2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 523C - RESIDENTIAL SERVICE CONTRACTS
523C.3 - APPLICATION FOR LICENSE.

        523C.3  APPLICATION FOR LICENSE.
         1.  Application for a license as a service company shall be made
      to and filed with the commissioner on forms approved by the
      commissioner and shall include all of the following information:
         a.  The name and principal address of the applicant.
         b.  The state of incorporation of the applicant.
         c.  The name and address of the applicant's registered agent
      for service of process within Iowa.
         2.  The application shall be accompanied by all of the following:
         a.  A certificate of good standing for the applicant issued by
      the secretary of state and dated not more than thirty days prior to
      the date of the application.
         b.  A surety bond, a copy of the receipt from the treasurer of
      state that a cash deposit has been made, or a copy of a custodial
      agreement as provided in section 523C.5.
         c.  A copy of the most recent financial statement, including
      balance sheets and related statements of income, of the applicant,
      prepared in accordance with generally accepted accounting principles,
      audited by a certified public accountant and dated not more than
      twelve months prior to the date of the application.
         d.  An affidavit of an authorized officer of the service
      company stating the number of contracts issued by the service company
      in the preceding calendar year, and stating that the net worth of the
      service company satisfies the requirements of section 523C.6.
         e.  A license fee in the amount of two hundred fifty dollars.

         3.  If the application contains the required information and is
      accompanied by the items set forth in subsection 2, and if the net
      worth requirements of section 523C.6 are satisfied, as evidenced by
      the audited financial statements, the commissioner shall issue the
      license.  If the form of application is not properly completed or if
      the required accompanying documents are not furnished or in proper
      form, the commissioner shall not issue the license and shall give the
      applicant written notice of the grounds for not issuing the license.
      A notice of license denial shall be accompanied by a refund of fifty
      percent of the fee submitted with the application.
         4.  Fees collected under this section shall be deposited as
      provided in section 505.7.  

         Section History: Recent Form

         83 Acts, ch 87, § 4; 88 Acts, ch 1112, § 704; 92 Acts, ch 1078, §
      2; 2009 Acts, ch 181, §98
         Referred to in § 523C.4, 523C.5 

         Footnotes

         For future repeal of subsection 4, effective July 1, 2011, see
      2009 Acts, ch 179, §146