Section 533D.1 – Title.
533D.1 Title. This chapter shall be known and may be cited as the “Delayed Deposit Services Licensing Act”. 95 Acts, ch 139, §1
Section 533D.10 – Prohibited acts by licensee.
533D.10 Prohibited acts by licensee. 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. […]
Section 533D.11 – Examination of records by superintendent — fees.
533D.11 Examination of records by superintendent — fees. 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 of […]
Section 533D.12 – Disciplinary action.
533D.12 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 any of its officers, directors, shareholders, partners, or members has violated this chapter, any rule adopted by the superintendent, or any other […]
Section 533D.13 – Cease and desist order — injunction.
533D.13 Cease and desist order — injunction. 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 […]
Section 533D.14 – Administrative penalty.
533D.14 Administrative penalty. 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 not more than five thousand dollars […]
Section 533D.15 – Criminal violation — operation of business without license — injunction.
533D.15 Criminal violation — operation of business without license — injunction. 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. […]
Section 533D.16 – Applicability.
533D.16 Applicability. 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 corporation licensed as an industrial loan […]
Section 533D.2 – Definitions.
533D.2 Definitions. 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 dated subsequent to the date it […]
Section 533D.3 – License required — application process — display.
533D.3 License required — application process — display. 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 on […]
Section 533D.4 – Surrender of license.
533D.4 Surrender of license. 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 the surety on the bond, or entitle such licensee […]
Section 533D.5 – Change in circumstances — notification of superintendent.
533D.5 Change in circumstances — notification of superintendent. 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. Commencement of license revocation […]
Section 533D.6 – Continued operation after change in ownership — approval of superintendent required.
533D.6 Continued operation after change in ownership — approval of superintendent required. 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 […]
Section 533D.7 – Principal place of business — branch offices authorized.
533D.7 Principal place of business — branch offices authorized. 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 business. […]
Section 533D.7A – Notice of name change.
533D.7A Notice of name change. 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
Section 533D.8 – Other business operations at same site — restrictions.
533D.8 Other business operations at same site — restrictions. 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 books, […]
Section 533D.9 – Fee restriction — required disclosure.
533D.9 Fee restriction — required disclosure. 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 […]