Title XIII, COMMERCE (Ch. 505 - 554I)

Each industrial loan company shall keep such books, accounts and records as will enable the superintendent to determine whether or not the licensee is complying with the provisions of this chapter . Industrial loan companies shall not be required to preserve or keep their records…

1. a. Each licensee shall annually on or before the fifteenth day of April file with the superintendent a report in writing showing the results of the operation of its industrial loan business for the previous calendar year, which reports shall contain: (1) A balance sheet showin…

1. The superintendent or the superintendent’s designee shall, at least once each year without previous notice, examine the books, accounts, and records of each licensee engaged in the industrial loan business as defined by this chapter . A licensee issuing senior debt to the gene…

If the superintendent has reasonable cause to believe that a licensee is violating this chapter or rules adopted pursuant to this chapter , the superintendent may, after ten days’ advance written notice, in addition to all actions provided for in this chapter , and without prejud…

The superintendent by counsel of the attorney general may commence an action in the district court, in the name of the state of Iowa as plaintiff on the relation of the superintendent to restrain and enjoin any licensee from violating this chapter or rules adopted pursuant to thi…

1. The superintendent may, after notice and hearing pursuant to chapter 17A , take disciplinary action against a licensee if the superintendent finds any of the following: a. That the licensee has failed to pay the annual license fee required by this chapter or to maintain in eff…

1. If the superintendent revokes the license of any industrial loan company, the superintendent shall promptly report the revocation to the attorney general, who may apply to the district court of the county in which the licensee had conducted its business for the appointment of …

The following words and terms when used in this chapter shall have the following meanings unless the context clearly requires a different meaning: 1. “Administrator” means the person designated in section 537.6103 . 2. “Affiliate” means the same as defined in 12 U.S.C. §1841(k). …

1. A licensed industrial loan company may make permanent loans, construction loans, or combined construction and permanent loans, secured by liens on real property, as authorized by rules adopted by the superintendent under chapter 17A . These rules shall contain provisions as ne…

A licensee engaged in the business of operating an industrial loan company under the provisions of this chapter may not conduct its business within any office, room, suite, place of business, or premises in which commercial activities are conducted, unless the place where its bus…

1. Licensed industrial loan companies shall not sell senior debt to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness. 2. a. Licensees selling debt instrumen…

1. No industrial loan company licensed under the provisions of this chapter shall have the power and authority to: a. (1) Charge, receive, or collect interest at a rate exceeding ten cents on the hundred by the year, except that the interest may be computed when the note is made …

A licensee may engage in any transaction otherwise permitted by this chapter and applicable law, by means of either the direct transmission of electronic impulses or other indicia of a transaction for delayed transmission to the licensee. Subject to the provisions of chapter 527 …

1. a. An industrial loan company licensed under this chapter that sells debt instruments to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness shall not make …

In addition to the requirements of the Iowa consumer credit code, chapter 537 , respecting consumer loans, and notwithstanding the provisions of any note or contract to the contrary, a borrower may, at any time, prepay all or any part of the unpaid balance to become payable under…

If any officer, director, or agent of any corporation engaged in the business of operating an industrial loan company shall violate any of the provisions of this chapter which are not also violations of the Iowa consumer credit code, chapter 537 ; or if any person individually or…

The superintendent is hereby authorized and empowered to make such reasonable and relevant rules, not inconsistent herewith, as may be necessary for the enforcement of the provisions of this chapter . [C66, 71, 73, 75, 77, 79, 81, §536A.28 ]

1. The superintendent shall enforce the Iowa consumer credit code, chapter 537 , with respect to licensees, as provided in sections 537.2303 , 537.2305 and 537.6105 . 2. The superintendent shall cooperate with the administrator, and shall assist the administrator whenever necessa…

With respect to a loan other than a consumer loan, a person shall not engage in the business of operating an industrial loan company in this state without first having obtained a license from the superintendent. With respect to a consumer loan, a person required by section 537.23…

Notwithstanding other provisions of this chapter to the contrary, a person that neither has an office physically located in this state nor engages in face-to-face solicitation in this state, if authorized by another state to make loans in that state at a rate of finance charge in…

1. The provisions of the Iowa consumer credit code, chapter 537 , shall apply to a consumer loan in which the licensee participates or engages, and any violation of the said code shall be a violation of this chapter . 2. Chapter 537, article 2, parts 3, 5, and 6 , chapter 537, ar…

In addition to any other duties imposed upon the superintendent by law, the superintendent may require applicants and licensees to be licensed through the nationwide mortgage licensing system and registry as defined in section 535D.3 . In order to carry out this requirement, the …

A license shall not be issued to any individual, partnership, nonprofit organization, or unincorporated association. A license shall not be issued to an applicant that engages in commercial activities directly or through an affiliate. Not more than one place of business where loa…

This chapter does not apply to any of the following: 1. Businesses organized or operating as permitted under the authority of a law of this state or the United States relating to banks, trust companies, building and loan associations, savings and loan associations, insurance comp…

The superintendent shall supervise the operation of industrial loan companies in this state in accordance with this chapter . [C66, 71, 73, 75, 77, 79, 81, §536A.6 ] 86 Acts, ch 1245, §759

1. The application for a license to engage in the business of operating an industrial loan company shall be in the form as may be prescribed by the superintendent. The application shall give all of the following information: a. The name of the corporation. b. The location where t…

1. An applicant for a license shall file with the superintendent a bond furnished by a surety company authorized to do business in this state. Until such time as the superintendent pursuant to administrative rule determines a bond amount that reflects the dollar value of the loan…

The paid-in capital stock of any corporation engaged in the business of operating an industrial loan company shall not be less than twenty-five thousand dollars when the corporation is transacting business in any city having less than twenty-five thousand inhabitants according to…

Upon the filing of an application for a license to engage in the business of operating an industrial loan company, and upon payment of the investigation fee and license fee as required by section 536A.7 , the superintendent shall cause an investigation to be made of the facts set…