Regulated Loan License

About

License to make consumer loans of money, credit, goods, or things in action in the amount or of the value of the threshold amount (for 2021, the amount is $61,000) or less with a finance charge greater than the usury rate. If selling new and/or used automobiles, this license might be required.

Code Citation IC 536

Who Applies Any entity making consumer loans in the amount or of the value of the threshold amount (for 2022, the amount is $61,000) or less with a finance charge greater than the usury rate. If selling new and/or used automobiles, this license might be required.

When To Apply Application must be made and a license granted before operations begin in Iowa.

Initial Requirements Applicant is required to file a $25,000 surety bond with the Banking Division. Liquid assets totaling $5,000 must be available for the operation of the business.

Duration Licenses subject to renewal December 1 for the following calendar year. Processing Time 60 days.

Fee Structure Application Investigation: $100 Annual License: $250

Renewal Requirements Does not pertain.

Exam A licensee with a location in Iowa is subject to an exam at least once each year. Additional Information Any entity making consumer loans in the amount or of the value of the threshold amount (in 2022, the amount is $61,000) or less with a finance charge greater than the usury rate. If selling new and/or used automobiles, this license might be required.