187—17.13(17A,533D) Restrictions on making delayed deposit transactions.

1. 17.13(1)  A licensee shall not engage in any of the acts prohibited by Iowa Code section 533D.10.

2. 17.13(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:

   1. 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; and
   2. b. 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.

A licensee shall adhere to the following restrictions related to making delayed deposit transactions.

[ARC 3079C, IAB 5/24/17, effective 7/1/17]