License to operate an industrial loan company. A company may make loans of any size with a finance charge greater than Iowa\'s basic usury rate, but limited to the restrictions shown in 536A.23.
Code Citation IC 536A
Who Applies A corporation engaged in the business of making loans to individuals (not corporations) must obtain a license to operate in this state.
When To Apply Application must be made and a license issued before operations begin.
Initial Requirements Minimum capital of $50,000 plus $5,000 surplus is required.
Duration Licenses are subject to renewal each December 1.
Processing Time 120 days (maximum).
Fee Structure Application Investigation: $100 Annual License: $250
Renewal Requirements Does not pertain.
Exam Licensee subject to examination once per year.
Additional Information None.
Service Category
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