Iowa Code 536A.4 – Limitations
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 536A.4
- Affiliate: means the same as defined in 12 U. See Iowa Code 536A.2
- 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
- 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
- Licensee: means a person licensed under this chapter. See Iowa Code 536A.2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Superintendent: means the superintendent of banking within the banking division of the department of commerce. See Iowa Code 536A.2
A license shall not be issued to any individual, partnership, nonprofit organization, or unincorporated association. A license shall not be issued to an applicant that engages in commercial activities directly or through an affiliate. Not more than one place of business where loans are made shall be maintained under the same license but the superintendent may issue more than one license to the same licensee upon compliance, for each such additional license, with all the provisions of this chapter governing an original issuance of a license.