Iowa Code § 533C.304
Information requirements for certain individuals
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. A licensee under this article shall pay a biennial renewal fee no later than September 1 of an odd-ending year. The biennial renewal fee shall be the sum of five hundred dollars plus an additional one hundred dollars for each location at which business is conducted, but shall not 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.
2. A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the superintendent. The renewal report must state or contain:
a. A description of each material change in information submitted by the licensee in its original license application that has not been reported to the superintendent on any required report.
b. A list of the locations in this state where the licensee or an authorized delegate of the licensee engages in currency exchange.
3. If a licensee does not file a renewal report and pay its renewal fee by September 1 of an odd-ending year, or any extension of time granted by the superintendent, the superintendent may assess a late fee of one hundred dollars per day.
4. The superintendent for good cause may grant an extension of the renewal date.
1. An individual in control of a licensee or applicant, an individual seeking to acquire control of a licensee, and each key individual shall furnish to the superintendent through NMLS the following items:
a. The individual’s fingerprints for submission to the federal bureau of investigation and the superintendent for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last ten years.
b. Personal history and experience in a form and in a medium prescribed by the superintendent, to obtain all of the following:
(1) An independent credit report from a consumer reporting agency. If the individual does not have a social security number, the requirement shall be waived.
(2) Information related to any criminal convictions or pending charges.
(3) Information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.
2. If the individual has resided outside of the United States at any time in the last ten years, the individual shall also provide an investigative background report prepared by an independent search firm. The search firm shall demonstrate it has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the background report and be unaffiliated with, or have no interest in, the individual it is researching. The investigative background report shall be written in the English language and shall contain all of the following:
a. If available in the individual’s current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked.
b. Criminal record information for the past ten years, including but not limited to felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked.
c. Employment history.
d. Media history, including an electronic search of national and local publications, wire services, and business applications.
e. Financial services-related regulatory history, including but not limited to money transmission, securities, banking, insurance, and mortgage-related industries.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.