Iowa Code 523C.4 – License expiration and renewal
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1. Each license issued under this chapter shall be valid for a period of one year and shall be renewed by August 31 of each year following the date of issuance.
Terms Used In Iowa Code 523C.4
- Commissioner: means the commissioner of insurance. See Iowa Code 523C.1
- Contract: means the same as defined in section 554D. See Iowa Code 554E.1
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Motor vehicle: means any self-propelled vehicle subject to registration under chapter 321. See Iowa Code 523C.1
- Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. An application for renewal shall include the information required for an initial license as described in section 523C.3, subsection 1.
3. The renewal application shall be accompanied by all of the following:
a. A license renewal fee in the amount of five hundred dollars.
b. If applicable, a fee in the amount of three percent of the aggregate amount of payments the licensee received for the sale or issuance of residential service contracts in this state during the preceding fiscal year, provided that such fee shall be no less than one hundred dollars and no greater than fifty thousand dollars.
c. If applicable, a fee in the amount of thirty-five dollars for each motor vehicle service contract form submitted with the renewal application pursuant to subsection 2, and as provided in section 523C.3, subsection 1, paragraph “f”.
d. Information regarding the number of motor vehicle service contracts or residential service contracts issued during the preceding fiscal year, the number canceled or expired during the preceding fiscal year, the number in effect at the end of the preceding fiscal year, and the amount of service contract fees received during the preceding fiscal year.
4. If the commissioner denies renewal of the license, the denial shall be in writing setting forth the grounds for denial and shall be accompanied by a refund of fifty percent of the license renewal fee.
5. In addition to the annual license renewal requirements as provided in this section, a licensee shall report to the commissioner any material change in information submitted by the licensee in its initial license application which has not been reported to the commissioner, including a change in contact information, a change in ownership, or any other change which substantially affects the licensee’s operations in this state.