533C.402 Notice and information requirements for a change of key individuals. 1. A licensee adding or replacing any key individual shall provide notice in a manner prescribed by the superintendent within fifteen days after the effective date of the keyindividual’s appointment and provide information as required by section 533C.304 withinforty-five days of the effective date. 2. A key individual is considered approved ninety-one days after notice is provided pursuant to this section, unless denied or approved earlier by the superintendent. Thesuperintendent may issue a notice of disapproval of a key individual if the competence,experience, character, or integrity of the individual would not be in the best interests of thepublic or the customers of the licensee to permit the individual to be a key individual of suchlicensee. A notice of disapproval shall contain a statement of the basis for disapproval andshall be sent to the licensee and the disapproved individual. A licensee may appeal a noticeof disapproval within thirty days after receipt of the written notice of such disapproval. 3. isapproval andshall be sent to the licensee and the disapproved individual. A licensee may appeal a noticeof disapproval within thirty days after receipt of the written notice of such disapproval. 3. If a multistate licensing process includes a key individual notice review and disapproval process pursuant to this section and the licensee avails itself or is otherwise subject to themultistate licensing process, the superintendent is authorized and encouraged to accept thedetermination of another state if the investigating state has sufficient staffing, expertise, andminimum standards for the purpose of this section. If this state is a lead investigative state,the superintendent is authorized and encouraged to investigate the applicant pursuant tosubsection 2 and the time frames established by agreement through the multistate licensingprocess. 2003 Acts, ch 96, §15, 42; 2023 Acts, ch 83, §18Section stricken and rewritten Sat Dec 23 01:36:52 2023 Iowa Code 2024, Section 533C.402 (17, 1)
Iowa Legal Code