Iowa Code § 533C.703
Receipts
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. If the superintendent determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the licensee, the superintendent may issue an order requiring the licensee or authorized delegate to cease and desist from the violation. The order becomes effective upon service of it upon the licensee or authorized delegate.
2. The superintendent may issue an order against a licensee to cease and desist from providing money services through an authorized delegate that is the subject of a separate order by the superintendent.
3. Once the superintendent has commenced an administrative proceeding pursuant to section 533C.701 or 533C.702, an order to cease and desist remains effective and enforceable pending the completion of the proceeding.
4. A licensee or an authorized delegate who is served with an order to cease and desist may petition the appropriate court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding pursuant to section 533C.701 or 533C.702.
5. An order to cease and desist expires unless the superintendent commences an administrative proceeding pursuant to section 533C.701 or 533C.702 within ten days after it is issued.
Referred to in
1. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by phone, a receipt may be provided electronically. All electronic receipts shall be provided in a retainable form.
2. Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission. The receipt required by this section shall be in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English, and shall contain, as applicable, all of the following:
a. The name of the sender.
b. The name of the designated recipient.
c. The date of the transaction.
d. The unique transaction or identification number.
e. The name of the licensee, NMLS unique ID, the licensee’s business address, and the licensee’s customer service telephone number.
f. The amount of the transaction in United States dollars.
g. Any fee charged by the licensee to the sender for the transaction.
h. Any taxes collected by the licensee from the sender for the transaction.
3. This section does not apply to any of the following:
a. Money received for transmission subject to the remittance rule of the federal Electronic Fund Transfer Act, 12 C.F.R. §1005.30 – 1005.36, as amended.
b. Money received for transmission that is not primarily for personal, family, or household purposes.
c. Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
d. Payroll processing services.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.