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

1. An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the superintendent. 2. The amount of the required security shall be the greater of one hundred thousand dolla…

1. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations. 2. Except …

1. The following investments are permissible under section 533C.803 : a. Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee’s customers in a federally insured depository financial institution. b. Cash equivalents inc…

The superintendent may suspend or revoke a licensee’s license, place a licensee in receivership, or order a licensee to revoke the designation of an authorized delegate if any of the following apply: 1. The licensee violates this chapter , a rule adopted under this chapter , or a…

1. The superintendent may issue an order suspending or revoking the designation of an authorized delegate if the superintendent finds any of the following apply: a. The authorized delegate violated this chapter , a rule adopted under this chapter , or an order issued under this c…

1. a. If the superintendent determines that a violation of this chapter , a rule adopted under this chapter , or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, the licensee’s customers, or…

The superintendent may enter into a consent order at any time with a person to resolve a matter arising under this chapter , a rule adopted under this chapter , or an order issued under this chapter . A consent order must be signed by the person to whom the consent order is issue…

1. The attorney general or a county attorney may conduct an investigation within or outside of this state to determine if a licensee, an authorized delegate, or a person engaged in a trade or business has failed to file a report required by this chapter , or has engaged or is eng…

The superintendent may assess a civil penalty against a person who violates this chapter , a rule adopted under this chapter , or an order issued under this chapter in an amount not to exceed one thousand dollars per day for each day the violation is outstanding, plus the state’s…

1. A person who is not licensed under this chapter and who knowingly engages in an activity for which a license is required under this chapter commits an aggravated misdemeanor. 2. A person commits a class “C” felony, and is subject to a civil penalty of three times the value of …

1. Except as otherwise provided in section 533C.903 , the superintendent shall not suspend or revoke a license, place a licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without not…

This chapter shall be known and may be cited as the “Delayed Deposit Services Licensing Act” . 95 Acts, ch 139, §1

1. A licensee shall not do any of the following: a. Hold from any one maker more than two checks at any one time. b. Hold from any one maker a check or checks in an aggregate face amount of more than five hundred dollars at any one time. c. Hold or agree to hold a check for more …

1. The superintendent shall examine the books, accounts, and records of each licensee at least once a year and as needed to secure information required pursuant to this chapter and to determine whether any violations of this chapter have occurred. The licensee shall pay the cost …

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. The licensee or any of its officers, directors, shareholders, partners, or members has violated this chap…

1. If the superintendent believes that any person has engaged in or is about to engage in an act or practice constituting a violation of this chapter or any rule adopted or order issued by the superintendent, the superintendent may issue and serve on the person a cease and desist…

1. If the superintendent finds, after notice and hearing as provided in this chapter , that a person has violated this chapter , a rule adopted pursuant to this chapter , or an order of the superintendent, the superintendent may order the person to pay an administrative fine of n…

A person required to be licensed under this chapter who operates a delayed deposit services business in this state without first obtaining a license under this chapter or while such license is suspended or revoked by the superintendent is guilty of a serious misdemeanor. In addit…

This chapter does not apply to a bank incorporated under the provisions of any state or federal law, a savings and loan association incorporated under the provisions of any state or federal law, a credit union organized under the provisions of any state or federal law, a corporat…

For purposes of this chapter , unless the context otherwise requires: 1. “Check” means a check, draft, share draft, or other instrument for the payment of money. 2. “Delayed deposit services business” means a person who for a fee does either of the following: a. Accepts a check d…

1. A person shall not operate a delayed deposit services business in this state unless the person is physically located in this state and licensed by the superintendent as provided in this chapter . 2. An applicant for a license shall submit an application to the superintendent o…

A licensee may surrender a delayed deposit services license by delivering to the superintendent written notice that the license is surrendered. The surrender does not affect the licensee’s civil or criminal liability for acts committed prior to such surrender, the liability of th…

A licensee is to notify the superintendent in writing within thirty days of the occurrence of a material development affecting the licensee, including, but not limited to, any of the following: 1. Filing for bankruptcy or reorganization. 2. Reorganization of the business. 3. Comm…

1. The prior written approval of the superintendent is required for the continued operation of a delayed deposit services business whenever a change in control of a licensee is proposed. The person requesting such approval shall pay to the superintendent a fee of one hundred doll…

1. Except as provided in subsection 2 , a licensee may operate a delayed deposit services business only at an office designated as its principal place of business in the application. The licensee shall maintain its books, accounts, and records at its designated principal place of…

A licensee shall notify the superintendent thirty days in advance of the effective date of a change in the name of the licensee. With the notice of change, the licensee shall submit a fee of twenty-five dollars per license to the superintendent. 2006 Acts, ch 1042, §30

1. A licensee may operate a delayed deposit services business at a location where any other business is operated or in association or conjunction with any other business with the written approval of the superintendent and consistent with both of the following requirements: a. The…

1. A licensee shall not charge a fee in excess of fifteen dollars on the first one hundred dollars on the face amount of a check or more than ten dollars on subsequent one hundred dollar increments on the face amount of the check for services provided by the licensee, or pro rata…

It is unlawful for a loan broker to represent or imply that the broker has been sponsored, recommended, or approved by, or that the broker’s abilities or qualifications have been passed upon by a governmental entity of the state or its political subdivisions. 91 Acts, ch 205, §26…

The money of account of this state is the dollar, cent, and mill, and all public accounts, and the proceedings of all courts in relation to money, shall be kept and expressed in the above denominations. Demands expressed in money of another denomination shall not be affected by t…

1. As used in this chapter , the term “home equity line of credit” means an arrangement pursuant to which all of the following are applicable: a. The amounts borrowed and the interest and other charges are debited to an account. b. The interest is computed on the account periodic…

1. Except where the parties have agreed in writing for the payment of a different finance charge or rate of interest, a creditor may charge a finance charge on the unpaid balances of an account receivable at a rate not exceeding that permitted by subsection 3 or 4 of this section…

1. An agricultural credit corporation may lend money pursuant to a written promissory note or other writing evidencing the loan obligation, at a rate of interest which is not more than four percentage points above the lending rate in effect at the farm credit bank of Omaha, Nebra…

As used in this chapter , unless the context otherwise requires: 1. “Agricultural products” includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including process…

A lender is subject to the requirements set forth in section 537.3206 , regarding the prompt crediting of payments, with respect to a loan secured by a lien or security interest on owner-occupied residential real property. For purposes of this section , “residential real property…

1. A lender or other secured party shall provide to a debtor, at the time a document relating to a debt is signed, a copy of the document signed by the debtor. Receipt of a copy required by this section may be acknowledged anywhere on the document or on a separate acknowledgment …

1. A credit agreement is not enforceable in contract law by way of action or defense by any party unless a writing exists which contains all of the material terms of the agreement and is signed by the party against whom enforcement is sought. 2. Unless otherwise expressly agreed …

The superintendent of banking and the superintendent of credit unions, as applicable, shall have the authority to enforce the consumer protection provisions of 10 U.S.C. §987 concerning limitations on terms of consumer credit extended to service members and their dependents. 2010…

1. Except as provided in subsection 2 , the rate of interest shall be five cents on the hundred by the year in the following cases, unless the parties shall agree in writing for the payment of interest at a rate not exceeding the rate permitted by subsection 3 : a. Money due by e…

1. a. Interest shall be allowed on all money due on judgments and decrees of courts at a rate calculated according to section 668.13 . b. Notwithstanding paragraph “a” , interest due pursuant to section 85.30 shall accrue from the date each compensation payment is due at an annua…

No person shall, directly or indirectly, receive in money or in any other thing, or in any manner, any greater sum or value for the loan of money, or upon contract founded upon any sale or loan of real or personal property, than is in this chapter prescribed. [R60, §1790; C73, §2…

If it is ascertained in an action brought on a contract that a rate of interest has been contracted for, directly or indirectly, in money or in property, greater than is authorized by this chapter , the rate shall work a forfeiture of eight cents on the hundred by the year upon t…

Any assignee of a usurious contract, becoming such in good faith in the usual course of business and without notice of such fact, may recover of the usurer the full amount of the consideration paid by the assignee therefor, less any sum that may have been realized on the contract…

1. Definitions. For purposes of this section , unless the context otherwise requires: a. “Lender” means a person who makes or originates a loan; a person who is identified as a lender on the loan documents; a person who arranges, negotiates, or brokers a loan; and a person who pr…

1. As used in this section , “loan” means a loan of money which is wholly or in part to be used for the purpose of purchasing real property which is a single-family or a two-family dwelling occupied or to be occupied by the borrower, or which is payable over a term of five years …

For purposes of this chapter , unless the context otherwise requires: 1. “Financial institution” means any bank, credit union, insurance company, mortgage banking company or savings and loan association, industrial loan company, or like institution or any other person who makes m…