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Current as of January 01, 2024 | Updated by Findlaw Staff
1. A licensee shall not do any of the following:
a. Hold from any one maker more than two checks at any one time.
b. Hold from any one maker a check or checks in an aggregate face amount of more than five hundred dollars at any one time.
c. Hold or agree to hold a check for more than thirty-one days.
d. Require the maker to receive payment by a method which causes the maker to pay additional or further fees and charges to the licensee or another person.
e. Repay, refinance, or otherwise consolidate a postdated check transaction with the proceeds of another postdated check transaction made by the same licensee.
f. Receive any other charges or fees in addition to the fees listed in section 533D.9, subsections 1 and 2.
2. For purposes of this section, “licensee” includes a person related to the licensee by common ownership or control, a person in whom the licensee has any financial interest, or any employee or agent of the licensee.
Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 533D.10. Prohibited acts by licensee - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-533d-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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