A person shall not engage in the business of selling written instruments for the transmission or payment of money, whether in the form of checks, drafts, money orders, travelers checks or otherwise, unless the person has been issued a license by the superintendent of banking. A person is not eligible to receive or retain a license under this chapter unless the person's net worth is at all times at least twenty-five thousand dollars as shown by financial statements satisfactory to the superintendent of banking and unless the person has deposited and at all times keeps on deposit with the superintendent of banking in the form of cash or securities satisfactory to the superintendent of banking or any combination of these, the sum of fifty thousand dollars plus an additional one thousand dollars for each office or agent from or through which the person engages in business under this chapter, provided that the maximum deposit required of a person under this section shall not exceed two hundred thousand dollars. However, the superintendent of banking may at the superintendent's option accept a surety bond of equivalent value in the form satisfactory to the superintendent and issued by a surety company acceptable to the superintendent in lieu of the required deposit. The deposit or bond shall be for the protection of purchasers or holders of instruments sold by the licensee, and the superintendent or any aggrieved party may enforce claims on such instruments against the deposit or bond.
The annual fee for a license issued under this chapter shall be the sum of one hundred fifty dollars plus an additional five dollars for each location in this state at which business is conducted through agents or employees of the licensee. The annual license fee shall be paid to the superintendent of banking at the time the person submits an application for a license or an application for annual renewal of the license. If the licensee gives notice to the superintendent of the opening of a new business location, as required under section 533B.2, the licensee shall submit payment of the required additional fee at the time of giving notice.
[C62, 66, 71, 73, 75, 77, 79, 81, § 533B.1]
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