License to engage in the business of debt management.
Code Citation IC 533A
Who Applies Any person providing planning and management services for the financial affairs of a debtor for compensation, including educational loan debt management services, or operating as a debt settlement company must obtain a license.
When To Apply Application must be made and a license issued before services are provided to the public.
Initial Requirements A bond in the amount of $25,000 must be filed with the division.
Duration The license expires on December 31 following the date of issuance.
Processing Time 60 days.
Fee Structure Applicant Investigation: $100 Initial License: $250 Annual License Renewal: $250
Renewal Requirements Does not pertain.
Exam The Iowa Division of Banking may examine the condition and affairs of licensees to ascertain compliance with laws and rules. The licensee shall pay the cost of the examination.
Additional Information None.
Service Category
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