Iowa Administrative Code

5.3(1) General. A credit union may offer any debt cancellation product so long as the credit union complies with this chapter. The product may be offered for a fee or as an additional charge under a lease, loan or other extension of credit, and participation by a borrower must be…

5.4(1) Anti-tying. A credit union may not extend credit or alter the terms or conditions of an extension of credit conditioned upon the borrower’s entering into a debt cancellation contract or debt suspension agreement with the credit union. 5.4(2) Misrepresentations generally. A…

5.5(1) Refund. If a debt cancellation contract or debt suspension agreement is terminated (including, for example, when the borrower prepays the covered loan), a credit union shall refund to the borrower any unearned fees paid for the contract unless the contract provides otherwi…

may offer a borrower the option of paying the fee for a debt cancellation product in a single payment or on a weekly, monthly or other periodic payment schedule. If a credit union offers the borrower the option to finance the single payment by adding the single payment to the amo…

make the short- and long-form disclosures described in this rule. In order to satisfy the requirements of this rule, the short-form disclosure must be substantially in the form described in rule 189—5.9(533), and the long-form disclosure must be substantially in the form describe…

5.8(1) Before entering into a debt cancellation contract or agreement, the credit union must obtain from the borrower a written affirmative election to purchase the product and written acknowledgment of receipt of the disclosures required in rule 189—5.7(533). The election and ac…

5.9(1) The product is optional. “Your purchase of [debt cancellation product name] is optional. Whether or not you purchase [debt cancellation product name] will not affect your application for credit or the terms of any credit agreement you have with the credit union.” 5.9(2) Fi…

6.1(1) Definition. A branch office is determined to be a place where ordinary services of the credit union are provided to the members. 6.1(2) Application. A state chartered credit union desiring to establish and operate a branch or administrative office shall submit to the super…

6.2(1) A credit union desiring to move its branch office shall submit to the superintendent an application to relocate a branch office. The rules governing the establishment of a branch office shall also govern the relocation of a branch office. 6.2(2) If a credit union elects to…

from its members, nonmembers where the credit union is serving predominantly low-income members, other credit unions, and federal, state, county, and city governments, payments on shares or as deposits. Low-income designated credit unions must comply with the National Credit Unio…

meaning indicated: “Account” or “accounts” means share, share draft, certificate and deposit accounts of a member (including public unit and nonmembers permitted by the Iowa Code) in a credit union which evidences money or its equivalent received or held by a credit union in the …

group requesting a charter, as a low-income credit union must submit a written request for a low-income designation to, and receive approval from, the superintendent. The credit union or group must provide documentation supporting that the majority of the members, or potential me…

deposits from any source, including other financial institutions, public units, philanthropic individuals or groups such as churches and foundations, and the Community Development Revolving Loan Program. Nonmember account holders shall not have the rights and privileges afforded …

designation, it is presumed that the status will be retained. However, the income level of the field of membership may increase due to improvement in economic conditions, or the merger or expansion of the credit union. Documentation regarding continued low-income status eligibili…

capital accounts to nonnatural person members and nonnatural person nonmembers, subject to the approval of the superintendent. Prior to offering secondary capital accounts, the board of directors must adopt a plan for the use of the funds and forward a copy to, and receive approv…

agreement, a credit union shall notify the superintendent and provide the secondary capital account contract agreement, accurately disclosing the terms and conditions of the agreement, and due diligence completed by the credit union. [ARC 6093C, IAB 12/15/21, effective 1/19/22] T…

“Account” or “accounts” means shares, certificates or share draft accounts of a member in a credit union or a public unit which are approved under Iowa Code chapter 533. “Member” means a natural person or an entity within the field of membership who has become eligible for credit…

Iowa Code chapter 533. Credit unions shall provide notice to members of the amount and type of deposit insurance coverage on members’ accounts at each main and branch office location. Information regarding insured deposits shall be made available to members upon request. The noti…

Iowa Code chapter 533 which are clarified and explained under this chapter and are consistent with the laws of the residence of the account holder. This shall include, but not be limited to: ownership accounts, trust accounts, executor accounts, corporate accounts, IRA and Keogh …

individuals or their agents or nominees; accounts held by a guardian, custodian, or conservator for the benefit of a ward or minor; or accounts owned by more than one person whether as joint tenants with right of survivorship, as tenants in common, or by husband and wife as commu…

8.5(1) Credit unions shall receive trust accounts only as depositories and not as trustees of trust accounts. 8.5(2) Trust accounts shall include irrevocable trust accounts, revocable trust accounts and testamentary accounts. Testamentary accounts shall include tentative or “Tott…

administering funds held on deposit in the name of a decedent, either in the name of the decedent or in the name of an executor or administrator of the decedent’s estate.

partnership, or unincorporated activity. This shall mean any account other than the account of a natural person.

or designated beneficiary of a trust or custodial account maintained pursuant to a pension or profit-sharing plan described and authorized by the U.S. Internal Revenue Code.

into which are deposited funds by an employer pursuant to a deferred compensation plan described and authorized by the U.S. Internal Revenue Code. These rules are intended to implement Iowa Code chapter 533. [Filed 2/2/90, Notice 11/15/89—published 2/21/90, effective 3/28/90] [Fi…

a credit union or acquired by purchase, assignment or otherwise. 9.1(1) The board of directors of the credit union shall formulate and maintain a written real estate lending policy that is appropriate for the size of the credit union and the nature and scope of its operation. Eac…

refinance of acquisition, when a new mortgage, deed of trust, or similar instrument is filed, the credit union shall obtain either: 1. A written legal opinion by an attorney admitted to practice in the state in which the real estate is located showing marketable title in the mort…

enforcement while effectively and efficiently providing a fair, flexible, and positive regulatory environment. [ARC 7729C, IAB 3/20/24, effective 4/24/24]

supervises all insurance business transacted in the state of Iowa as well as securities and other regulated industries. [ARC 7729C, IAB 3/20/24, effective 4/24/24]

1963 Bell Avenue, Suite 100, Des Moines, Iowa 50315. The general telephone number for the division is 515.654.6600 or 1.877.955.1212. The division’s facsimile number is 515.654.6500. The division’s website address is iid.iowa.gov. The division’s hours are 8 a.m. to 4:30 p.m. Mond…

obtained from the division’s website, in person at the division’s offices, or by telephone using the division’s general telephone number. Specific instructions, forms and guidance may be provided in administrative rules or on the division’s website. Submissions and requests can b…

deputy commissioner, a second deputy commissioner, a deputy commissioner for supervision, and other deputy commissioners and assistant commissioners. The functions of the division are divided into eight bureaus. 1.6(1) Administrative bureau. The administrative bureau provides sta…

commissioner are required by law to consent to having the commissioner serve as agent for the individual or entity for the purpose of receiving service of process. 1.7(1) Request for service. A party to a proceeding who requests that the commissioner accept service of process as …

10.1(1) The purpose of these rules is to set out the requirements, procedures and fees relating to the qualification, licensure and appointment of insurance producers. 10.1(2) These rules are authorized by Iowa Code section 505.8 and are intended to implement Iowa Code chapters 2…

forfeiture in connection with disciplinary matters; and forfeiture in lieu of compliance. 10.10(1) Terminology. The term “reinstatement” as used in this rule means the reinstatement of a suspended license. The term “reissuance” as used in this rule means the issuance of a new lic…

Iowa Code section 522B.10. The applicant must submit a written request to the division that includes the reason for the request and the length of time for which the temporary license is requested. Temporary licenses will be issued for 90 days, with extensions allowed, but in no e…

10.12(1) If a producer’s name is changed, the producer must file notification with the division, as instructed on the division’s website, within 30 days of the name change. The notification must include: a. The producer’s prior name; b. The producer’s license number; c. The produ…

10.13(1) A producer must report to the division any actions required to be reported by Iowa Code section 522B.16. 10.13(2) A producer must report to the division all CSRU or centralized collection unit of the department of revenue actions taken under or in connection with Iowa Co…

10.14(1) An insurance company shall not pay, and a person shall not accept, any commission, service fee, brokerage or other valuable consideration unless the person performing the service held a valid license for the line of insurance for which the service was rendered at the tim…

10.15(1) Insurers are required to file and pay for appointments with the division for each insurer with which the producer has an agency relationship. The determination of whether an insurer and a producer have an agency relationship will be made by the division based on the tota…

10.16(1) On or about December 1 of each year, the division or its designee will deliver reminders to insurance companies that appointment renewals are imminent. Appointments must be renewed electronically via the NIPR Gateway at www.NIPR.com. 10.16(2) On or about January 2 of eac…

10.17(1) When an insurance company terminates its relationship with a producer, the company must notify the division using the NIPR Gateway. The termination must be filed within 30 days of the date the insurer terminated its agency relationship with the producer. The company must…

10.18(1) Application. A business entity may apply for an Iowa insurance license. For purposes of this rule, upon approval of an application by the division, the business entity will be classified as a producer and is subject to all standards of conduct and reporting requirements …

insurance and annuities. 10.19(1) Purpose. The purpose of this rule is to set forth standards to protect consumers from misleading and fraudulent marketing practices with respect to the use of senior-specific certifications and professional designations in the solicitation, sale …

definitions apply: “Appointment” means a notification filed with the division or its designated vendor that an insurer has established an agency relationship with a producer. A company filing such a request must verify that the producer is licensed for the appropriate line(s) of …

10.20(1) A producer who sells, solicits or negotiates insurance, directly or indirectly, in violation of this chapter is deemed to be in violation of Iowa Code section 522B.2 and is subject to the penalties provided in Iowa Code section 522B.17. 10.20(2) A person who sells, solic…

10.21(1) The commissioner must deny the producer’s application for license issuance, renewal, reinstatement, or reissuance; suspend a current license; or revoke a currently suspended license upon receipt of a certificate of noncompliance from the CSRU according to the procedures …