533C.506 Money laundering reports. A licensee and an authorized delegate shall file all reports required by federal currency reporting, recordkeeping, and suspicious activity reporting requirements as set forth in 31 U.S.C. §5311 – 5330, and 31 C.F.R. §103.11 – 103.170 . 2003 Acts, ch 96, §21, 42
533C.507 Disclosure. 1. Except as otherwise provided by this chapter, the records of the superintendent relating to examinations or supervision and regulation of a person licensed pursuant to this chapter, or authorized delegates of a person licensed pursuant to this chapter, are not public records and are not subject to disclosure under chapter 22. Neither […]
533C.601 Maintenance of permissible investments. 1. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored-value obligations issued or sold and money transmitted by the licensee in […]
533C.602 Types of permissible investments. 1. Except to the extent otherwise limited by the superintendent pursuant to section 533C.601, the following investments are permissible under section 533C.601: a. Cash, a certificate of deposit, or senior debt obligation of an insured depositary institution, as defined in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. […]
533C.701 Suspension and revocation — receivership. 1. The superintendent may suspend or revoke a license, place a licensee in receivership, or order a licensee to revoke the designation of an authorized delegate if: a. The licensee violates this chapter or a rule adopted or an order issued under this chapter. b. The licensee does not […]
533C.702 Suspension and revocation of authorized delegates. 1. The superintendent may issue an order suspending or revoking the designation of an authorized delegate if the superintendent finds that: a. The authorized delegate violated this chapter or a rule adopted or an order issued under this chapter. b. The authorized delegate did not cooperate with an […]
533C.703 Orders to cease and desist. 1. If the superintendent determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of […]
533C.704 Consent orders. The superintendent may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person’s authorized representative, […]
533C.705 Civil penalties. The superintendent may assess a civil penalty against a person who violates this chapter or a rule adopted 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 this state’s costs and expenses for the investigation […]
533C.706 Criminal penalties. 1. A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or who intentionally makes a false entry or omits a material entry in such a record is guilty of a class “D” felony. 2. A person who […]
533C.707 Unlicensed persons. 1. If the superintendent has reason to believe that a person has violated or is violating section 533C.201, 533C.301, 533C.401, or 533C.402, the superintendent may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of […]
533C.708 Investigations. 1. The attorney general or county attorney may conduct investigations within or outside this state to determine if any licensee, authorized delegate, or person engaged in a trade or business has failed to file a report required by this chapter or has engaged or is engaging in any act, practice, or transaction that […]
533C.801 Administrative proceedings. All administrative proceedings under this chapter must be conducted in accordance with chapter 17A. 2003 Acts, ch 96, §33, 42
533C.802 Hearings. Except as otherwise provided in sections 533C.703 and 533C.707, 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 notice and an opportunity to be heard. The […]
533C.803 Rules. The superintendent may adopt pursuant to chapter 17A such reasonable and relevant rules, not inconsistent with this chapter, as may be necessary for the enforcement of the provisions of this chapter. 2003 Acts, ch 96, §35, 42
533C.901 Uniformity of application and construction. 1. The provisions of this chapter shall be liberally construed to effectuate its remedial purposes. Civil remedies under this chapter shall be supplemental and not mutually exclusive. The civil remedies do not preclude and are not precluded by other provisions of law. 2. The provisions of this chapter shall […]
533C.902 Financial services licensing fund. 1. A financial services licensing fund is created as a separate fund in the state treasury under the authority of the banking division of the department of commerce. Moneys deposited in the fund shall be used to pay for staffing necessary to perform examinations, audits, and other duties required of […]
533C.903 Severability clause. The provisions of this chapter are severable pursuant to section 4.12. 2003 Acts, ch 96, §38, 42
533C.904 Applicability. This chapter applies to the provision of money services on or after October 1, 2003. 2003 Acts, ch 96, §39, 42; 2013 Acts, ch 5, §14
