536.3 Bond. An applicant for a license shall file with the superintendent a bond furnished by a surety company authorized to do business in this state. Until such time as the superintendentthrough the administrative rule process determines a bond amount that reflects the dollarvalue of loans originated, the bond shall be in the amount of twenty-five thousand dollars.The bond shall be continuous in nature until canceled by the surety with not less than thirtydays’ notice in writing to the licensee and to the superintendent indicating the surety’sintention to cancel the bond on a specific date. The bond shall be for the use of the stateand any persons who may have causes of action against the applicant. The bond shall beconditioned upon the applicant’s faithfully conforming to and abiding by this chapter andany rules adopted under this chapter and shall require that the surety pay to the state andto any persons all moneys that become due or owing to the state and to the persons fromthe applicant by virtue of this chapter. [C24, 27, 31, §9413, 9414; C35, §9438-f3; C39, §9438.03; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.3] 2008 Acts, ch 1160, §25; 2009 Acts, ch 61, §40, applicant by virtue of this chapter. [C24, 27, 31, §9413, 9414; C35, §9438-f3; C39, §9438.03; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.3] 2008 Acts, ch 1160, §25; 2009 Acts, ch 61, §40, 47Referred to in §536.6 Sat Dec 23 01:38:48 2023 Iowa Code 2024, Section 536.3 (17, 0)
Iowa Legal Code