Ask Reggi Your Question Now
Can you summarize IACO Chapter 533C?
COMMERCE > UNIFORM MONEY SERVICES ACT
Short Summary
The provided legal document content pertains to the Uniform Money Services Act, which governs persons engaged in money transmission or currency exchange. It defines various terms and provides precise definitions for each term. The document also specifies the exclusions under the act, which clarify the entities and activities that fall outside its scope. Additionally, the document outlines the application process for obtaining a license under the Uniform Money Services Act, including the required information, fees, and the superintendent’s authority to waive certain requirements. The document further discusses the security requirements for licensees, the net worth requirement, and the requirements for engaging in currency exchange. It also covers the renewal of licenses, the issuance of licenses for currency exchange, and the relationship between licensees and authorized delegates. The document provides information on reporting requirements, the disclosure of information obtained by the superintendent, and the maintenance of permissible investments by licensees. It also addresses the suspension, revocation, and change of control of licenses, as well as the examination and investigation powers of the superintendent. The document concludes with provisions on administrative proceedings, civil penalties, and the creation of a financial services licensing fund. Overall, the document provides a comprehensive overview of the Uniform Money Services Act and its requirements for individuals or entities engaged in money transmission or currency exchange in Iowa.
Whom does it apply to?
The Uniform Money Services Act applies to individuals or entities seeking to provide money transmission or other money services in the state.
What does it govern?
The provided legal document content pertains to the Uniform Money Services Act. This act governs persons engaged in money transmission or currency exchange.
What are exemptions?
The exclusions under the UNIFORM MONEY SERVICES ACT include the United States and its departments, agencies, or instrumentalities, money transmission by the United States postal service or its contractors, governmental agencies and subdivisions, banks, credit unions, and other financial institutions, electronic funds transfer contractors for governmental benefits, board of trade and clearing services providers, registered futures commission merchants, clearing agencies, payment system operators, securities broker-dealers, delayed deposit services businesses, real estate brokers or salespersons, gambling-related entities, debt management businesses, and insurance companies and producers.
What are the Penalties?
No penalties are mentioned in the provided content.
Jurisdiction
Iowa