Iowa Code § 533C.902
Suspension and revocation of authorized delegates
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2026
As of January 1, 2012
1. A financial services licensing fund is created as a separate fund in the state treasury under the authority of the banking division of the department of commerce. Moneys deposited in the fund shall be used to pay for staffing necessary to perform examinations, audits, and other duties required of the superintendent and the banking division under this chapter.
2. The fund shall receive moneys including, but not limited to, any fees, costs, expenses, or penalties collected pursuant to this chapter.
3. Notwithstanding section 8.33, moneys appropriated to the fund and other moneys credited to the fund shall not revert at the close of the fiscal year but shall remain in the financial services licensing fund and shall remain available for expenditure for the purposes designated.
1. The superintendent may issue an order suspending or revoking the designation of an authorized delegate if the superintendent finds any of the following apply:
a. The authorized delegate violated this chapter, a rule adopted under this chapter, or an order issued under this chapter.
b. The authorized delegate failed to cooperate with an examination or investigation by the superintendent.
c. The authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence.
d. The authorized delegate was convicted of a violation of a state or federal anti-money laundering statute.
e. The competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money transmission.
f. The authorized delegate is engaging in an unsafe or unsound practice. In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the superintendent may consider the size and condition of the authorized delegate’s provision of money transmission; the magnitude of any losses; the gravity of any violations of this chapter, a rule adopted under this chapter, or an order issued under this chapter; and the previous conduct of the authorized delegate.
2. An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the superintendent.
Section applies retroactively to July 1, 2023; 2024 Acts, ch 1030, §15
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.