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Can I obtain a money transmitter license in Iowa? What are the requirements?

To obtain a money transmitter license in Iowa, you must comply with the requirements set forth in Iowa Code Chapter 533C. These requirements include:

  1. License Required: A person shall not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal to or greater than five percent of total revenues unless the person: a. Is licensed under this article. b. Is licensed for money transmission under article 2. c. Is an authorized delegate of a person licensed under article 2 [1.2].
  2. Application for License: A person applying for a license under Iowa Code Chapter 533C shall do so in a form prescribed by the superintendent. The application must state or contain the legal name and residential and business addresses of the applicant, the location of the principal office of the applicant, the complete addresses of other locations in this state where the applicant proposes to engage in currency exchange, a description of the source of money and credit to be used by the applicant to engage in currency exchange, and other information the superintendent reasonably requires with respect to the applicant [1.4].
  3. Investigation of Applicant: Upon the filing of an application under Iowa Code Chapter 533C, the superintendent shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The superintendent shall issue a license to an applicant under this chapter if the superintendent finds that all of the following conditions have been fulfilled: the applicant has complied with sections 533C.202, 533C.203, and 533C.206, the applicant has not been convicted of or pled guilty to a felony or an indictable misdemeanor for financial gain within the past ten years, the applicant has paid a fee set by the department of public safety, division of criminal investigation, to defray the costs associated with the search of criminal history records of the applicant, and the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange [1.6].
  4. Renewal of License: A licensee under Iowa Code Chapter 533C shall pay an annual renewal fee no later than December 1. The annual renewal fee shall be the sum of two hundred fifty dollars plus an additional fifty dollars for each location at which business is conducted, but shall not exceed one thousand dollars. A licensee under this chapter shall submit a renewal report with the renewal fee, in a form prescribed by the superintendent. The renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application that has not been reported to the superintendent on any required report and a list of the locations in this state where the licensee or an authorized delegate of the licensee engages in currency exchange. If a licensee does not file a renewal report and pay its renewal fee by December 1, or any extension of time granted by the superintendent, the superintendent may assess a late fee of one hundred dollars per day [1.8].

Therefore, to obtain a money transmitter license in Iowa, you must apply for a license in a form prescribed by the superintendent, undergo an investigation of your financial condition and responsibility, financial and business experience, character, and general fitness, and pay an annual renewal fee.