Iowa Administrative Code
Agency 187 - Banking Division
Chapter 17 - Delayed Deposit Services
Rule 187-17.13 - Restrictions on Making Delayed Deposit Transactions
Universal Citation: IA Admin Code 187-17.13
Current through Register Vol. 47, No. 6, September 18, 2024
A licensee shall adhere to the following restrictions related to making delayed deposit transactions.
(1) A licensee shall not engage in any of the acts prohibited by Iowa Code section 533D.10.
(2) A licensee shall not enter into a new delayed deposit transaction with a maker on the same day the maker pays an existing delayed deposit transaction with the licensee unless:
a. The aggregate amount of the check(s) the
maker is paying and the new check the maker is writing does not exceed the
statutory maximum of $500; and
b.
The licensee does not hold more than two outstanding checks in the maker's
name, including the check(s) being paid and the new check being
issued.
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