Delayed Deposit Service License
License to operate as a delayed deposit service business. Operating a delayed deposit service business means (for a fee) accepting and holding a check for a period of time prior to deposit or presentment pursuant to an agreement with the maker of the check. Loan is for $500 or less for short term of 31 days or less.
Code Citation IC 533D
Who Applies Any person wishing to offer delayed deposit services(payday loans).
When To Apply Application must be made and a license issued before operations begin in Iowa.
Initial Requirements Applicant must file a surety bond in the sum of $25,000. Applicant must have $25,000 in unencumbered assets available for operating the delayed deposit services business.
Duration License must be renewed by December 1 each year.
Processing Time 90 Days.
Fee Structure Initial Application: $100 per location application fee $250 per location license fee Annual Renewal: $250 per location
Renewal Requirements Does not pertain.
Exam Licensees are subject to exam once per year.
Additional Information None.
- Service SubCategory
200 East Grand Avenue
Des Moines, IA 50309