Iowa Code § 523C.3
Application for license
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2023
As of January 1, 2012
1. Application for a license as a service company shall be made to and filed with the commissioner on forms approved by the commissioner and shall include all of the following information:
1. Application for a license as a service company shall be made to and filed with the commissioner on forms approved by the commissioner and shall include all of the following information:
a. The name and principal address of the applicant.
a. The name and principal address of the applicant.
b. The state of incorporation of the applicant.
b. The state of incorporation of the applicant.
c. The name and address of the applicant’s registered agent for service of process within Iowa.
c. The name and address of the applicant’s registered agent for service of process within Iowa.
2. The application shall be accompanied by all of the following:
d. A certificate of good standing for the applicant issued by the secretary of state and dated not more than thirty days prior to the date of the application.
b. A surety bond, a copy of the receipt from the treasurer of state that a cash deposit has been made, or a copy of a custodial agreement as provided in section 523C.5.
c. A copy of the most recent financial statement, including balance sheets and related statements of income, of the applicant, prepared in accordance with generally accepted accounting principles, audited by a certified public accountant and dated not more than twelve months prior to the date of the application.
d. An affidavit of an authorized officer of the service company stating the number of contracts issued by the service company in the preceding calendar year, and stating that the net worth of the service company satisfies the requirements of section 523C.6.
e. Evidence of compliance with section 523C.5.
f. A copy of each motor vehicle service contract form to be used or issued in this state, if applicable.
g. A copy of each residential service contract form to be used or issued in this state, if applicable.
2. The application shall be accompanied by all of the following:
a. A license fee in the amount of five hundred dollars.
b. If applicable, a fee in the amount of thirty-five dollars for each motor vehicle service contract form submitted in an application as provided in subsection 1, paragraph “f”.
3. If the application contains the required information and is accompanied by the items set forth in subsection 2, and if the net worth requirements of section 523C.6 are satisfied, as evidenced by the audited financial statements, the commissioner shall issue the license. If the form of application is not properly completed or if the required accompanying documents are not furnished or in proper form, the commissioner shall not issue the license and shall give the applicant written notice of the grounds for not issuing the license. A notice of license denial shall be accompanied by a refund of fifty percent of the fee submitted with the application.
3. If the application contains the required information and is accompanied by the items set forth in subsection 2, the commissioner shall issue the license. If the form of application is not properly completed or if the required accompanying documents are not furnished or in proper form, the commissioner shall not issue the license and shall give the applicant written notice of the grounds for not issuing the license. A notice of license denial shall be accompanied by a refund of fifty percent of the fee submitted with the application.
4. Fees collected under this section shall be deposited as provided in section 505.7.
4. Fees collected under this section shall be deposited as provided in section 523C.24.
83 Acts, ch 87, §4; 88 Acts, ch 1112, §704; 92 Acts, ch 1078, §2; 2009 Acts, ch 181, §98
83 Acts, ch 87, §4; 88 Acts, ch 1112, §704; 92 Acts, ch 1078, §2; 2009 Acts, ch 181, §98; 2019 Acts, ch 142, §3, 19; 2021 Acts, ch 181, §43
Referred to in
2011 repeal of subsection 4 stricken pursuant to 2011 Acts, ch 127, §57, 89
Section not amended; footnote revised
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.