Iowa Admin. Code r. 187-16.6

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

Rule 187-16.6 - Changes in the licensee's name, location, or control

(1) A licensee wishing to change the name or location of an industrial loan business shall notify the superintendent through the NMLS at least 30 days prior to the effective date of the 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 submit an application for certificate of approval of the proposed change of control to the superintendent, on the form provided and with the information requested, through the NMLS at least 60 days before the proposed change will take effect. Change of control is defined in Iowa Code section 536A.12(4). The party that will assume control of the licensee shall furnish the superintendent 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 the 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 sections 536A.10 and 536A.11 and rule 187-16.4 (17A,536A).

(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. 187-16.6

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