504.1502 Consequences of transacting business without authority. 1. A foreign corporation transacting business in this state without a certificate of authority shall not maintain a proceeding in any court in this state until it obtains a certificateof authority. 2. The successor to a foreign corporation that transacted business in this state without a certificate of authority and the assignee of a cause of action arising out of that business shallnot maintain a proceeding on that cause of action in any court in this state until the foreigncorporation or its successor obtains a certificate of authority. 3. A court may stay a proceeding commenced by a foreign corporation, its successor, or assignee until the court determines whether the foreign corporation or its successor requiresa certificate of authority. If it so determines, the court may further stay the proceeding untilthe foreign corporation or its successor obtains the certificate. 4. A foreign corporation is liable for a civil penalty of an amount not to exceed a total of one thousand dollars if it transacts business in this state without a certificate of authority.The attorney general may collect all penalties due under l penalty of an amount not to exceed a total of one thousand dollars if it transacts business in this state without a certificate of authority.The attorney general may collect all penalties due under this subsection. 5. Notwithstanding subsections 1 and 2, the failure of a foreign corporation to obtain a certificate of authority does not impair the validity of its corporate acts or prevent it fromdefending any proceeding in this state. 2004 Acts, ch 1049, §154, 192 Sat Dec 23 00:36:08 2023 Iowa Code 2024, Section 504.1502 (18, 0)
Iowa Legal Code