Iowa Code 536A.10 – Issuance of license
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1. The superintendent shall approve the application and issue to the applicant a license to engage in the industrial loan business in accordance with the provisions of this chapter, if the superintendent shall find:
a. That the financial responsibility, experience, character and general fitness of the applicant and of the officers thereof are such as to command the confidence of the community, and to warrant the belief that the business will be operated honestly, fairly and efficiently within the purpose of this chapter;
b. That a reasonable necessity exists for a new industrial loan company in the community to be served;
c. That the applicant has available for the operation of the business at the specified location paid-in capital and surplus as required by section 536A.8; and
d. That the applicant is a corporation organized for pecuniary profit under the laws of the state of Iowa.
Terms Used In Iowa Code 536A.10
- Industrial loan company: shall mean a corporation operating under the provisions of this chapter and engaged in the business of loaning money to be repaid in one payment or in weekly, monthly or other periodic installments and the charging, receiving or requiring of interest, discount, fees, compensation or charges of whatever nature or kind for the use of such money and for the services to be rendered to the borrower in connection with the loan. See Iowa Code 536A.2
- License: shall mean a permit or authorization issued or required under the provisions of this chapter to make loans in accordance with this chapter at a single location or place of business. See Iowa Code 536A.2
- 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
- Superintendent: means the superintendent of banking within the banking division of the department of commerce. See Iowa Code 536A.2
2. The superintendent shall approve or deny an application for a license within one hundred twenty days from the date of the filing of such application.