Section 533C.304 - Information requirements for certain individuals1. An individual in control of a licensee or applicant, an individual seeking to acquire control of a licensee, and each key individual shall furnish to the superintendent through NMLS the following items: a. The individual's fingerprints for submission to the federal bureau of investigation and the superintendent for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last ten years.b. Personal history and experience in a form and in a medium prescribed by the superintendent, to obtain all of the following:(1) An independent credit report from a consumer reporting agency. If the individual does not have a social security number, the requirement shall be waived.(2) Information related to any criminal convictions or pending charges.(3) Information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.2. If the individual has resided outside of the United States at any time in the last ten years, the individual shall also provide an investigative background report prepared by an independent search firm. The search firm shall demonstrate it has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the background report and be unaffiliated with, or have no interest in, the individual it is researching. The investigative background report shall be written in the English language and shall contain all of the following:a. If available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked.b. Criminal record information for the past ten years, including but not limited to felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked.d. Media history, including an electronic search of national and local publications, wire services, and business applications.e. Financial services-related regulatory history, including but not limited to money transmission, securities, banking, insurance, and mortgage-related industries. 2003 Acts, ch 96, § 13, 42; 2013 Acts, ch 5, §12; 2013 Acts, ch 70, §26; 2023 Acts, ch 83, § 13
Amended by 2023 Iowa, ch 83, s 13, eff. 7/1/2023.Amended by 2013 Iowa, ch 70, s 26, eff. 7/1/2013.Amended by 2013 Iowa, ch 5, s 12, eff. 7/1/2013.2003 Acts, ch 96, §13, 42Referred to in §533C.305, 533C.401, 533C.402
Section stricken and rewritten