A person shall not engage in the business of money transmission on behalf of a person not licensed under this chapter. A person who engages in such activity provides money transmission to the same extent as if the person were a licensee, and shall be jointly and severally liable with the unlicensed or nonexempt person.
Iowa Code § 533C.502
Unauthorized activities
Known as the Uniform Money Transmission Modernization Act
The act spans §§ 533–533 (46 sections).
2003 Acts, ch 96, §17, 42; 2023 Acts, ch 83, §20
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.