reglab/housing_qa huggingface dataset:
IA Code § 535C.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.10 - Remedies.

535C.10 Remedies.   1. If a broker materially violates the loan brokerage agreement, the borrower may, upon written notice, void the agreement. In addition, the borrower may recover all moneys paid the broker, a penalty of twice the amount of the fee sought by the broker, other damages, and reasonable attorney fees. A material violation includes but is not limited to any of the following:   a. Making false or misleading statements relative to the agreement.   b. Failure to comply with the agreement or the obligations arising from the agreement.   c. Failure to either grant the borrower a loan or issue a credit card or diligently attempt to obtain a loan or credit card for the borrower.   d. Failure to comply with the requirements of this chapter.   e. Soliciting or obtaining, directly or indirectly, an advance fee.   2. A violation of this chapter is a violation of the Iowa consumer fraud Act, section 714.16.   3. Remedies under this chapter are in addition to other remedies available in law or equity.  83 Acts, ch 146, §10; 93 Acts, ch 60, §18  Referred to in §714.16
IA Code § 535C.11 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.11 - Applicability.

535C.11 Applicability.   This chapter does not apply to activities or arrangements expressly approved or regulated by the department of commerce.  83 Acts, ch 146, §11; 91 Acts, ch 205, §23; 93 Acts, ch 60, §19
IA Code § 535C.11A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.11A - Exemption — burden of proof.

535C.11A Exemption — burden of proof.   In a civil proceeding pursuant to this chapter, a person claiming to be excluded from the definition of “loan broker” or “broker” has the burden of proof in substantiating the claim.  93 Acts, ch 60, §20
IA Code § 535C.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.12 - Records.

535C.12 Records.   1. A loan broker shall maintain accurate records relating to transactions regulated under this chapter. The records shall include all of the following:   a. The accounts of the broker.   b. A copy of each contract in which the broker is a party, including loan brokerage agreements.   c. The amount of receipts received by the broker and the date the receipts were received.   2. The broker shall retain each loan brokerage agreement entered into by the broker and records pertaining to each agreement for at least two years after the agreement expires.  91 Acts, ch 205, §24; 93 Acts, ch 60, §21
IA Code § 535C.14 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.14 - Misrepresentation of governmental approval.

535C.14 Misrepresentation of governmental approval.   It is unlawful for a loan broker to represent or imply that the broker has been sponsored, recommended, or approved by, or that the broker’s abilities or qualifications have been passed upon by a governmental entity of the state or its political subdivisions.  91 Acts, ch 205, §26; 93 Acts, ch 60, §22
IA Code § 535D.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.1 - Title.

535D.1 Title.   This chapter shall be known and may be cited as the “Iowa Secure and Fair Enforcement for Mortgage Licensing Act”.  2009 Acts, ch 61, §1, 25
IA Code § 535D.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.2 - Legislative findings and purpose.

535D.2 Legislative findings and purpose.   The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable, and immediate impact upon this state’s consumers, its economy, the neighborhoods and communities of this state, and the housing and real estate industry. The general assembly finds that accessibility to mortgage credit is vital to the state’s citizens. The general assembly also finds that it is essential for the protection of the citizens of this state and the stability of the state’s economy that reasonable standards for licensing and regulation of the business practices of mortgage loan originators be imposed. The general assembly further finds that the obligations of mortgage loan originators to consumers in connection with originating or making residential mortgage loans are such as to warrant the regulation of the mortgage lending process. The purpose of this chapter is to protect consumers seeking mortgage loans and to ensure that the mortgage lending industry is operating without unfair, deceptive, or fraudulent practices on the part of mortgage loan originators.  2009 Acts, ch 61, §2, 25
IA Code § 535D.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.4 - License and registration required.

535D.4 License and registration required.   1. On or after January 1, 2010, an individual shall not engage in the business of a mortgage loan originator with respect to any dwelling or residential real estate located in this state without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the nationwide mortgage licensing system and registry.   2. A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless such independent contractor loan processor or underwriter obtains and maintains a license pursuant to this section, and registers with and maintains a valid unique identifier issued by the nationwide mortgage licensing system and registry.   3. An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.  2009 Acts, ch 61, §4, 25; 2011 Acts, ch 102, §8  Referred to in §535D.3
IA Code § 535D.4A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.4A - Exemptions.

535D.4A Exemptions.   This chapter does not apply to any of the following:   1. A registered mortgage loan originator when acting for an employer described in section 535D.3, subsection 12.   2. An individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual.   3. An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.   4. A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.   5. A licensed manufactured housing retailer selling mobile, manufactured, or modular homes, if the retailer only assists the consumer in filling out a loan application and does not offer or negotiate loan rates or terms, and does not do any counseling with consumers about residential mortgage loan rates or terms and does not receive any payment or fee from any company or individual for assisting the consumer.  2009 Acts, ch 61, §5, 25; 2009 Acts, ch 179, §42
IA Code § 535D.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.5 - License and registration — application and issuance.

535D.5 License and registration — application and issuance.   1. An applicant for licensure shall submit an application on a form prescribed by the superintendent.   2. The superintendent may enter into a contract with the nationwide mortgage licensing system and registry or other entities designated by the nationwide mortgage licensing system and registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.   3. For the purpose of participating in the nationwide mortgage licensing system and registry, the superintendent may adopt rules which waive or modify, in whole or in part, requirements of this chapter and replace them with requirements reasonably necessary to participate in the nationwide mortgage licensing system and registry.   4. In connection with an application for licensing as a mortgage loan originator, the applicant shall, at a minimum, furnish to the nationwide mortgage licensing system and registry information concerning the applicant’s identity, including all of the following:   a. Fingerprints for submission to the federal bureau of investigation, and any governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check.   b. Personal history and experience in a form prescribed by the nationwide mortgage licensing system and registry, including the submission of authorization for the nationwide mortgage licensing system and registry and the superintendent to obtain an independent credit report obtained from a consumer reporting agency described in section 603(p) of the federal Fair Credit Reporting Act; and information related to any administrative, civil, or criminal findings by any governmental jurisdiction.   c. Any other information requested by the superintendent.   5. For the purposes of this section and in order to reduce the points of contact which the federal bureau of investigation may have to maintain for purposes of subsection 4, the superintendent may use the nationwide mortgage licensing system and registry as a channeling agent for requesting information from and distributing information to the United States department of justice or other governmental agency, or to or from any other source so directed by the superintendent.  2009 Acts, ch 61, §6, 25
IA Code § 535D.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.6 - Conditions of licensure.

535D.6 Conditions of licensure.   An applicant for licensure as a mortgage loan originator shall demonstrate qualifications as follows:   1. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.   2. The applicant has not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application for licensure; or at any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering. A pardon of a conviction shall not constitute a conviction for purposes of this subsection.   3. The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this subsection, a person has shown that the person is not financially responsible when the person has shown a disregard in the management of their own financial condition. The superintendent shall not deny a license on the sole basis of an applicant’s credit score. A determination that an individual has not shown financial responsibility may include but not be limited to current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other government liens or filings; foreclosures within the past three years; or a pattern of seriously delinquent accounts within the past three years.   4. The applicant has completed the prelicensing education requirements pursuant to section 535D.7.   5. The applicant has passed a written test that meets the requirements of section 535D.8.   6. The applicant has met the surety bond requirement or paid into a recovery fund as required pursuant to section 535D.14.   7. There are no other grounds to deny the applicant a license pursuant to rules adopted by the superintendent. Such rules may include discretionary grounds for license denial.  2009 Acts, ch 61, §7, 25  Referred to in §535D.9, 535D.13
IA Code § 535D.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.7 - Prelicensing education of loan originators.

535D.7 Prelicensing education of loan originators.   1. An applicant for licensure shall complete at least twenty hours of prelicensing education approved in accordance with subsection 2, which shall include at a minimum the following:   a. Three hours of federal laws and regulations pertaining to residential mortgage loan origination.   b. Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues.   c. Two hours of training related to lending standards for the nontraditional mortgage product marketplace.   2. Prelicensing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the course provider.   3. A prelicensing education course that is approved by the nationwide mortgage licensing system and registry and is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity, shall meet the requirements of this section.   4. Prelicensing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry.   5. Prelicensing education requirements approved by the nationwide mortgage licensing system and registry for any state shall be accepted as credit towards completion of prelicensing education requirements in this state.  2009 Acts, ch 61, §8, 25  Referred to in §535D.6
IA Code § 535D.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.8 - Test requirements.

535D.8 Test requirements.   1. An applicant for licensure shall pass a qualified written test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards.   2. A written test shall not be treated as a qualified written test for purposes of subsection 1 unless the test, in the determination of the nationwide mortgage licensing system and registry, adequately measures the applicant’s knowledge and comprehension in appropriate subject areas including the following:   a. Ethics.   b. Federal laws and regulations pertaining to residential mortgage loan origination.   c. State laws and regulations pertaining to residential mortgage loan origination.   d. Other relevant federal and state laws and regulations, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.   3. Nothing in this section shall prohibit a test provider approved by the nationwide mortgage licensing system and registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.   4. An applicant shall not be considered to have passed a qualified written test unless the applicant achieves a test score of not less than seventy-five percent correct answers to questions. An applicant who fails to achieve a test score of not less than seventy-five percent correct answers to questions may retake the test three consecutive times with each consecutive retake occurring at least thirty days after the preceding test. After three consecutive failed tests, an individual shall be required to wait at least six months before taking the test again. A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall be required to retake and successfully pass the test, not taking into account any time during which such individual is a registered mortgage loan originator.  2009 Acts, ch 61, §9, 25  Referred to in §535D.6
IA Code § 535D.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.9 - Standards for license renewal and nonrenewal.

535D.9 Standards for license renewal and nonrenewal.   1. The minimum standards for license renewal for a mortgage loan originator include the following:   a. The mortgage loan originator continues to meet the conditions for licensure under section 535D.6.   b. The mortgage loan originator has satisfied the annual continuing education requirements described in section 535D.10.   c. The mortgage loan originator has paid all required fees for renewal of the license.   2. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall not be renewed. The superintendent may adopt rules for the reinstatement of a license not renewed pursuant to this subsection consistent with the standards established by the nationwide mortgage licensing system and registry.  2009 Acts, ch 61, §10, 25  Referred to in §535D.10, 535D.13
IA Code § 535D.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.10 - Continuing education.

535D.10 Continuing education.   1. A licensed mortgage loan originator shall annually complete at least eight hours of education approved in accordance with subsection 2, which shall include at a minimum the following:   a. Three hours of federal laws and regulations pertaining to residential mortgage loan origination.   b. Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues.   c. Two hours of training related to lending standards for the nontraditional mortgage product marketplace.   2. Continuing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider.   3. A continuing education course that is approved by the nationwide mortgage licensing system and registry and is provided by the employer of the mortgage loan originator or an entity which is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or entity, shall meet the requirements of this section.   4. Continuing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry.   5. A licensed mortgage loan originator, other than an originator subject to license nonrenewal pursuant to section 535D.9, subsection 2, or making up continuing education pursuant to subsection 9 of this section, may only receive credit for a continuing education course in the year in which the course is taken and may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.   6. A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator’s own annual continuing education requirement at the rate of two hours credit for every one hour taught.   7. Completion of continuing education requirements that have been approved by the nationwide mortgage licensing system and registry for any state shall be accepted as credit towards completion of continuing education requirements in this state.   8. A licensed mortgage loan originator who subsequently becomes unlicensed must complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.   9. A person meeting the requirements of section 535D.9, subsection 1, paragraphs “a” and “c”, may make up any deficiency in continuing education as established by rule of the superintendent.  2009 Acts, ch 61, §11, 25  Referred to in §535D.9
IA Code § 535D.11 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.11 - Duties and powers of superintendent.

535D.11 Duties and powers of superintendent.   In addition to any other duties imposed upon the superintendent by law, the superintendent shall require mortgage loan originators to be licensed and registered, as provided in this chapter, through the nationwide mortgage licensing system and registry. In order to carry out this requirement the superintendent may participate in the nationwide mortgage licensing system and registry. For this purpose, the superintendent may establish by rule requirements as necessary, including but not limited to the following:   1. Applicant background checks for criminal history through fingerprint or other databases or through civil or administrative records; applicant background checks for credit history; or applicant background checks for any other information as deemed necessary by the nationwide mortgage licensing system and registry.   2. The payment of application and renewal fees for licenses through the nationwide mortgage licensing system and registry and any additional fees as determined by the superintendent based on the actual cost of the operation of the finance bureau of the banking division of the department of commerce, including the proportionate share of administrative expenses in the operation of the banking division attributable to the finance bureau as determined by the superintendent, incurred in the discharge of duties imposed by this chapter.   3. Establishment of licensure renewal or reporting dates.   4. Requirements for amending or surrendering a license or any other such activities as the superintendent deems necessary for participation in the nationwide mortgage licensing system and registry.  2009 Acts, ch 61, §12, 25
IA Code § 535D.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535D - MORTGAGE LICENSING ACT|Section 535D.12 - Nationwide mortgage licensing system and registry information — challenge process.

535D.12 Nationwide mortgage licensing system and registry information — challenge process.   The superintendent shall establish a process by rule whereby mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the superintendent.  2009 Acts, ch 61, §13, 25