Bill Text: IA HF2262 | 2023-2024 | 90th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: A bill for an act relating to money transmission services, providing penalties, and including effective date and retroactive applicability provisions. (Formerly HSB 601.) Effective date: 04/10/2024. Applicability date: 07/01/2023.
Spectrum: Committee Bill
Status: (Passed) 2024-04-29 - Fiscal note. [HF2262 Detail]
Download: Iowa-2023-HF2262-Introduced.html
Bill Title: A bill for an act relating to money transmission services, providing penalties, and including effective date and retroactive applicability provisions. (Formerly HSB 601.) Effective date: 04/10/2024. Applicability date: 07/01/2023.
Spectrum: Committee Bill
Status: (Passed) 2024-04-29 - Fiscal note. [HF2262 Detail]
Download: Iowa-2023-HF2262-Introduced.html
House
File
2262
-
Introduced
HOUSE
FILE
2262
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
HSB
601)
A
BILL
FOR
An
Act
relating
to
money
transmission
services,
providing
1
penalties,
and
including
effective
date
and
retroactive
2
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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Section
1.
Section
533C.102,
subsection
2,
Code
2024,
is
1
amended
to
read
as
follows:
2
2.
“Authorized
delegate”
means
a
person
a
licensee
3
designates
to
provide
money
services
transmission
on
behalf
of
4
the
licensee.
5
Sec.
2.
Section
533C.103,
Code
2024,
is
amended
by
adding
6
the
following
new
subsection:
7
NEW
SUBSECTION
.
21.
A
person
appointed
as
an
agent
of
a
8
payor
for
purposes
of
providing
payroll
processing
services
for
9
which
the
agent
would
otherwise
need
to
be
licensed,
provided
10
all
of
the
following
apply:
11
a.
There
is
a
written
agreement
between
the
payor
and
the
12
agent
that
directs
the
agent
to
provide
payroll
processing
13
services
on
the
payor’s
behalf.
14
b.
The
payor
holds
the
agent
out
to
employees
and
other
15
payees
as
providing
payroll
processing
services
on
the
payor’s
16
behalf.
17
c.
The
payor’s
obligation
to
a
payee,
including
an
employee
18
or
any
other
party
entitled
to
receive
funds
via
the
payroll
19
processing
services
provided
by
the
agent,
shall
not
be
20
extinguished
if
the
agent
fails
to
remit
the
funds
to
the
21
payee.
22
Sec.
3.
NEW
SECTION
.
533C.901
Suspension
and
revocation
——
23
receivership.
24
The
superintendent
may
suspend
or
revoke
a
licensee’s
25
license,
place
a
licensee
in
receivership,
or
order
a
licensee
26
to
revoke
the
designation
of
an
authorized
delegate
if
any
of
27
the
following
apply:
28
1.
The
licensee
violates
this
chapter,
a
rule
adopted
under
29
this
chapter,
or
an
order
issued
under
this
chapter.
30
2.
The
licensee
does
not
cooperate
with
an
examination
or
31
investigation
conducted
by
the
superintendent.
32
3.
The
licensee
engages
in
fraud,
intentional
33
misrepresentation,
or
gross
negligence.
34
4.
As
a
result
of
the
licensee’s
willful
misconduct
or
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willful
blindness,
an
authorized
delegate
is
convicted
of
a
1
violation
of
a
state
or
federal
anti-money
laundering
statute,
2
or
violates
this
chapter,
a
rule
adopted
under
this
chapter,
or
3
an
order
issued
under
this
chapter.
4
5.
The
competence,
experience,
character,
or
general
5
fitness
of
the
licensee,
authorized
delegate,
person
in
control
6
of
a
licensee,
or
key
individual
of
the
licensee
or
authorized
7
delegate
indicates
that
it
is
not
in
the
public
interest
to
8
permit
the
person
to
provide
money
transmission.
9
6.
The
licensee
engages
in
an
unsafe
or
unsound
practice.
10
In
determining
whether
a
licensee
is
engaging
in
an
unsafe
or
11
unsound
practice,
the
superintendent
may
consider
the
size
and
12
condition
of
the
licensee’s
money
transmission,
the
magnitude
13
of
any
losses,
the
gravity
of
any
violations
of
this
chapter,
14
and
the
previous
conduct
of
any
persons
involved.
15
7.
The
licensee
is
insolvent,
suspends
payment
of
the
16
licensee’s
obligations,
or
makes
a
general
assignment
for
the
17
benefit
of
the
licensee’s
creditors.
18
8.
The
licensee
does
not
remove
an
authorized
delegate
after
19
the
superintendent
issues
and
serves
upon
the
licensee
a
final
20
order
finding
that
the
authorized
delegate
has
violated
this
21
chapter,
a
rule
adopted
under
this
chapter,
or
an
order
issued
22
under
this
chapter.
23
Sec.
4.
NEW
SECTION
.
533C.902
Suspension
and
revocation
of
24
authorized
delegates.
25
1.
The
superintendent
may
issue
an
order
suspending
or
26
revoking
the
designation
of
an
authorized
delegate
if
the
27
superintendent
finds
any
of
the
following
apply:
28
a.
The
authorized
delegate
violated
this
chapter,
a
rule
29
adopted
under
this
chapter,
or
an
order
issued
under
this
30
chapter.
31
b.
The
authorized
delegate
failed
to
cooperate
with
an
32
examination
or
investigation
by
the
superintendent.
33
c.
The
authorized
delegate
engaged
in
fraud,
intentional
34
misrepresentation,
or
gross
negligence.
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d.
The
authorized
delegate
was
convicted
of
a
violation
of
a
1
state
or
federal
anti-money
laundering
statute.
2
e.
The
competence,
experience,
character,
or
general
3
fitness
of
the
authorized
delegate
or
a
person
in
control
of
4
the
authorized
delegate
indicates
that
it
is
not
in
the
public
5
interest
to
permit
the
authorized
delegate
to
provide
money
6
transmission.
7
f.
The
authorized
delegate
is
engaging
in
an
unsafe
or
8
unsound
practice.
In
determining
whether
an
authorized
9
delegate
is
engaging
in
an
unsafe
or
unsound
practice,
the
10
superintendent
may
consider
the
size
and
condition
of
the
11
authorized
delegate’s
provision
of
money
transmission;
the
12
magnitude
of
any
losses;
the
gravity
of
any
violations
of
this
13
chapter,
a
rule
adopted
under
this
chapter,
or
an
order
issued
14
under
this
chapter;
and
the
previous
conduct
of
the
authorized
15
delegate.
16
2.
An
authorized
delegate
may
apply
for
relief
from
a
17
suspension
or
revocation
of
designation
as
an
authorized
18
delegate
according
to
procedures
prescribed
by
the
19
superintendent.
20
Sec.
5.
NEW
SECTION
.
533C.903
Orders
to
cease
and
desist.
21
1.
a.
If
the
superintendent
determines
that
a
violation
22
of
this
chapter,
a
rule
adopted
under
this
chapter,
or
an
23
order
issued
under
this
chapter
by
a
licensee
or
authorized
24
delegate
is
likely
to
cause
immediate
and
irreparable
harm
25
to
the
licensee,
the
licensee’s
customers,
or
the
public,
or
26
cause
insolvency
or
significant
dissipation
of
assets
of
the
27
licensee,
the
superintendent
may
issue
an
order
requiring
the
28
licensee
or
authorized
delegate
to
cease
and
desist
from
the
29
violation.
30
b.
The
superintendent
may
issue
an
order
for
a
licensee
to
31
cease
and
desist
from
providing
money
transmission
through
an
32
authorized
delegate
that
is
the
subject
of
a
separate
order
by
33
the
superintendent.
34
2.
a.
If
the
superintendent
has
reason
to
believe
that
a
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person
has
violated
or
is
violating
section
533C.301,
533C.501,
1
or
533C.502,
the
superintendent
may
issue
an
order
requiring
2
the
person
to
show
cause
why
an
order
to
cease
and
desist
the
3
violation
should
not
be
issued.
4
b.
In
an
emergency
under
this
subsection,
the
superintendent
5
may
petition
the
district
court
for
the
issuance
of
a
temporary
6
restraining
order
ex
parte
pursuant
to
the
rules
of
civil
7
procedure.
8
3.
An
order
to
cease
and
desist
becomes
effective
upon
9
service
of
the
order
upon
the
person,
licensee,
or
authorized
10
delegate.
11
4.
An
order
to
cease
and
desist
remains
effective
and
12
enforceable
pending
the
completion
of
an
administrative
13
proceeding
pursuant
to
section
533C.908.
14
5.
A
person,
licensee,
or
an
authorized
delegate
who
is
15
served
with
an
order
to
cease
and
desist
under
this
section
may
16
petition
the
appropriate
court
for
a
judicial
order
setting
17
aside,
limiting,
or
suspending
the
enforcement,
operation,
18
or
effectiveness
of
the
order
pending
the
completion
of
an
19
administrative
proceeding
pursuant
to
section
533C.908.
20
6.
An
order
to
cease
and
desist
shall
expire
ten
days
after
21
the
order
is
issued
unless
the
superintendent
commences
an
22
administrative
proceeding
pursuant
to
section
533C.908.
23
Sec.
6.
NEW
SECTION
.
533C.904
Consent
orders.
24
The
superintendent
may
enter
into
a
consent
order
at
any
25
time
with
a
person
to
resolve
a
matter
arising
under
this
26
chapter,
a
rule
adopted
under
this
chapter,
or
an
order
issued
27
under
this
chapter.
A
consent
order
must
be
signed
by
the
28
person
to
whom
the
consent
order
is
issued,
or
by
the
person’s
29
authorized
representative,
and
must
indicate
agreement
with
the
30
terms
contained
in
the
order.
A
consent
order
may
provide
that
31
the
order
does
not
constitute
an
admission
by
the
person
that
32
the
person
violated
this
chapter,
a
rule
adopted
under
this
33
chapter,
or
an
order
issued
under
this
chapter.
34
Sec.
7.
NEW
SECTION
.
533C.905
Investigations.
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1.
The
attorney
general
or
a
county
attorney
may
conduct
an
1
investigation
within
or
outside
of
this
state
to
determine
if
2
a
licensee,
an
authorized
delegate,
or
a
person
engaged
in
a
3
trade
or
business
has
failed
to
file
a
report
required
by
this
4
chapter,
or
has
engaged
or
is
engaging
in
any
act,
practice,
or
5
transaction
that
constitutes
a
violation
of
this
chapter.
6
2.
Upon
presentation
of
a
subpoena
from
a
prosecuting
7
attorney,
a
licensee,
an
authorized
delegate,
or
a
financial
8
institution
shall
make
its
books
and
records
available
to
the
9
attorney
general
or
county
attorney
during
normal
business
10
hours
for
inspection
and
examination
in
connection
with
an
11
investigation
pursuant
to
this
section.
12
Sec.
8.
NEW
SECTION
.
533C.906
Civil
penalties.
13
The
superintendent
may
assess
a
civil
penalty
against
a
14
person
who
violates
this
chapter,
a
rule
adopted
under
this
15
chapter,
or
an
order
issued
under
this
chapter
in
an
amount
16
not
to
exceed
one
thousand
dollars
per
day
for
each
day
the
17
violation
is
outstanding,
plus
the
state’s
costs
and
expenses
18
for
the
investigation
and
prosecution
of
the
matter,
including
19
reasonable
attorney
fees.
20
Sec.
9.
NEW
SECTION
.
533C.907
Criminal
penalties.
21
1.
A
person
who
is
not
licensed
under
this
chapter
and
22
who
knowingly
engages
in
an
activity
for
which
a
license
is
23
required
under
this
chapter
commits
an
aggravated
misdemeanor.
24
2.
A
person
commits
a
class
“C”
felony,
and
is
subject
to
a
25
civil
penalty
of
three
times
the
value
of
the
property
involved
26
in
the
transaction,
or,
if
no
transaction
is
involved,
a
civil
27
penalty
of
five
thousand
dollars,
if
the
person
does
any
of
the
28
following:
29
a.
With
the
intent
to
disguise
the
fact
that
money
or
30
a
payment
instrument
is
the
proceeds
of
criminal
conduct,
31
or
with
the
intent
to
promote,
manage,
establish,
carry
on,
32
or
facilitate
the
promotion,
management,
establishment,
or
33
carrying
on
of
any
criminal
conduct,
the
person
knowingly
34
furnishes
or
provides
any
false,
inaccurate,
or
incomplete
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information
to
a
licensee,
authorized
delegate,
financial
1
institution,
person
engaged
in
a
trade
or
business,
or
any
2
officer,
employee,
or
their
agent,
or
to
the
attorney
general
3
or
department
of
public
safety,
or
knowingly
conceals
a
4
material
fact
in
connection
with
a
transaction
for
which
a
5
report
is
required
to
be
filed
pursuant
to
this
chapter.
6
b.
With
the
intent
to
disguise
the
fact
that
money
or
7
a
payment
instrument
is
the
proceeds
of
criminal
conduct,
8
or
with
the
intent
to
promote,
manage,
establish,
carry
on,
9
or
facilitate
the
promotion,
management,
establishment,
or
10
carrying
on
of
any
criminal
conduct,
or
with
the
intent
to
11
evade
the
making
or
filing
of
a
report
required
under
this
12
chapter,
or
with
the
intent
to
cause
the
making
or
filing
of
13
a
report
that
contains
a
material
omission
or
misstatement
of
14
fact,
the
person
conducts
or
structures
a
transaction
or
series
15
of
transactions
by
or
through
one
or
more
licensees,
authorized
16
delegates,
financial
institutions,
or
persons
engaged
in
a
17
trade
or
business.
18
3.
A
person
who
intentionally
makes
a
false
statement,
19
misrepresentation,
or
false
certification
in
a
record
filed
20
or
required
to
be
maintained
under
this
chapter,
or
who
21
intentionally
makes
a
false
entry
or
omits
a
material
entry
in
22
such
a
record
commits
a
class
“D”
felony.
23
4.
Notwithstanding
any
provision
of
law
to
the
contrary,
24
each
violation
of
this
section
constitutes
a
separate,
25
punishable
offense.
26
Sec.
10.
NEW
SECTION
.
533C.908
Administrative
proceedings.
27
1.
Except
as
otherwise
provided
in
section
533C.903,
the
28
superintendent
shall
not
suspend
or
revoke
a
license,
place
a
29
licensee
in
receivership,
issue
an
order
to
cease
and
desist,
30
suspend
or
revoke
the
designation
of
an
authorized
delegate,
or
31
assess
a
civil
penalty
without
notice
and
an
opportunity
to
be
32
heard.
33
2.
The
superintendent
shall
hold
a
hearing
when
requested
by
34
an
applicant
whose
application
for
a
license
is
denied.
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3.
All
administrative
proceedings
under
this
chapter
shall
1
be
conducted
in
accordance
with
chapter
17A.
2
Sec.
11.
NEW
SECTION
.
533C.1001
Uniformity
of
application
3
and
construction.
4
1.
This
chapter
shall
be
liberally
construed
to
effectuate
5
its
remedial
purposes.
Civil
remedies
under
this
chapter
shall
6
be
supplemental
and
not
mutually
exclusive.
The
civil
remedies
7
under
this
chapter
do
not
preclude
and
are
not
precluded
by
any
8
other
provision
of
law.
9
2.
This
chapter
shall
be
applied
and
construed
to
effectuate
10
its
general
purpose
to
make
uniform
the
law
with
respect
to
the
11
subject
of
this
chapter
among
states
enacting
the
same
law,
12
and
to
make
the
reporting
requirements
regarding
financial
13
transactions
under
Iowa
law
uniform
with
the
reporting
14
requirements
regarding
financial
transactions
under
federal
15
law.
16
3.
The
attorney
general
may
enter
into
reciprocal
17
agreements
with
the
attorney
general
or
chief
prosecuting
18
attorney
of
any
state
to
effectuate
the
purposes
of
this
19
chapter.
20
Sec.
12.
NEW
SECTION
.
533C.1002
Financial
services
21
licensing
fund.
22
1.
A
financial
services
licensing
fund
is
created
as
a
23
separate
fund
in
the
state
treasury
under
the
authority
of
the
24
banking
division
of
the
department
of
insurance
and
financial
25
services.
Moneys
deposited
in
the
fund
shall
be
used
to
pay
26
for
staffing
necessary
to
perform
examinations,
audits,
and
27
other
duties
required
of
the
superintendent
and
the
banking
28
division
under
this
chapter.
29
2.
The
fund
shall
receive
moneys
including
but
not
limited
30
to
any
fees,
costs,
expenses,
or
penalties
collected
pursuant
31
to
this
chapter.
32
3.
Notwithstanding
section
8.33,
moneys
appropriated
to
the
33
fund
in
this
section
that
remain
unencumbered
or
unobligated,
34
and
other
moneys
credited
to
the
fund,
shall
not
revert
at
the
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close
of
the
fiscal
year
but
shall
remain
in
the
financial
1
services
licensing
fund
and
shall
remain
available
for
2
expenditure
for
the
purposes
designated.
3
Sec.
13.
NEW
SECTION
.
533C.1003
Applicability.
4
This
chapter
applies
to
the
provision
of
money
transmission
5
on
or
after
October
1,
2003.
6
Sec.
14.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
7
immediate
importance,
takes
effect
upon
enactment.
8
Sec.
15.
RETROACTIVE
APPLICABILITY.
The
following
apply
9
retroactively
to
July
1,
2023:
10
The
sections
of
this
Act
enacting
sections
533C.901,
11
533C.902,
533C.903,
533C.904,
533C.905,
533C.906,
533C.907,
12
533C.908,
533C.1001,
533C.1002,
and
533C.1003,
and
the
section
13
of
this
Act
amending
section
533C.102.
14
Sec.
16.
CODE
EDITOR
DIRECTIVE.
The
Code
editor
shall
15
designate
sections
533C.901
through
533C.908,
as
enacted
in
16
this
Act,
as
article
9
entitled
“Enforcement”,
and
sections
17
533C.1001
through
533C.1003,
as
enacted
in
this
Act,
as
article
18
10
entitled
“Miscellaneous
Provisions”.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
This
bill
relates
to
money
transmission
services.
23
The
bill
adds
an
exemption
from
licensing
for
a
person
24
appointed
as
an
agent
of
a
payor
for
purposes
of
providing
25
payroll
processing
services
for
which
a
license
would
otherwise
26
be
required,
if
there
is
a
written
agreement
between
the
payor
27
and
the
agent
directing
the
agent
to
provide
payroll
processing
28
services,
the
payor
holds
the
agent
out
as
providing
payroll
29
processing
services
on
the
payor’s
behalf,
and
the
payor’s
30
obligation
to
a
payee
is
not
extinguished
if
the
agent
fails
to
31
remit
the
funds
to
the
payee.
32
The
bill
authorizes
the
superintendent
of
banking
33
(superintendent)
to
suspend
or
revoke
a
license,
place
a
34
licensee
in
receivership,
or
order
a
licensee
to
revoke
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the
designation
of
an
authorized
delegate
(delegate)
in
the
1
circumstances
described
in
the
bill.
2
The
bill
authorizes
the
superintendent
to
issue
an
order
3
suspending
or
revoking
the
designation
of
a
delegate
in
4
the
circumstances
detailed
in
the
bill.
A
delegate
whose
5
designation
has
been
suspended
or
revoked
may
apply
for
relief
6
from
the
suspension
or
revocation
according
to
the
procedures
7
prescribed
by
the
superintendent.
8
The
bill
establishes
the
procedure
for
issuance
of
orders
9
to
cease
and
desist
by
the
superintendent.
The
superintendent
10
may
issue
an
order
requiring
a
licensee
or
delegate
to
cease
11
and
desist
from
a
violation
if
the
superintendent
determines
12
that
the
violation
is
likely
to
cause
immediate
and
irreparable
13
harm
to
the
licensee,
the
licensee’s
customers,
or
the
public,
14
or
cause
insolvency
or
significant
dissipation
of
assets
of
15
the
licensee.
Where
a
delegate
is
the
subject
of
a
separate
16
order
by
the
superintendent,
the
superintendent
may
issue
an
17
order
for
the
licensee
to
cease
and
desist
from
providing
18
money
transmission
through
such
delegate.
The
superintendent
19
may
require
an
unlicensed
person
to
show
cause
why
an
order
20
to
cease
and
desist
a
violation
of
Code
section
533C.301,
21
533C.501,
or
533C.502
should
not
be
issued.
In
an
emergency,
22
the
superintendent
may
petition
the
district
court
for
a
23
temporary
restraining
order
ex
parte.
An
order
to
cease
24
and
desist
is
effective
upon
service
and
remains
effective
25
and
enforceable
pending
the
completion
of
an
administrative
26
proceeding.
A
person,
licensee,
or
delegate
served
with
27
an
order
to
cease
and
desist
may
petition
the
court
for
an
28
order
setting
aside,
limiting,
or
suspending
the
enforcement,
29
operation,
or
effectiveness
of
the
order
pending
the
completion
30
of
an
administrative
proceeding.
An
order
to
cease
and
31
desist
expires
10
days
after
issuance
unless
an
administrative
32
proceeding
is
commenced
by
the
superintendent.
33
The
superintendent
may
enter
into
a
consent
order
with
a
34
person
to
resolve
a
matter
arising
under
Code
chapter
533C.
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The
consent
order
must
be
signed
by
the
person
or
the
person’s
1
authorized
representative
and
indicate
agreement
with
the
terms
2
contained
in
the
order.
3
The
bill
authorizes
the
attorney
general
or
a
county
4
attorney
to
conduct
investigations
to
determine
if
any
5
licensee,
delegate,
or
person
engaged
in
a
trade
or
business
6
has
failed
to
file
a
required
report,
or
has
engaged
in
any
7
act,
practice,
or
transaction
that
constitutes
a
violation
of
8
Code
chapter
533C.
Upon
presentation
of
a
subpoena
from
a
9
person
specified
in
the
bill,
all
licensees,
delegates,
and
10
financial
institutions
shall
make
their
books
and
records
11
available
during
normal
business
hours
for
inspection
and
12
examination
in
connection
with
an
investigation.
13
The
bill
authorizes
the
superintendent
to
assess
civil
14
penalties
against
a
person
for
violation
of
Code
chapter
533C
15
in
an
amount
not
to
exceed
$1,000
per
day
for
each
day
of
the
16
violation,
plus
costs
and
expenses
for
the
investigation
and
17
prosecution,
and
reasonable
attorney
fees.
18
Under
the
bill,
a
person
commits
an
aggravated
misdemeanor
19
if
the
person
is
not
licensed
and
knowingly
engages
in
an
20
activity
for
which
a
license
is
required,
punishable
by
21
confinement
for
no
more
than
two
years
and
a
fine
of
at
least
22
$855
but
not
more
than
$8,540.
A
person
commits
a
class
“C”
23
felony,
and
is
subject
to
a
civil
penalty
of
three
times
the
24
value
of
the
property
involved
in
the
transaction,
or
$5,000,
25
where,
with
the
requisite
intent
as
laid
out
in
the
bill,
26
the
person
knowingly
furnishes
or
provides
to
a
given
party
27
any
false,
inaccurate,
or
incomplete
information;
knowingly
28
conceals
a
material
fact
in
connection
with
a
transaction
29
for
which
a
report
is
required
to
be
filed;
or,
with
the
30
requisite
intent
laid
out
in
the
bill,
conducts
or
structures
31
a
transaction
by
or
through
a
licensee,
delegate,
financial
32
institution,
or
persons
engaged
in
a
trade
or
business.
A
33
class
“C”
felony
is
punishable
by
confinement
for
no
more
34
than
10
years
and
a
fine
of
at
least
$1,370
but
not
more
than
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$13,660.
A
person
commits
a
class
“D”
felony
if
the
person
1
intentionally
makes
a
false
statement,
misrepresentation,
2
or
false
certification
in
a
record
filed
or
required
to
be
3
maintained
under
Code
chapter
533C
or
intentionally
makes
a
4
false
entry
or
omits
a
material
entry
in
such
a
record.
A
class
5
“D”
felony
is
punishable
by
confinement
for
no
more
than
five
6
years
and
a
fine
of
at
least
$1,025
but
not
more
than
$10,245.
7
Each
violation
constitutes
a
separate,
punishable
offense.
8
The
bill
prohibits
the
superintendent
from
suspending
or
9
revoking
a
license,
placing
a
licensee
in
receivership,
issuing
10
an
order
to
cease
and
desist,
suspending
or
revoking
the
11
designation
of
a
delegate,
or
assessing
a
civil
penalty
without
12
notice
and
an
opportunity
to
be
heard.
The
superintendent
13
is
required
to
hold
a
hearing
when
requested
to
do
so
by
an
14
applicant
whose
application
for
a
license
is
denied.
15
The
bill
shall
be
construed
to
effectuate
both
its
remedial
16
and
general
purposes.
Civil
remedies
are
supplemental
and
17
not
mutually
exclusive,
and
are
not
precluded
by
any
other
18
provision
of
law.
The
attorney
general
may
enter
into
19
reciprocal
agreements
with
the
attorney
general
or
chief
20
prosecuting
attorney
of
any
state
to
effectuate
the
purposes
21
of
the
bill.
22
The
bill
creates
a
separate
financial
services
licensing
23
fund
(fund)
in
the
state
treasury
under
the
authority
of
24
the
banking
division
of
the
department
of
commerce.
Moneys
25
deposited
in
the
fund
shall
be
used
to
pay
for
staffing
26
necessary
to
perform
duties
required
of
the
superintendent
and
27
the
banking
division.
Moneys
appropriated
or
credited
to
the
28
fund
remain
in
the
financial
services
licensing
fund
and
remain
29
available
for
expenditure
for
the
designated
purposes.
30
Except
for
the
section
of
the
bill
amending
Code
section
31
533C.103,
the
bill
applies
retroactively
to
July
1,
2023.
32
The
bill
takes
effect
upon
enactment.
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