Current through Register Vol. 47, No. 10, November 13, 2024
Rule 187-17.13 - Restrictions on making delayed deposit transactionsA licensee shall adhere to the following restrictions related to making delayed deposit transactions.
(1) A licensee shall not engage in any of the acts prohibited by Iowa Code section 533D.10.(2) A licensee shall not enter into a new delayed deposit transaction with a maker on the same day the maker pays an existing delayed deposit transaction with the licensee unless: a. The aggregate amount of the check(s) the maker is paying and the new check the maker is writing does not exceed the statutory maximum of $500; andb. The licensee does not hold more than two outstanding checks in the maker's name, including the check(s) being paid and the new check being issued.Iowa Admin. Code r. 187-17.13
Adopted by IAB May 24, 2017/Volume XXXIX, Number 24, effective 7/1/2017