Iowa Code § 533C.802
Surety bond
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
Except as otherwise provided in sections 533C.703 and 533C.707, the superintendent shall not suspend or revoke a license, place a licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be heard. The superintendent shall also hold a hearing when requested to do so by an applicant whose application for a license is denied.
1. An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the superintendent.
2. The amount of the required security shall be the greater of one hundred thousand dollars or an amount equal to one hundred percent of the licensee’s average daily money transmission liability in this state calculated for the most recently completed three-month period, up to a maximum of five hundred thousand dollars.
3. A licensee that maintains a bond in the maximum amount provided for in subsection 2 shall not be required to calculate its average daily money transmission liability in this state for purposes of this section.
4. A licensee may exceed the maximum required bond amount pursuant to section 533C.804, subsection 1, paragraph “l”.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.