Iowa Code § 533C.302
Consistent state licensing
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. A person applying for a license under this article shall do so in a form prescribed by the superintendent. The application must state or contain:
a. The legal name and residential and business addresses of the applicant, if the applicant is an individual, or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director.
b. The location of the principal office of the applicant.
c. The complete addresses of other locations in this state where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations.
d. A description of the source of money and credit to be used by the applicant to engage in currency exchange.
e. Other information the superintendent reasonably requires with respect to the applicant, but not more than the superintendent may require under article 2.
2. A nonrefundable application fee of one thousand dollars and the license fee must accompany an application for a license under this article. The license fee shall be the sum of five hundred dollars plus an additional one hundred dollars for each location at which business is conducted, but not to exceed two thousand dollars. Fees for locations added after the initial application shall be submitted with the quarterly reports pursuant to section 533C.503, subsection 2. The license fee must be refunded if the application is denied. A license under this article expires on the next September 30 of an odd-ending year after its issuance. The initial license fee is considered a biennial fee and the superintendent shall prorate the license fee, refunding any amount due to a partial license period. However, no refund of a license fee shall be made when a license is suspended, revoked, or surrendered.
Referred to in
1. To establish consistent licensing between this state and other states, the superintendent is authorized and encouraged to provide all of the following:
a. Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensing processes.
b. Participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with this section.
2. The superintendent is authorized and encouraged to establish relationships or contracts with NMLS or other entities designated by NMLS to enable the superintendent to do all of the following:
a. Collect and maintain records.
b. Coordinate multistate licensing processes and supervision processes.
c. Process fees.
d. Facilitate communication between this state, the superintendent, and licensees or other persons subject to this chapter.
3. The superintendent is authorized and encouraged to utilize NMLS for all aspects of licensing in accordance with this chapter, including but not limited to license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.
4. The superintendent is authorized and encouraged to utilize NMLS forms, processes, and functionalities in accordance with this chapter. In the event NMLS does not provide functionality, forms, or processes for a provision of this chapter, the superintendent is authorized and encouraged to strive to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees which are licensed in multiple jurisdictions.
5. For the purpose of participating in the NMLS and registry, the superintendent is authorized to waive or modify, in whole or in part, by rule, regulation, or order, any or all of the requirements and to establish new requirements as reasonably necessary to participate in the nationwide multistate licensing system and registry.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.