Iowa Administrative Code
Agency 187 - BANKING DIVISION
Chapter 10 - ELECTRONIC TRANSFER OF FUNDS
Rule 187-10.3 - Applications to operate a central routing unit
Current through Register Vol. 46, No. 19, March 20, 2024
(1) Approval required. A central routing unit shall not be operated in the state of Iowa unless written approval for that operation has been obtained from the administrators.
(2) Application requirements. A person desiring to operate a central routing unit shall submit to the administrators an application which shall contain all of the information and shall be accompanied by all documentation expressly provided for in Iowa Code section 527.9. The administrators will notify the applicant in writing whether the application is considered complete.
(3) Incomplete applications. If the application is found by the administrators to be incomplete, the applicant will be notified within a reasonable period of that fact and of the specific deficiencies. Anytime after 30 days following any such notification, the application may be denied for lack of information, if requested supplemental information is not timely submitted by the applicant.
(4) Final notice. Upon receiving a complete application, the administrators shall approve or disapprove an application for operation of a central routing unit within 60 days after the date of written notice to the applicant that the application is determined to be complete. The administrators shall notify the applicant in writing as to the decision to approve or disapprove.
This rule is intended to implement Iowa Code section 527.9.
