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Is There a Surety Bond Requirement for an Investment Adviser in Iowa?

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The State of Iowa Insurance Division has the duty to enforce the Uniform Securities Act which includes prohibiting fraudulent securities transactions and registration and licensing of investment advisers. Iowa Code Chapter 502 provides details of the Investment Adviser duties and requirements.

Surety Bond and Registration Requirements:

  1. Payment of a filing fee and application for registration through IARD with any required attachments.
  2. If the applicant will has discretion of client funds, the business net worth must be a minimum of $35,000.
  3. A copy of the applicants most recent audited financial statement.
  4. Annual renewal of license must be completed by November 30.
  5. If the applicant will have custody of client funds, the business net worth must be a minimum of $35,000 and a surety bond may be required if the Administrator of the Insurance Division deems it to be necessary.
  6. If the applicant has neither discretion or custody of client funds, the business net worth must be a minimum of $10,000.
  7. De Minimis- if the applicant physical business address is out of state and has fewer than five clients, they are exempt from registering.

How Much Will This Bond Cost?

The premium that you pay for an Iowa Investment Adviser Surety Bond is based on credit and bond amount required.

More Surety Bond Questions?

Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.

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