Iowa Admin. Code r. 187-15.6

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 187-15.6 - Changes in the licensee's name, location, or control; fees

(1) A licensee wishing to change the name or location of a regulated loan business shall notify the superintendent through the NMLS at least 30 days prior to the effective date of the requested change. The notice shall include proof that the licensee has either obtained a new bond or amended the existing mandatory bond to reflect the new name or location. The licensee shall submit the appropriate fee in conjunction with the notice.

(2) When a change of control of a licensee is proposed, the party that will assume control of the licensee shall give notice to the superintendent through the NMLS, at least 60 days before the proposed change will take effect. Change of control is defined in Iowa Code section 536.7A. The party that will assume control of the licensee shall furnish the superintendent through the NMLS with the same information required of initial applicants for a license, along with the appropriate fee. The party that will assume control may be required to provide fingerprints, authorize a fingerprint background check through NMLS, and pay the appropriate fees for the purpose of conducting a national criminal history background check through the Federal Bureau of Investigation. The superintendent shall approve or deny the request in accordance with the provisions of Iowa Code section 536.4 and rule 187-15.4(17A,536).

(3) Failure to notify the administrator within the prescribed time as required by this rule may subject the licensee to disciplinary action.

Iowa Admin. Code r. 187-15.6

ARC 8236B, IAB 10/21/09, effective 11/25/09

Amended by IAB May 24, 2017/Volume XXXIX, Number 24, effective 7/1/2017