§ 536a-12

536A.12 Continuing license — annual fee — change of name or location — change of control. 1. Each license remains in full force and effect until surrendered, revoked, or suspended, or until there is a change of control. 2. A licensee, on or before December 1, shall pay to the superintendent the sum of two hundred fifty dollars as an annual license fee for the succeeding calendar year. The licenseeshall submit the annual license fee with a renewal application in the form prescribed by thesuperintendent. The superintendent may assess a late fee of ten dollars per day per licensefor applications received after December 1. 3. When a licensee changes its name or place of business from one location to another in the same city, the licensee shall notify the superintendent thirty days in advance of theeffective date of the change. A licensee shall pay a fee of twenty-five dollars per license tothe superintendent with the notification of change. 4. a. A person who proposes to purchase or otherwise acquire, directly or indirectly, any of the outstanding shares of an industrial loan company which would result in a change ofcontrol of the industrial loan company, shall first apply in writing

wise acquire, directly or indirectly, any of the outstanding shares of an industrial loan company which would result in a change ofcontrol of the industrial loan company, shall first apply in writing to the superintendent for acertificate of approval for the proposed change of control. b. At the time of making the application, the applicant shall pay to the superintendent one hundred dollars to cover the cost of the investigation of the applicant. c. The superintendent shall grant the certificate if the superintendent is satisfied of both of the following: (1) The person who proposes to obtain control of the industrial loan company is qualified by character, experience, and financial responsibility to control and operate the industrialloan company in a sound and legal manner. (2) The interests of the thrift certificate holders, creditors, and shareholders of the industrial loan company, and of the public generally, will not be jeopardized by the proposedchange of control. d. If a board member of the industrial loan company has reason to believe any of the requirements of this subsection have not been met, the board member shall promptly reportthe facts in writing to the

If a board member of the industrial loan company has reason to believe any of the requirements of this subsection have not been met, the board member shall promptly reportthe facts in writing to the superintendent. e. If there is any doubt as to whether a change in the ownership of the outstanding shares is sufficient to result in control of the industrial loan company, or to effect a change in thecontrol of the industrial loan company, the doubt shall be resolved in favor of reporting thefacts to the superintendent. 5. a. For purposes of this section, a change of control does not occur when a majority shareholder of an industrial loan company transfers the shareholder’s shares of the industrialloan company to a revocable trust, so long as the transferor retains the power to revoke thetrust and take possession of the shares. b. Notwithstanding the provisions of paragraph 'a', a change of control is deemed to occur two years after the death of the majority shareholder, whether the shareholder’s sharesof the industrial loan company are held in a revocable trust or otherwise. [C66, 71, 73, 75, 77, 79, 81, §536A.12]87 Acts, ch 11, §1, 2; 96 Acts, ch 1159, §1; 2002 Acts, ch 1119,

shareholder’s sharesof the industrial loan company are held in a revocable trust or otherwise. [C66, 71, 73, 75, 77, 79, 81, §536A.12]87 Acts, ch 11, §1, 2; 96 Acts, ch 1159, §1; 2002 Acts, ch 1119, §184; 2006 Acts, ch 1015, §15; 2006 Acts, ch 1042, §44 Sat Dec 23 01:39:17 2023 Iowa Code 2024, Section 536A.12 (15, 0)