Section 536A.23 – Powers of industrial loan companies.
536A.23 Powers of industrial loan companies. 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 […]
Section 536A.8 – Capital stock requirement.
536A.8 Capital stock requirement. 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 the last preceding decennial census. The paid-in capital stock […]
Section 536A.24 – Electronic transactions.
536A.24 Electronic transactions. 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, a licensee may utilize, establish or operate, alone […]
Section 536A.9 – Investigation of application.
536A.9 Investigation of application. 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 forth in the […]
Section 536A.25 – Restrictions.
536A.25 Restrictions. 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 a loan of money or property to or guarantee the obligations of its […]
Section 536A.10 – Issuance of license.
536A.10 Issuance of license. 1. The superintendent shall approve the application and issue to the applicant a license to engage in the industrial loan business in accordance with the provisions of this chapter, if the superintendent shall find: a. That the financial responsibility, experience, character and general fitness of the applicant and of the officers […]
Section 536A.11 – Denial of license.
536A.11 Denial of license. 1. If the superintendent shall not approve the application, the superintendent shall prepare a written denial of the application with a written finding of facts which shall be sent by certified mail to the applicant. Within fifteen days after mailing of notice of the denial of its application, the applicant may […]
Section 536A.12 – Continuing license — annual fee — change of name or location — change of control.
536A.12 Continuing license — annual fee — change of name or location — change of control. 1. Each license remains in full force and effect until surrendered, revoked, or suspended, or until there is a change of control. 2. A licensee, on or before December 1, shall pay to the superintendent the sum of two […]
Section 536A.13 – Books and records.
536A.13 Books and records. 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 or files for a longer period than […]
Section 536A.14 – Reports.
536A.14 Reports. 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 showing all assets and liabilities as of […]