536A.7A Bonds. 1. 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 superintendentpursuant to administrative rule determines a bond amount that reflects the dollar value ofthe loans originated, the bond shall be in the amount of twenty-five thousand dollars. Thebond shall be continuous in nature until canceled by the surety with not less than thirty days’notice in writing to the applicant and to the superintendent indicating the surety’s intention tocancel the bond on a specific date. The bond shall be for the use of the state and any personswho may have causes of action against the applicant. The bond shall be conditioned upon theapplicant’s faithfully conforming to and abiding by this chapter and any rules adopted underthis chapter and shall require that the surety pay to the state and to any persons all moneysthat become due or owing to the state and to the persons from the applicant by virtue of thischapter. 2. In lieu of filing a bond, the applicant may pledge an alternative form of collateral acceptable to the superintendent, if the alternative collateral provides he applicant by virtue of thischapter. 2. In lieu of filing a bond, the applicant may pledge an alternative form of collateral acceptable to the superintendent, if the alternative collateral provides protection to the stateand any aggrieved person that is equivalent to that provided by a bond. 2008 Acts, ch 1160, §32; 2009 Acts, ch 61, §44, 47 Sat Dec 23 01:39:14 2023 Iowa Code 2024, Section 536A.7A (15, 0)
Iowa Legal Code