536C.8 Investigations. 1. The administrator may investigate at any time the business of a credit card issuer subject to the provisions of this chapter. The administrator may examine the books, records,accounts, and files pertaining to the business of issuing credit cards subject to the provisionsof this chapter. 2. The administrator may accept a copy of an examination conducted by a state or federal regulator in lieu of an investigation or examination by the administrator. 3. If an investigation or examination is performed by the administrator under this section, the credit card issuer shall pay to the administrator a fee based on the actual cost of suchinvestigation or examination as determined by the administrator. 4. Upon completion of an investigation or examination by the administrator, the examiner shall render a billing in triplicate, with one copy to be delivered to the credit card issuer andtwo copies to be delivered to the administrator. Failure to pay the fee to the administratorwithin thirty days after the billing for the investigation or examination is delivered shallsubject the credit card issuer to an additional fee of five percent of the amount of the originalfee stratorwithin thirty days after the billing for the investigation or examination is delivered shallsubject the credit card issuer to an additional fee of five percent of the amount of the originalfee for each day the payment is delinquent. 91 Acts, ch 216, §22 Sat Dec 23 01:39:36 2023 Iowa Code 2024, Section 536C.8 (15, 0)
Iowa Legal Code