Iowa Admin. Code r. 187-17.13

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

Rule 187-17.13 - Restrictions on making delayed deposit transactions

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.

Iowa Admin. Code r. 187-17.13

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