Iowa Administrative Code
Agency 187 - Banking Division
Chapter 16 - Industrial Loans
Rule 187-16.4 - Grounds for Approval or Denial
Universal Citation: IA Admin Code 187-16.4
Current through Register Vol. 47, No. 13, December 25, 2024
(1) The superintendent shall approve or deny a license application in accordance with the provisions of Iowa Code sections 536A.10 and 536A.11.
(2) The following may be considered evidence that the business of the applicant may not be operated lawfully and honestly within the purposes of Iowa Code chapter 536A and may therefore be considered grounds for denial of an application:
a. An
applicant, or an officer, director, or individual who has control of an
applicant, has had a mortgage loan originator license or any lending license
revoked in any governmental jurisdiction.
b. An applicant, or an officer, director, or
individual who has control of an applicant, has been convicted of, or has
pleaded guilty or no contest to, a felony in a domestic, foreign, or military
court if such felony involved an act of fraud, dishonesty, or breach of trust,
or money laundering.
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