536A.10 Issuance of license.
184 words·~1 min read·
/ia/chapter-536a-industrial-loans/536a-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The superintendent shall approve the application and issue to the applicant a license to engage in the industrial loan business in accordance with the provisions of this chapter, if the superintendent shall find:
a. That the financial responsibility, experience, character and general fitness of the applicant and of the officers thereof are such as to command the confidence of the community, and to warrant the belief that the business will be operated honestly, fairly and efficiently within the purpose of this chapter;
b. That a reasonable necessity exists for a new industrial loan company in the community to be served;
c. That the applicant has available for the operation of the business at the specified location paid-in capital and surplus as required by section 536A.8; and
d. That the applicant is a corporation organized for pecuniary profit under the laws of the state of Iowa.
2. The superintendent shall approve or deny an application for a license within one hundred twenty days from the date of the filing of such application.
[C66, 71, 73, 75, 77, 79, 81, §536A.10]
Referred to in §536A.30