533A.1 Definitions. As used in this chapter: 1. “Creditor” means a person who grants credit, a person who takes assignment of the rights to payments of a person who grants credit, or a person for whose benefit moneys are being collected and distributed by a licensee. 2. “Debt management” means, when done for a fee, […]
533A.10 Examination of licensee — records. 1. The superintendent may examine the condition and affairs of a licensee. In connection with any examination, the superintendent may examine on oath any licensee, and any director, officer, employee, customer, creditor, or stockholder of a licensee concerning the affairs and business of the licensee. The superintendent shall ascertain […]
533A.11 Unlawful acts of licensee. It is unlawful and a violation of this chapter for the holder of any license issued under this chapter: 1. To purchase from a creditor any obligation of a debtor. 2. To operate as a collection agent and as a licensee as to the same debtor’s account without first disclosing […]
533A.12 Rules. The superintendent may adopt administrative rules pursuant to chapter 17A to administer and enforce the provisions of this chapter. 2006 Acts, ch 1042, §10
533A.13 License mandatory to business. It shall be unlawful for a person to engage in the business of debt management without first obtaining a license as required by this chapter. Any person or any owner, partner, member, officer, director, employee, agent, or representative thereof who shall willfully or knowingly engage in the business of debt […]
533A.14 Fees to state treasurer. All moneys received by the superintendent from fees, licenses, and examinations pursuant to this chapter shall be deposited by the superintendent with the treasurer of state for deposit in the department of commerce revolving fund created in section 546.12. [C71, 73, 75, 77, 79, 81, §533A.14] 2009 Acts, ch 181, […]
533A.15 Judicial review. Judicial review of actions of the superintendent pursuant to sections 533A.3 and 533A.7 may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A. [C71, 73, 75, 77, 79, 81, §533A.15] 2003 Acts, ch 44, §114
533A.16 Violations — injunctions — civil penalties. 1. If the superintendent believes that a person has engaged in, or is about to engage in, an act or practice that constitutes or will constitute a violation of this chapter, the superintendent may apply to the district court for an order enjoining such act or practice. Upon […]
533A.17 Waiver not allowed. A waiver by a debtor of the provisions of this chapter is void and unenforceable as contrary to public policy. An attempt by a licensee to induce a debtor to waive the debtor’s rights is a violation of this chapter. 2009 Acts, ch 34, §8
533A.2 Licenses required — exceptions. 1. A person shall not engage in the business of debt management in this state without a license as provided for in this chapter unless exempt under subsection 2. A person engages in the business of debt management in this state if the person solicits on behalf of the person […]
533A.3 Investigation. 1. Upon the filing of each application and the payment of the fees, the superintendent shall conduct an investigation of the facts concerning the application and the requirements provided in subsection 3. 2. The superintendent shall grant or deny each application for a license within sixty days from the date that the application […]
533A.4 Expiration date. The license issued under this chapter shall expire on December 31 following its issuance unless sooner surrendered, revoked, or suspended, but may be renewed as provided in this chapter. [C71, 73, 75, 77, 79, 81, §533A.4] 2013 Acts, ch 5, §4
533A.5 Renewal. 1. To continue in the business of debt management, each licensee shall annually apply on or before December 1 to the superintendent for renewal of its license. The superintendent may assess a late fee of ten dollars per day for applications submitted and accepted for processing after December 1. 2. The renewal application […]
533A.5A Change in control — name or address. 1. The prior written approval of the superintendent is required whenever a change in the control of a licensee is proposed. For purposes of this section, “control” in the case of a corporation means direct or indirect ownership, or the right to control, ten percent or more […]
533A.6 Appointment of process agent. Repealed by 2009 Acts, ch 34, §9 . See §533A.2(3).
533A.7 Disciplinary action. 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 an owner, partner, member, shareholder, officer, director, or manager of the licensee, has been convicted of a felony or of an indictable […]
533A.8 Licensee requirements. 1. A licensee shall describe the methodology of its debt management program to each potential debtor client so that the debtor can make an informed decision as to whether or not the licensee’s program is an appropriate option for the debtor. 2. A licensee shall conduct a comprehensive review of a debtor’s […]
533A.8A Educational loan debt management services — contract requirements — prohibitions — remedies. 1. In addition to any other requirements applicable to a licensee pursuant to this chapter, a licensee who is engaged primarily in the business of debt management in connection with educational loans, as described in section 533A.1, subsection 2, paragraph “e”, shall […]
533A.9 Fee agreed in advance. 1. The fee of a licensee charged to a debtor shall be agreed upon in advance and stated in the contract and provision for settlement in case of cancellation shall also be clearly stated in the contract. 2. A debtor may be charged a one-time initiation fee for debt management […]
533A.9A Donations. A donation shall not be charged to a debtor or creditor, deducted from a payment to a creditor, deducted from the debtor’s account, or deducted from payments made to the licensee pursuant to the debt management contract. If a licensee requests a donation from a debtor, the licensee must clearly indicate that any […]
