536A.3 - LICENSE.
536A.3 LICENSE. With respect to a loan other than a consumer loan, a person shall not engage in the business of operating an industrial loan company in this state without first having obtained a license from the superintendent. With respect to a consumer loan, a person required by section 537.2301 to have a license is not authorized to engage in the business of operating an industrial loan company without first obtaining a license from the superintendent. A person that enters into less than ten supervised loans per year in this state and that neither has an office physically located in this state nor engages in face-to-face solicitation in this state may contract for and receive the rate of interest permitted in this chapter for licensees in this chapter. A "consumer loan" means the same as defined in section 537.1301.
Section History: Early Form [C66, 71, 73, 75, 77, 79, 81, § 536A.3]
Section History: Recent Form 86 Acts, ch 1245, § 758 Referred to in § 536A.27