For the purposes of this chapter, the definitions in Iowa Code
chapter 536A shall apply. In addition, unless the context otherwise
requires:
"Business of making industrial loans" means
making ten or more loans of money or other forms of credit in a calendar year
for which a license is required under Iowa Code section
536A.3, advertising the
availability of such loans, or directly undertaking the collection of payments
due on such loans or otherwise enforcing rights against borrowers who have
entered into industrial loans.
"Industrial loan" means a loan made by a
person who is a licensee acting under the terms of the Iowa industrial loan
law. An industrial loan qualifies as a consumer loan subject to the Iowa
Consumer Credit Code if the borrower is a person other than an organization;
the debt is incurred for personal, family, or household use; and the amount
financed is below the statutory threshold.
"Industrial loan business" means the business
of operating an industrial loan company as defined in Iowa Code section
536A.2(1).
"Nationwide multistate licensing system" or
"NMIS" means a multistate licensing system developed and
maintained by the Conference of State Bank Supervisors and the American
Association of Residential Mortgage Regulators for the licensing and
registration of nondepository financial institutions.
Notes
Iowa Admin. Code r. 187-16.1
Amended by
IAB
May 24, 2017/Volume XXXIX, Number 24, effective
7/1/2017
