1. A broker-dealer or agent may obtain an initial or renewal license by filing with the administrator, or an organization which the administrator by rule designates, an application together with a consent to service of process pursuant to section 502.609 and the appropriate filing fee. The application shall contain the information the administrator requires by rule concerning the applicant's form and place of organization, proposed method of doing business and financial condition, the qualifications and experience of the applicant, including, in the case of a broker-dealer, the qualifications and experience of any partner, officer, director or controlling person, any injunction or administrative order or conviction of a misdemeanor involving securities and any conviction of a felony, and any other matters which the administrator determines are relevant to the application. If no denial order is in effect and no proceeding is pending under section 502.304, registration becomes effective at noon of the thirtieth day after a completed application or an amendment completing the application is filed, unless waived by the applicant. The administrator may by rule or order specify an earlier effective date.
2. Every applicant for initial or renewal registration as a broker-dealer shall pay a filing fee of two hundred dollars. Every applicant for initial or renewal registration as an agent shall pay a filing fee of thirty dollars. A filing fee is not refundable.
3. A registered broker-dealer may file an application for registration of a successor, whether or not the successor is then in existence, for the unexpired portion of the year. There shall be no filing fee.
4. The administrator may by rule require a minimum capital for broker-dealers and establish limitations on aggregate indebtedness of broker-dealers in relation to net capital and may classify broker-dealers for purposes of such requirements. The administrator may not, however, with respect to any broker-dealer who is a member of the national association of securities dealers, inc., or who is registered with the securities and exchange commission, require a higher minimum capital or lower ratio of aggregate indebtedness to net capital than is contained in the rules and regulations adopted by such association or commission.
5. The administrator may by rule or order impose such other conditions in connection with registration under this chapter as are deemed appropriate, in the public interest or for the protection of investors.
[SS15, § 1920-u15, -u16; C24, 27, § 8561, 8563, 8571; C31, 35, § 8581-c11, -c14; C39, § 8581.11, 8581.18; C46, 50, 54, 58, 62, 66, 71, 73, 75, § 502.11, 502.18; C77, 79, 81, § 502.302; 82 Acts, ch 1003, § 2]
83 Acts, ch 169, § 10, 18; 91 Acts, ch 40, §20--;22; 94 Acts, ch 1031, §14
Referred to in § 502.207A, 534.702, 534.704
Rules to implement increased fee for registration as agent; 88 Acts, ch 1274, § 24
Iowa General Assembly
Search: Iowa Code 1995
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