Iowa Code 536A.10 – Issuance of license
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Terms Used In Iowa Code 536A.10
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
536A.10 Issuance of license.
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 § 536A.8; and
d. That the applicant is a corporation organized for pecuniary profit under the laws of the state of Iowa.
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.
[C66, 71, 73, 75, 77, 79, 81, §536A.10]
2012 Acts, ch 1023, §139; 2012 Acts, ch 1138, §74
Referred to in §536A.30
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 § 536A.8; and
d. That the applicant is a corporation organized for pecuniary profit under the laws of the state of Iowa.
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.
[C66, 71, 73, 75, 77, 79, 81, §536A.10]
2012 Acts, ch 1023, §139; 2012 Acts, ch 1138, §74
Referred to in §536A.30