1. A person shall not operate a delayed deposit services business in this state unless the person is licensed by the superintendent as provided in this chapter.
2. An applicant for a license shall submit an application, under oath, to the superintendent on forms prescribed by the superintendent. The forms shall contain such information as the superintendent may prescribe.
3. The application required by this section shall be submitted with both of the following:
a. An application fee in an amount prescribed by rule adopted by the superintendent.
b. A surety bond executed by a surety company authorized to do business in this state in the sum of twenty-five thousand dollars, which bond shall be continuous in nature until canceled by the surety. A surety shall provide at least thirty days' notice in writing to the licensee and to the superintendent indicating the surety's intent to cancel the bond and the effective date of the cancellation. The surety bond shall be for the benefit of the citizens of this state and shall be conditioned upon the licensee's willingness to comply with this chapter, the faithful performance by the licensee of the duties and obligations pertaining to the delayed deposit services business so licensed, and the prompt payment of any judgment recovered against the licensee. The surety's liability under this chapter is limited to the amount of the bond regardless of the number of years the bond is in effect.
4. The superintendent shall issue a license to an applicant if the superintendent finds all of the following:
a. The experience, character, and general fitness of the applicant and its officers, directors, shareholders, partners, or members are such as to warrant a finding that the applicant will conduct the delayed deposit services business honestly, fairly, and efficiently.
b. The applicant and its officers, directors, shareholders, partners, or members have not been convicted of a felony in this state, or convicted of a crime in another jurisdiction which would be a felony in this state.
c. The applicant is financially responsible and will conduct the delayed deposit services business pursuant to this chapter and other applicable laws.
d. The applicant has unencumbered assets of at least twenty-five thousand dollars available for operating the delayed deposit services business.
5. The superintendent shall approve or deny an application for a license by written order not more than ninety days after the filing of an application. An order of the superintendent issued pursuant to this section may be appealed pursuant to chapter 17A.
6. A license issued pursuant to this chapter shall be conspicuously posted at the licensee's place of business. A license shall remain in effect until the next succeeding May 1, unless earlier suspended or revoked by the superintendent. A license shall be renewed annually by filing with the superintendent an application for renewal containing such information as the superintendent may require to indicate any material change in the information contained in the original application or succeeding renewal applications and a renewal fee of one hundred dollars.
95 Acts, ch 139, §3
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