Section 536A.1 – Title.
536A.1 Title. This chapter may be referred to as the “Iowa Industrial Loan Law”. [C66, 71, 73, 75, 77, 79, 81, §536A.1]
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 […]
Section 536A.15 – Examination of licensees.
536A.15 Examination of licensees. 1. The superintendent or the superintendent’s designee shall, at least once each year without previous notice, examine the books, accounts, and records of each licensee engaged in the industrial loan business as defined by this chapter. A licensee issuing senior debt to the general public shall be audited at the expense […]
Section 536A.16 – Cease and desist orders.
536A.16 Cease and desist orders. If the superintendent has reasonable cause to believe that a licensee is violating this chapter or rules adopted pursuant to this chapter, the superintendent may, after ten days’ advance written notice, in addition to all actions provided for in this chapter, and without prejudice, enter an order requiring the licensee […]
Section 536A.17 – Injunctions.
536A.17 Injunctions. The superintendent by counsel of the attorney general may commence an action in the district court, in the name of the state of Iowa as plaintiff on the relation of the superintendent to restrain and enjoin any licensee from violating this chapter or rules adopted pursuant to this chapter, or to restrain and […]
Section 536A.18 – Disciplinary action.
536A.18 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. That the licensee has failed to pay the annual license fee required by this chapter or to maintain in effect the bond or bonds required […]
Section 536A.19 – Receivership — liquidation.
536A.19 Receivership — liquidation. 1. If the superintendent revokes the license of any industrial loan company, the superintendent shall promptly report the revocation to the attorney general, who may apply to the district court of the county in which the licensee had conducted its business for the appointment of a receiver to take possession of […]
Section 536A.2 – Definitions.
536A.2 Definitions. The following words and terms when used in this chapter shall have the following meanings unless the context clearly requires a different meaning: 1. “Administrator” means the person designated in section 537.6103. 2. “Affiliate” means the same as defined in 12 U.S.C. §1841(k). 3. “Commercial activities” means activities in which an industrial loan […]
Section 536A.20 – Real estate loans.
536A.20 Real estate loans. 1. A licensed industrial loan company may make permanent loans, construction loans, or combined construction and permanent loans, secured by liens on real property, as authorized by rules adopted by the superintendent under chapter 17A. These rules shall contain provisions as necessary to insure the safety and soundness of these loans, […]
Section 536A.21 – Other business in same office.
536A.21 Other business in same office. A licensee engaged in the business of operating an industrial loan company under the provisions of this chapter may not conduct its business within any office, room, suite, place of business, or premises in which commercial activities are conducted, unless the place where its business is conducted by the […]
Section 536A.22 – Thrift certificates.
536A.22 Thrift certificates. 1. Licensed industrial loan companies shall not sell senior debt to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness. 2. a. Licensees selling debt instruments on January 1, 1996, may continue to do so until there is a […]
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.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.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.26 – Prepayment.
536A.26 Prepayment. In addition to the requirements of the Iowa consumer credit code, chapter 537, respecting consumer loans, and notwithstanding the provisions of any note or contract to the contrary, a borrower may, at any time, prepay all or any part of the unpaid balance to become payable under any note or installment contract. [C66, […]
Section 536A.27 – Penalty.
536A.27 Penalty. If any officer, director, or agent of any corporation engaged in the business of operating an industrial loan company shall violate any of the provisions of this chapter which are not also violations of the Iowa consumer credit code, chapter 537; or if any person individually or as a partner, or officer, director, […]