Iowa Admin. Code r. 187-16.3 - Application for license
(1)
An application for a license to engage in the business of operating an
industrial loan company in Iowa shall be submitted to the superintendent, on
the form provided and with the information requested, through NMLS. The
superintendent may consider an application withdrawn if it does not contain all
of the information required and the missing information is not submitted to the
superintendent within 30 days after the superintendent requests the missing
information. The applicant may also request that the application be withdrawn
at any time before the superintendent has decided to grant or deny the
application.
(2) Each officer,
director, and individual who has control of an applicant must provide
fingerprints, authorize a fingerprint background check through NMLS, and pay
the appropriate fees for the purpose of conducting a national criminal history
background check through the Federal Bureau of Investigation.
(3) The applicant must submit the application
fee and the initial license fee specified in Iowa Code section
536A.7(2).
The superintendent shall refund the initial license fee if the application is
denied, but the application fee is not subject to refund.
(4) If any information material to the
application changes after the applicant files the initial application, the
applicant shall provide updated information to the superintendent in writing
within 10 days of the change. When such a material change in information has
occurred, the superintendent may deny an application if the applicant fails to
provide updated information within the prescribed time frame.
(5) An applicant for an industrial loan
company license must file with the superintendent a bond complying with the
provisions of Iowa Code section
536A.7A. For applicants or
licensees who do not make, arrange, broker, process, or underwrite any
residential mortgage loans, as defined in Iowa Code section
535D.3(13),
the bond shall be in the amount of $25,000. For applicants or licensees who
make, broker, process, or underwrite residential mortgage loans, as defined in
Iowa Code section
535D.3(13),
the bond amount required to be filed and maintained shall be set and adjusted
annually by March 31 using the following scale, based on the volume of
residential mortgage loans made, originated, arranged, brokered, processed, and
underwritten, as the case may be, by the applicant or licensee during the
preceding calendar year:
Loans |
Bond Amount |
$0 - $5,000,000 |
$25,000 |
$5,000,001 - $20,000,000 |
$50,000 |
$20,000,001 - $50,000,000 |
$75,000 |
$50,000,001 - $100,000,000 |
$100,000 |
Over $100,000,000 |
$150,000 |
(6)
Licenses expire on the next December 31 after they are issued, but licenses
granted on or after November 1 but before January 1 will not expire until
December 31 of the following year. For example, a license granted on November
17, 2017, would not expire until December 31, 2018.
Notes
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