Iowa Administrative Code
Agency 187 - Banking Division
Chapter 17 - Delayed Deposit Services
Rule 187-17.11 - Disciplinary Action
Universal Citation: IA Admin Code 187-17.11
Current through Register Vol. 47, No. 6, September 18, 2024
(1) The superintendent has authority pursuant to Iowa Code chapters 533D and 17A to impose discipline for violations of Iowa Code chapter 533D and the rules promulgated thereunder.
(2) Grounds for discipline. The superintendent may impose any of the disciplinary sanctions set out in Iowa Code section 533D.12(2) when the superintendent finds any of the following:
a. The licensee has violated a
provision of Iowa Code chapter 533D or a rule adopted under Iowa Code chapter
533D or any other state or federal law applicable to the conduct of the
licensee's business.
b. A fact or
condition exists which, had it existed at the time of the licensee's original
application for a license, would have warranted the superintendent to refuse to
issue the original license.
c. The
licensee is found upon investigation to be insolvent, in which case the license
shall be revoked immediately.
d.
The licensee has violated an order of the superintendent.
e. The licensee fails to fully cooperate with
an examination or investigation, including failing to respond to an inquiry
from the superintendent within 30 days of the date the superintendent mails a
written communication directed to the licensee's last-known address on file
with the superintendent.
f. The
licensee has engaged in any conduct that subverts or attempts to subvert an
examination or investigation by the superintendent.
g. The licensee continues to operate a
delayed deposit services business without an active and current
license.
h. The licensee operates a
delayed deposit services business in the same location as another business
without the superintendent's written approval.
i. The licensee has abandoned its place of
business for 60 or more days.
j.
The licensee fails to notify the superintendent within 30 days of the
occurrence of one of the significant events set forth in Iowa Code section
533D.5.
k. Another state or
jurisdiction has denied, suspended, revoked, or refused to renew the licensee's
license, registration, or authorization to operate a delayed deposit services
business or enter into delayed deposit transactions under the other state's or
jurisdiction's law.
l. The licensee
fails to create and maintain complete and accurate records as required by state
or federal law, regulation, or rule.
m. The licensee fails to notify the
superintendent of a change in control, name, or principal place of
business.
n. The licensee fails to
pay a license fee required by Iowa Code chapter 533D or to maintain a bond
required by Iowa Code chapter 533D.
(3) The superintendent shall not refund a license fee, in whole or in part, of a license that has been suspended, revoked, or surrendered.
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