section 230.251 et seq. (“federal Regulation A”) and Sections 18(b)(3) and 18(b)(4) of the Securities Act of 1933: 50.92(1) Initial filing. a. An issuer plann…

DISCLOSURE DOCUMENT REGARDING THE CLAIM PROCESS (1) Property insurance policies obligate the insured to present a claim to the insured’s insurance company for consideration. There are three types of adjusters that could be involved in that process. The definitions of the three ty…

The purpose of this chapter is to govern the qualifications and procedures for licensing public adjusters in this state and to specify the duties of and restrictions on public adjusters, including limitation of such licensure to assisting only insureds with first-party claims. [A…

55.10(1) Prior to the issuance of a license as an adjuster and for the duration of the license, an applicant shall secure evidence of financial responsibility in a format prescribed by the commissioner. Evidence of financial responsibility must provide coverage for damages result…

55.11(1) An individual who holds a public adjuster license shall satisfactorily complete a minimum of 24 credits of continuing education, including 2 credits of ethics, reported on a biennial basis in conjunction with the license renewal cycle. “Credit” means 50 minutes of instru…

55.12(1) The commissioner may place on probation, suspend, revoke or refuse to issue or renew a public adjuster’s license; may levy a civil penalty in accordance with Iowa Code section 505.7A; or may take corrective action pursuant to Iowa Code section 505.8, or any combination o…

55.13(1) Definitions and scope. a. The term “reinstatement” as used in this rule means the reinstatement of a suspended license. b. The term “reissuance” as used in this rule means the issuance of a new license following the revocation of a license, the suspension and subsequent …

55.14(1) Public adjusters shall ensure that all contracts for their services are in writing and contain the following terms: a. Name and address of the public adjuster negotiating the contract and, if applicable, the name, address, and license number of the business entity with w…

A public adjuster who receives, accepts or holds, on behalf of an insured, any funds toward the settlement of a claim for loss or damage shall deposit the funds in a non-interest-bearing escrow or trust account in a financial institution that is insured by an agency of the federa…

55.16(1) A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this rule shall include the following: a. The name of the insured; b. The date, location and amount of the loss; c. A copy of the contract between the pub…

55.17(1) A public adjuster shall serve with objectivity and complete loyalty the interest of the insured and shall render to the insured in good faith such information, counsel and service, as within the knowledge, understanding and opinion of the licensed public adjuster, as wil…

55.18(1) A public adjuster may charge the insured a reasonable fee for public adjuster services. 55.18(2) A person shall not accept a commission, service fee or other valuable consideration for investigating or settling claims in this state if that person is required to be licens…

Failure to comply with this chapter or with Iowa Code chapter 522C shall subject a person to penalties set forth in Iowa Code section 522C.6. [ARC 5250C, IAB 11/4/20, effective 12/9/20]

In addition to the definitions in Iowa Code section 522C.2 and rule 191—1.1(502,505), the following definitions apply, unless the context otherwise requires: “Catastrophic disaster,” according to the Federal Response Plan, means an event that results in large numbers of deaths an…

55.20(1) Fees may be paid by check or credit card. 55.20(2) The fee for a criminal history check as required pursuant to Iowa Code section 522B.5A is $50. 55.20(3) The fee for issuance or renewal of an individual public adjuster license is $50 for two years. 55.20(4) The fee for …

If any rule or portion of a rule of this chapter, or its applicability to any person or circumstances, is held invalid by a court, the remainder of this chapter, or the applicability or its provisions to other persons, shall not be affected. [ARC 5250C, IAB 11/4/20, effective 12/…

55.3(1) A person shall not operate as or represent that the person is a public adjuster in this state unless the person is licensed by the division in accordance with this chapter. 55.3(2) A person licensed as a public adjuster in accordance with this chapter shall assist only in…