Iowa Admin. Code r. 189-24.5 - Applications to establish a satellite terminal
(1)
Approval required. A
satellite terminal shall not be established or operated in the state of Iowa
unless written approval for that establishment and operation has been obtained
from the administrator. Exceptions to this requirement may exist based upon
judicial rulings on applicability of Iowa Code subsections
527.5(3) and
527.5(7) to
certain federally chartered financial institutions.
(2)
Application requirements.
A person desiring to establish and operate a satellite terminal shall
submit to the administrator an application which shall contain all of the
information and shall be accompanied by all documentation expressly provided
for in Iowa Code subsection
527.5(3).
(3)
Incomplete applications.
If the application is found by the administrator to be incomplete, the
applicant will be notified within a reasonable period of that fact and of the
specific deficiencies. Anytime after 30 days following any such notification,
the application may be denied for lack of information if requested supplemental
information is not timely submitted by the applicant.
(4)
Final notice. Upon
receiving a complete application, the administrator shall approve or disapprove
an application for the establishment and operation of a satellite terminal
within 30 days after the date of written notice to the applicant that the
application is determined to be complete. The administrator shall notify the
applicant in writing as to the decision to approve or disapprove.
(5)
Denial of application.
If the administrator finds grounds, under any applicable law or rule, for
denying establishment of a satellite terminal, the administrator shall notify
the person filing the informational statement or an amendment thereto within 30
days of the filing thereof of the existence of such grounds. If such
notification is not given by the administrator, the administrator shall be
considered to have expressly approved the establishment and operation of the
satellite terminal as described in the informational statement or amendment and
according to the agreements attached thereto, and operation of the satellite
terminal in accordance therewith may commence on or after the thirtieth day
following such filing. However, this subrule shall not be construed to prohibit
the administrator from enforcing the provisions of this chapter or Iowa Code
chapter 527, nor shall it be construed to constitute a waiver of any
prohibition, limitation or obligation imposed by this chapter or Iowa Code
chapter 527.
(6)
Failure to
establish If the applicant fails to establish a satellite terminal
within 60 days after the date of written notification of approval by the
administrator or within 90 days of filing of the application if such notice is
not given by the administrator and expressed approval is presumed, the
application to establish and operate a satellite terminal in this state shall
be considered to be withdrawn by the applicant and the satellite terminal shall
not be established and operated in Iowa without reapplication or extension of
the application period by the administrator.
(7)
Notice to terminate satellite
terminal operation. If an establishing financial institution
determines, for whatever reasons, that a satellite terminal it operates shall
no longer be made available for continued use in the state of Iowa, written
notice of such termination of service shall be provided to the administrator,
with a copy to the central routing unit, at least 15 business days prior to
such discontinuance of service.
This rule is intended to implement Iowa Code subsection 527.5(7).
Notes
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