§ 536.4

536.4 Grant or refusal of license. 1. Upon the filing of such application, the approval of such bond and the payment of such fees, the superintendent shall make a thorough and complete investigation of the facts as thesuperintendent may deem necessary or proper. 2. If the superintendent shall determine from such application and from such investigation that the applicant can have a reasonable expectancy of a successful lending business at thelocation of the office for which application is made, and that there is a real need and necessityin that community for additional lending facilities to adequately serve the local people, andthat said applicant is one who will command the respect of and confidence from the people inthat community; that the financial responsibility, experience, character, and general fitness ofthe applicant, and of the members thereof if the applicant be a partnership or association, andof the officers and directors thereof if the applicant be a corporation, are such as to warrantthe belief that the business will be operated lawfully, honestly, fairly, and efficiently within thepurposes of this chapter, and if the superintendent shall find that the applicant has

as to warrantthe belief that the business will be operated lawfully, honestly, fairly, and efficiently within thepurposes of this chapter, and if the superintendent shall find that the applicant has availableor actually in use the assets described in section 536.2, the superintendent shall thereuponissue and deliver a license to the applicant to make loans in accordance with the provisionsof this chapter at the place of business specified in the said application; if the superintendentshall not so find the superintendent shall not issue such license and the superintendent shallnotify the applicant of the denial and return to the applicant the bond and the sum paid by theapplicant as a license fee, retaining the investigation fee to cover the costs of investigating theapplication. The superintendent shall approve or deny every application for a license underthis chapter within sixty days from the filing of the application and the approved bond andthe payment of the said fees. 3. If the application is denied, the superintendent shall within twenty days thereafter file with the banking division a written transcript of the evidence and decision and findings withrespect thereto

If the application is denied, the superintendent shall within twenty days thereafter file with the banking division a written transcript of the evidence and decision and findings withrespect thereto containing the reasons supporting the denial, and forthwith serve upon theapplicant a copy thereof. [C24, 27, 31, §9415; C35, §9438-f4; C39, §9438.04; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.4] 2005 Acts, ch 3, §90; 2008 Acts, ch 1032, §106; 2020 Acts, ch 1063, §308 Sat Dec 23 01:38:49 2023 Iowa Code 2024, Section 536.4 (18, 0)