reglab/housing_qa huggingface dataset:
IA Code § 535B.2A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.2A - Closing agents affiliated with attorneys.

535B.2A Closing agents affiliated with attorneys.   1. A closing agent affiliated with an attorney is not exempt from licensure under this chapter if the closing agent engages in transactions not exempt under section 535B.2, subsection 8.   2. Licensure under, and compliance with the provisions of, this chapter shall not exempt any attorney from discipline by the Iowa supreme court in its capacity as regulatory authority over attorneys licensed to practice in this state, nor from discipline by the regulatory authorities over attorneys licensed in other jurisdictions.   3. If a complaint is filed with the administrator against a closing agent affiliated with an attorney licensed to practice in this state, the administrator shall promptly give notice of the complaint to the Iowa supreme court or its designee, and cooperate in any disciplinary investigation which the court initiates against the attorney. On request of the court, the administrator shall stay any pending disciplinary action to the extent that the court determines necessary to avoid prejudice to a disciplinary action against the attorney.  2010 Acts, ch 1111, §3, 13
IA Code § 535B.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.3 - Registration.

535B.3 Registration.   1. A person exempt under section 535B.2, subsection 4 or 7, shall register with the administrator.   2. A registrant shall submit to the administrator a registration statement on forms provided by the administrator. The forms shall include all addresses at which business is to be conducted, the names and titles of each director and principal officer of the business, and a description of the activities of the applicant in such detail as the administrator may require.   3. The registrant, except a nonprofit organization exempt under section 535B.2, subsection 7, shall pay an annual registration fee of one hundred dollars.   4. A registration under this chapter is not assignable.  88 Acts, ch 1146, §3; 89 Acts, ch 133, §6; 96 Acts, ch 1056, §22; 2005 Acts, ch 83, §5, 10; 2008 Acts, ch 1160, §16  Referred to in §535B.1, 535B.2
IA Code § 535B.4A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.4A - Individual registration requirements — fees.

535B.4A Individual registration requirements — fees. Repealed by  2009 Acts, ch 61, §37, 39  . See chapter 535D.
IA Code § 535B.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.5 - Granting and denial of license.

535B.5 Granting and denial of license.   1. Upon the filing of an application for a license, if the administrator finds that the financial responsibility, character, and general fitness of the applicant and of the members thereof if the applicant is a partnership, association, or other organization and of the officers, directors, and principal employees if the applicant is a corporation, are such as to warrant belief that the business will be operated honestly, soundly, and efficiently in the public interest consistent with the purposes of this chapter, the administrator shall issue the applicant a license as a mortgage broker, mortgage banker, or closing agent. The administrator shall approve or deny an application for a license within ninety days after the filing of the application for a license.   2. If the administrator does not so find, the license shall not be issued, and the administrator shall notify the applicant in writing of the denial and the reasons for the denial.  88 Acts, ch 1146, §5; 2010 Acts, ch 1111, §5, 13
IA Code § 535B.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.6 - Licensing of certain corporations.

535B.6 Licensing of certain corporations.   1. An applicant that is incorporated under the laws of another state in the United States must be authorized to do business in this state. Such a corporation shall file with the license application both of the following:   a. An irrevocable consent, duly acknowledged, that suits and actions may be commenced against that licensee in the courts of this state by service of process in the usual manner provided for by the statutes and court rules of this state.   b. Proof of authorization to do business in this state.   2. Businesses that are incorporated outside of the United States are not eligible for a license.  88 Acts, ch 1146, §6; 2011 Acts, ch 102, §7
IA Code § 535B.6A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.6A - Change of name — change of control — notice and approval required.

535B.6A Change of name — change of control — notice and approval required.   1. A licensee shall submit a notice of name change and a twenty-five dollar fee for each license to the administrator thirty days prior to changing the name of the licensee.   2. The prior written approval is required whenever a change in control of a licensee or registrant is proposed. For purposes of this section, “control” means as defined in section 524.103. The administrator may require the licensee to provide any information deemed necessary by the administrator to determine whether a new application is required. At the time of requesting the approval, the licensee or registrant requesting the change of control shall pay to the administrator a fee of one hundred dollars.  2006 Acts, ch 1042, §18
IA Code § 535B.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.7 - Disciplinary action.

535B.7 Disciplinary action.   1. The administrator may, pursuant to chapter 17A, take disciplinary action against a licensee if the administrator finds any of the following:   a. The licensee has violated a provision of this chapter or a rule adopted under this chapter or any other state or federal law applicable to the conduct of its business including but not limited to chapters 535 and 535A.   b. A fact or condition exists which, if it had existed at the time of the original application for the license, would have warranted the administrator to refuse originally to issue the license.   c. The licensee is found upon investigation to be insolvent, in which case the license shall be revoked immediately.   d. The licensee has violated an order of the administrator.   2. The administrator may impose one or more of the following disciplinary actions against a licensee:   a. Revoke a license.   b. Suspend a license until further order of the administrator or for a specified period of time.   c. Impose a period of probation under specified conditions.   d. Impose civil penalties in an amount not to exceed five thousand dollars for each violation.   e. Issue a citation and warning respecting licensee behavior.   f. Order the licensee to pay restitution.   3. The administrator may order an emergency suspension of a licensee’s license pursuant to section 17A.18A. A written order containing the facts or conduct which warrants the emergency action shall be timely sent to the licensee by restricted certified mail. Upon issuance of the suspension order, the licensee must also be notified of the right to an evidentiary hearing. A suspension proceeding shall be promptly instituted and determined.   4. Except as provided in this section, a license shall not be revoked or suspended except after notice and a hearing thereon in accordance with chapter 17A.   5. A licensee may surrender a license by delivering to the administrator written notice of surrender, but a surrender does not affect the licensee’s civil or criminal liability for acts committed before the surrender.   6. A revocation, suspension, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract between the licensee and any person, including a mortgagor.  88 Acts, ch 1146, §7; 98 Acts, ch 1202, §42, 46; 2006 Acts, ch 1042, §19; 2008 Acts, ch 1160, §20; 2009 Acts, ch 61, §29, 39
IA Code § 535B.7A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.7A - Prohibited acts.

535B.7A Prohibited acts.   It is a violation of this chapter for a licensee to engage in any of the prohibited acts or practices in section 535D.17.  2009 Acts, ch 61, §30, 39; 2009 Acts, ch 179, §43
IA Code § 535B.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.8 - Operating without a license.

535B.8 Operating without a license.   A person who, without first obtaining a license under this chapter, engages in the business or occupation of, or advertises or holds the person out as, or claims to be, or temporarily acts as, a mortgage banker, mortgage broker, or closing agent in this state is guilty of a class “D” felony and may be prosecuted by the attorney general or a county attorney.  88 Acts, ch 1146, §8; 2008 Acts, ch 1160, §21; 2009 Acts, ch 61, §31, 39; 2010 Acts, ch 1111, §6, 13
IA Code § 535B.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.9 - Bonds required of license applicants.

535B.9 Bonds required of license applicants.   1. An applicant for a license shall file with the administrator a bond furnished by a surety company authorized to do business in this state, together with evidence of whether the applicant is seeking to transact business as a mortgage broker, mortgage banker, or closing agent. Until such time as the superintendent pursuant to administrative rule determines a bond amount that reflects the dollar value of loans originated, the bond shall be in the amount of one hundred thousand dollars for applicants seeking to transact business as a mortgage broker or mortgage banker. For applicants seeking to transact business as a closing agent, the bond shall be in the amount of twenty-five thousand dollars, unless the administrator by rule establishes a higher bond amount. The bond shall be continuous in nature until canceled by the surety with not less than thirty days’ notice in writing to the mortgage broker, mortgage banker, or closing agent and to the administrator indicating the surety’s intention to cancel the bond on a specific date.   2. For applicants seeking to transact business as a mortgage broker or mortgage banker, the bond shall be for the use of the state and any persons who may have causes of action against the applicant. The bond shall be conditioned upon the applicant’s faithfully conforming to and abiding by this chapter and any rules adopted under this chapter and shall require that the surety pay to the state and to any persons all moneys that become due or owing to the state and to the persons from the applicant by virtue of this chapter.   3. For applicants seeking to transact business as a closing agent, the bond shall be conditioned upon the applicant’s faithfully conforming to and abiding by this chapter and any rules adopted under this chapter and shall require that the surety pay to the state all moneys that become due or owing to the state from the applicant by virtue of this chapter.   4. In lieu of filing a bond, the applicant may pledge an alternative form of collateral acceptable to the administrator, if the alternative collateral provides protection to the state and any aggrieved person that is equivalent to that provided by a bond.   5. A licensee may not act as a closing agent unless the bond requirements in this section are in place at the time of a real estate closing.  88 Acts, ch 1146, §9; 89 Acts, ch 133, §8; 2005 Acts, ch 83, §7, 10; 2006 Acts, ch 1042, §20; 2008 Acts, ch 1160, §22; 2009 Acts, ch 61, §32, 39; 2010 Acts, ch 1111, §7, 13
IA Code § 535B.9A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.9A - Continuing education requirements.

535B.9A Continuing education requirements. Repealed by  2009 Acts, ch 61, §38, 39  .
IA Code § 535B.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.12 - Payment processing.

535B.12 Payment processing.   A licensee or other mortgagee shall not assess a late charge if full payment is received before the date late charges are authorized in the mortgage documents and shall post all periodic payments in full within two business days of receipt.  88 Acts, ch 1146, §12  Referred to in §535B.2, 535B.10
IA Code § 535B.13 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.13 - Civil enforcement authority.

535B.13 Civil enforcement authority.   1. If the administrator believes that a person has engaged in, or is about to engage in, an act or practice that constitutes or will constitute a violation of this chapter, the administrator may apply to the district court for an order enjoining such act or practice. Upon showing by the administrator that such person has engaged, or is about to engage, in any such act or practice, the district court shall grant an injunction.   2. The administrator may investigate or initiate a complaint against a person who is not licensed under this chapter to determine whether the person is violating this chapter.   3. In addition to or as an alternative to applying to the district court for an injunction, the administrator may issue an order to a person who is not licensed under this chapter to require compliance with this chapter, including to cease and desist from conducting business or from any harmful activities or violations of law or regulation; may impose a civil penalty against such person for any violation of this chapter in an amount up to five thousand dollars for each violation; may order the person to pay restitution; and may order the person to pay the costs for the investigation and prosecution of the enforcement action including attorney fees.   4. Before issuing an order under subsection 3, the administrator shall provide the person written notice and the opportunity to request a hearing. The hearing must be requested within thirty days after receipt of the notice and shall be conducted in the same manner as provided for in disciplinary proceedings involving a licensee under this chapter.   5. A person aggrieved by the imposition of a civil penalty under subsection 3 may seek judicial review pursuant to section 17A.19.   6. An action to enforce an order under this section may be joined with an action for an injunction.   7. This chapter does not limit the power of the attorney general to determine that any other practice is unlawful under the Iowa consumer fraud Act contained in section 714.16, and to file an action under that section.  88 Acts, ch 1146, §13; 91 Acts, ch 65, §2; 2010 Acts, ch 1111, §8, 13  Referred to in §535B.2, 535B.10
IA Code § 535B.14 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.14 - Administrative authority.

535B.14 Administrative authority.   The administrator shall have broad administrative authority to administer, interpret, and enforce this chapter and to promulgate rules implementing this chapter, including rules providing the grounds for denial of a license based on information received as a result of a background check, character and fitness grounds, and any other grounds for which a licensee may be disciplined.  88 Acts, ch 1146, §14; 2007 Acts, ch 170, §5; 2009 Acts, ch 61, §34, 39; 2010 Acts, ch 1111, §9, 13
IA Code § 535B.15 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.15 - Liability of state.

535B.15 Liability of state.   An act or omission by the state pursuant to this chapter including, but not limited to, an examination, inspection, audit, or other financial oversight responsibility shall not subject the state to liability.  88 Acts, ch 1146, §15
IA Code § 535B.16 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.16 - Notice to administrator.

535B.16 Notice to administrator.   A licensee or registrant maintaining an office in the state shall notify the administrator in writing at least thirty days before closing or otherwise ceasing operations at any office in the state.  89 Acts, ch 133, §10
IA Code § 535B.17 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.17 - Powers and duties of the administrator — waiver authority.

535B.17 Powers and duties of the administrator — waiver authority. Repealed by  2010 Acts, ch 1111, §12, 13  . See §535B.4.
IA Code § 535B.18 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.18 - Mortgage call reports.

535B.18 Mortgage call reports.   Each licensee shall submit to the nationwide mortgage licensing system and registry, as defined in section 535D.3, reports of condition, which shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require.  2009 Acts, ch 61, §36, 39  Referred to in §535D.23
IA Code § 535B.20 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS|Section 535B.20 - Disbursing from a trust account.

535B.20 Disbursing from a trust account.   A licensee acting as a closing agent shall not make, in a real estate closing, a disbursement from a trust account on behalf of another person, unless the following conditions are met:   1. The cash, funds, money orders, checks, or negotiable instruments necessary for the disbursement have been transferred electronically to or deposited into the trust account of the closing agent and are available for withdrawal and disbursement, or have been physically received by the agent prior to disbursement and are intended for deposit no later than the next banking day after the date of disbursement.   2. Nothing in this section prohibits a closing agent licensee from advancing funds not exceeding one thousand dollars from a trust account or otherwise on behalf of a party to a real estate closing for the purpose of paying incidental fees, such as conveyance and recording fees, in order to effect and close the sale, purchase, exchange, transfer, encumbrance, or lease of residential real property that is the subject of the real estate closing.  2010 Acts, ch 1111, §11, 13  Referred to in §535B.19
IA Code § 535C.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.1 - Title.

535C.1 Title.   This chapter may be cited as the “Iowa Loan Brokers Act”.  83 Acts, ch 146, §1  Referred to in §714.16
IA Code § 535C.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.2 - Definitions.

535C.2 Definitions.   1. “Advance fee” means consideration of any type including a payment, fee, pay-per-call charge, or deposit, which is assessed or collected prior to the closing of a loan or the issuing of a credit card.   2. “Borrower” means a person who seeks the services of a loan broker.   3. “Loan” means an agreement to advance property, including but not limited to money, in return for the promise that payment will be made for the use of the property.   4. “Loan broker” or “broker” means a person who promises to obtain a loan or credit card or assist in obtaining a loan for another from a third person, or who promises to consider making a loan or offering to issue a credit card to a person. A loan broker does not include any of the following:   a. An attorney licensed to practice in this state while engaged in the practice of law.   b. A certified public accountant licensed to practice in this state while engaged in practice as a certified public accountant.   c. An accounting practitioner, while engaged as an accounting practitioner, who procures loans as an incidental part of the accountant’s practice.   d. A governmental body or employee acting in an official capacity.   e. A financial institution, to the extent the institution’s activities or arrangements are expressly approved or regulated by a regulatory body or officer acting under authority of the United States.   f. An insurance company subject to regulation by the commissioner of insurance.   g. A bank incorporated under chapter 524.   h. A credit union incorporated under chapter 533.   i. A mortgage broker or mortgage banker licensed or registered under chapter 535B.   j. A regulated loan company licensed under chapter 536.   k. An industrial loan company licensed under chapter 536A.   5. “Loan brokerage agreement” or “agreement” means an agreement between a loan broker and a borrower in which the loan broker promises to do any of the following:   a. Obtain a loan or credit card for a borrower.   b. Assist the borrower in obtaining a loan or credit card.   c. Consider making a loan or issuing a credit card to the borrower.   6. “Records” means books, papers, documents, accounts, agreements, memoranda, electronic records of accounts, or correspondence relating to a matter regulated under this chapter.   7. “Successful procurement of a loan” means the receipt by a borrower of the loan proceeds.  83 Acts, ch 146, §2; 91 Acts, ch 205, §19; 93 Acts, ch 60, §13, 14; 2012 Acts, ch 1017, §136  Referred to in §714.16
IA Code § 535C.2A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.2A - Prohibition on advance fees.

535C.2A Prohibition on advance fees.   A loan broker shall not directly or indirectly solicit, receive, or accept from a borrower an advance fee as consideration for providing services as a loan broker. A loan broker’s fee may only be assessed or collected from a borrower after the successful procurement of a loan or issuance of a credit card.  93 Acts, ch 60, §15  Referred to in §714.16
IA Code § 535C.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.6 - Penalty.

535C.6 Penalty.   A loan broker who violates a provision of this chapter is guilty of a serious misdemeanor.  83 Acts, ch 146, §6; 93 Acts, ch 60, §16  Referred to in §714.16
IA Code § 535C.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.7 - Written agreements required.

535C.7 Written agreements required.   A loan brokerage agreement shall be in writing, contain a description of the services that the broker agrees to perform for the borrower, and the conditions under which the borrower is obligated to pay the broker. The agreement shall be signed by the broker and the borrower. The broker shall give the borrower a copy of the agreement when the borrower signs the agreement.  83 Acts, ch 146, §7; 91 Acts, ch 205, §22  Referred to in §714.16
IA Code § 535C.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.8 - Waiver of rights.

535C.8 Waiver of rights.   A waiver of this chapter by a borrower prior to or at the time of entering into a loan brokerage agreement is contrary to public policy and is void. An attempt by a loan broker to have a borrower waive any rights given in this chapter is a violation of this chapter.  83 Acts, ch 146, §8  Referred to in §714.16
IA Code § 535C.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 535C - LOAN BROKERS|Section 535C.9 - Rules.

535C.9 Rules.   The attorney general may adopt rules according to chapter 17A as necessary or appropriate to implement the purposes of this chapter.  83 Acts, ch 146, §9; 93 Acts, ch 60, §17  Referred to in §714.16