533D.6 Continued operation after change in ownership — approval of superintendent required. 1. The prior written approval of the superintendent is required for the continued operation of a delayed deposit services business whenever a change in control of a licensee is proposed.The person requesting such approval shall pay to the superintendent a fee of one hundreddollars. Control in the case of a corporation means direct or indirect ownership of, or the rightto control, ten percent or more of the voting shares of the corporation, or the ability of a personto elect a majority of the directors or otherwise effect a change in policy. Control in the caseof any other entity means any change in the principals of the organization, whether activeor passive. The superintendent may require information deemed necessary to determinewhether a new application is required. Costs incurred by the superintendent in investigatinga change of control request shall be paid by the person requesting such approval. 2. A license issued pursuant to this chapter is not transferable or assignable.95 Acts, ch 139, §6; 2006 Acts, ch 1042, §28; 2007 Acts, ch 22, §94 Sat Dec 23 01:37:16 2023 Iowa Code 2024, h approval. 2. A license issued pursuant to this chapter is not transferable or assignable.95 Acts, ch 139, §6; 2006 Acts, ch 1042, §28; 2007 Acts, ch 22, §94 Sat Dec 23 01:37:16 2023 Iowa Code 2024, Section 533D.6 (16, 0)
Iowa Legal Code