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