Iowa Code 536.6 – Additional bond — available assets
Current as of: 2023 | Check for updates
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1. If the superintendent finds at any time that the bond is insecure or exhausted or otherwise of doubtful validity or collectibility, an additional bond to be approved by the superintendent, with one or more sureties and of the character specified in section 536.3, in a sum not to exceed that amount determined pursuant to section 536.3, shall be filed by the licensee within ten days after written demand upon the licensee by the superintendent.
Terms Used In Iowa Code 536.6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Licensee: means a person licensed under this chapter. See Iowa Code 536.28
- Superintendent: means the state superintendent of banking. See Iowa Code 536.28
2. Every licensee shall have available at all times for each licensed place of business at least five thousand dollars in assets, either in liquid form or actually in use in the conduct of such business.