Iowa Code 536A.21 – Other business in same office
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Terms Used In Iowa Code 536A.21
- Commercial activities: means activities in which an industrial loan company is not specifically authorized to engage under the provisions of this chapter. See Iowa Code 536A.2
- 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
- Licensee: means a person licensed under this chapter. See Iowa Code 536A.2
- Superintendent: means the superintendent of banking within the banking division of the department of commerce. See Iowa Code 536A.2
A licensee engaged in the business of operating an industrial loan company under the provisions of this chapter may not conduct its business within any office, room, suite, place of business, or premises in which commercial activities are conducted, unless the place where its business is conducted by the industrial loan company is physically separated from the location where commercial activities are conducted and has a separate entrance. The prohibition of this section shall not apply to the conduct of business if, prior to January 1, 2006, the superintendent has determined in writing that the character of the other business is such that its operation by the licensee would not facilitate evasions of the provisions of this chapter or any other provision of the Code relating to the making of loans.