reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.13 - Cease and desist order — injunction.

533D.13 Cease and desist order — injunction.
1. If the superintendent believes that any person has engaged in or is about to engage in an act or practice constituting a violation of this chapter or any rule adopted or order issued by the superintendent, the superintendent may issue and serve on the person a cease and desist order. Upon entry of a cease and desist order the superintendent shall promptly notify in writing all persons to whom the order is directed that it has been entered and the reasons for the order. Any person to whom the order is directed may request in writing a hearing within fifteen business days after the date of the issuance of the order. Upon receipt of the written request, the matter shall be set for hearing within fifteen business days of the receipt by the superintendent, unless the person requesting the hearing consents to a later date. If a hearing is not requested within fifteen business days and none is ordered by the superintendent, the order of the superintendent shall automatically become final and remain in effect until modified or vacated by the superintendent. If a hearing is requested or ordered, the superintendent, after notice and hearing, shall issue written findings of fact and conclusions of law and shall affirm, vacate, or modify the order.
2. The superintendent may vacate or modify an order if the superintendent finds that the conditions which caused its entry have changed or that it is otherwise in the public interest to do so. Any person aggrieved by a final order of the superintendent may appeal the order as provided in chapter 17A.
3. If it appears that a person has engaged in or is engaging in an act or practice in violation of this chapter, the attorney general may initiate an action in the district court to enjoin such acts or practices and to enforce compliance with this chapter. Upon a showing of a violation of this chapter, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted or a receiver or conservator may be appointed to oversee the person’s assets. The attorney general shall not be required to post a bond.
95 Acts, ch 139, §13; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.14 - Administrative penalty.

533D.14 Administrative penalty.
1. If the superintendent finds, after notice and hearing as provided in this chapter, that a person has violated this chapter, a rule adopted pursuant to this chapter, or an order of the superintendent, the superintendent may order the person to pay an administrative fine of not more than five thousand dollars for each violation, in addition to the costs of investigation.
2. If a person fails to pay an administrative fine and the costs of investigation ordered pursuant to subsection 1, a lien in the amount of the fine and costs may be imposed upon all assets and property of the person in this state and may be recovered in a civil action by the superintendent. Failure of the person to pay the fine and costs constitutes a separate violation of this chapter.
95 Acts, ch 139, §14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.15 - Criminal violation — operation of business without license — injunction.

533D.15 Criminal violation — operation of business without license — injunction.
A person required to be licensed under this chapter who operates a delayed deposit services business in this state without first obtaining a license under this chapter or while such license is suspended or revoked by the superintendent is guilty of a serious misdemeanor. In addition to the criminal penalty provided for in this section, the superintendent may also commence an action to enjoin the operation of the business.
95 Acts, ch 139, §15
2023 Iowa Code › Title XIII - COMMERCE › Chapter 533D - DELAYED DEPOSIT SERVICES › Section 533D.16 - Applicability.

533D.16 Applicability.
This chapter does not apply to a bank incorporated under the provisions of any state or federal law, a savings and loan association incorporated under the provisions of any state or federal law, a credit union organized under the provisions of any state or federal law, a corporation licensed as an industrial loan company under chapter 536A, or an affiliate of a bank, savings and loan association, credit union, or industrial loan company.
95 Acts, ch 139, §16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.1 - Denominations of money.

535.1 Denominations of money.
The money of account of this state is the dollar, cent, and mill, and all public accounts, and the proceedings of all courts in relation to money, shall be kept and expressed in the above denominations. Demands expressed in money of another denomination shall not be affected by the provisions of this section, but in any action or proceeding based thereon it shall be reduced to and computed by the denominations given.
[C51, §943, 944; R60, §1785, 1786; C73, §2075, 2076; C97, §3037; C24, 27, 31, 35, 39, §9403; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, §535.1]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.3 - Interest rate — judgments and decrees — periodic compensation payments.

535.3 Interest rate — judgments and decrees — periodic compensation payments.
1. a. Interest shall be allowed on all money due on judgments and decrees of courts at a rate calculated according to section 668.13.
b. Notwithstanding paragraph “a”, interest due pursuant to section 85.30 shall accrue from the date each compensation payment is due at an annual rate equal to the one-year treasury constant maturity published by the federal reserve in the most recent H15 report settled as of the date of injury, plus two percent.
2. Interest on periodic payments for child, spousal, or medical support shall not accrue until thirty days after the payment becomes due and owing and shall accrue at a rate of ten percent per annum thereafter. Additionally, interest on these payments shall not accrue on amounts being paid through income withholding pursuant to chapter 252D for the time these payments are unpaid solely because the date on which the payor of income withholds income based upon the payor’s regular pay cycle varies from the provisions of the support order.
[C51, §946; R60, §1789; C73, §2078; C97, §3039; C24, 27, 31, 35, 39, §9405; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, §535.3]
87 Acts, ch 157, §1; 96 Acts, ch 1141, §33; 97 Acts, ch 175, §232; 97 Acts, ch 197, §2 – 4, 16; 2017 Acts, ch 23, §23
Referred to in §85.22, 85.30, 85.47, 85.48, 87.11, 97A.14A, 97B.50A, 249A.53, 249B.6, 252C.6, 411.22, 445.3, 486A.104, 488.107, 502.102, 515B.5, 535.11, 657A.3, 657A.6, 715B.4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.4 - Illegal rate prohibited — usury.

535.4 Illegal rate prohibited — usury.
No person shall, directly or indirectly, receive in money or in any other thing, or in any manner, any greater sum or value for the loan of money, or upon contract founded upon any sale or loan of real or personal property, than is in this chapter prescribed.
[R60, §1790; C73, §2079; C97, §3040; C24, 27, 31, 35, 39, §9406; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, §535.4]
Referred to in §535.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.5 - Penalty for usury.

535.5 Penalty for usury.
If it is ascertained in an action brought on a contract that a rate of interest has been contracted for, directly or indirectly, in money or in property, greater than is authorized by this chapter, the rate shall work a forfeiture of eight cents on the hundred by the year upon the amount of the principal remaining unpaid upon the contract at the time judgment is rendered, and the court shall enter final judgment in favor of the plaintiff and against the defendant for the principal sum remaining unpaid without costs, and also against the defendant and in favor of the state, to be paid to the treasurer of state for deposit in the general fund of the state, for the amount of the forfeiture. If unlawful interest is contracted for the plaintiff shall not have judgment for more than the principal sum, whether the unlawful interest is incorporated with the principal or not.
[R60, §1791; C73, §2080; C97, §3041; C24, 27, 31, 35, 39, §9407; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, §535.5]
83 Acts, ch 185, §52, 62; 83 Acts, ch 186, §10109, 10201, 10204
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.7 - Assignee of usurious contract.

535.7 Assignee of usurious contract.
Any assignee of a usurious contract, becoming such in good faith in the usual course of business and without notice of such fact, may recover of the usurer the full amount of the consideration paid by the assignee therefor, less any sum that may have been realized on the contract, anything in this chapter contained to the contrary notwithstanding.
[R60, §1792; C73, §2081; C97, §3042; C24, 27, 31, 35, 39, §9409; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, §535.7]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.9 - Prepayment penalties on loans secured by real estate mortgages prohibited.

535.9 Prepayment penalties on loans secured by real estate mortgages prohibited.
1. As used in this section, “loan” means a loan of money which is wholly or in part to be used for the purpose of purchasing real property which is a single-family or a two-family dwelling occupied or to be occupied by the borrower, or which is payable over a term of five years or less for the purpose of purchasing agricultural land. “Loan” includes the refinancing of a contract of sale, and the refinancing of a prior loan, whether or not the borrower also was the borrower under the prior loan, and the assumption of a prior loan.
2. Whenever a borrower under a loan prepays part or all of the outstanding balance of the loan the lender shall not receive an amount in payment of interest which is greater than the amount determined by applying the rate of interest agreed upon by the lender and the borrower to the unpaid balance of the loan for a period of time during which the borrower had the use of the money loaned; and the lender shall not impose any penalty or other charge in addition to the amount of interest due as a result of the repayment of that loan at a date earlier than is required by the terms of the loan agreement. A lender may, however, require advance notice of not more than thirty days of a borrower’s intent to repay the entire outstanding balance of a loan if the payment of that balance, together with any partial prepayments made previously by the borrower, will result in the repayment of the loan at a date earlier than is required by the terms of the loan agreement.
3. If any lender receives an amount of interest greater than permitted by subsection 2 of this section, or imposes any penalty or other charge prohibited by subsection 2 of this section, the borrower shall have the right to recover all amounts paid the lender which are in excess of the amounts permitted by subsection 2 of this section, plus attorney’s fees and court costs incurred in any action necessary to effect such recovery.
[C79, S79, C81, §535.9]
2006 Acts, ch 1075, §1
Referred to in §533.315, 535.8, 536A.23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.10 - Home equity line of credit.

535.10 Home equity line of credit.
1. As used in this chapter, the term “home equity line of credit” means an arrangement pursuant to which all of the following are applicable:
a. The amounts borrowed and the interest and other charges are debited to an account.
b. The interest is computed on the account periodically.
c. The borrower has the right to pay in full at any time without penalty or to pay in the installments which are established by the loan agreement.
d. The lender agrees to permit the borrower to borrow money from time to time with the maximum amount of each borrowing established by the loan agreement.
e. The account is secured by an interest in real estate. The priority of the secured interest in the real estate shall be determined by section 654.12A.
2. Except as provided in this section, a home equity line of credit is subject to chapter 537. However, sections 537.2307, 537.2402, and 537.2510 do not apply.
3. a. A lender may collect in connection with establishing or renewing a home equity line of credit the costs listed in section 535.8, subsection 4, paragraph “a” or “b”, charges for insurance as described in section 537.2501, subsection 2, and a loan processing fee as agreed between the borrower and the lender, and annually may collect an account maintenance fee of not more than fifteen dollars. Fees collected under this subsection shall be disregarded for purposes of determining the maximum charge permitted by subsection 4.
b. The parties to a home equity line of credit which is not a consumer credit transaction, as defined in section 537.1301, may contract for a delinquency charge under terms no more favorable than those permitted for open-end credit under section 537.2502.
4. The interest rate on a home equity line of credit shall not exceed one and three-quarters percent per month.
5. Real estate which is the consumer’s principal dwelling shall not be subject to foreclosure when the balance secured is two thousand dollars or less.
84 Acts, ch 1272, §1; 95 Acts, ch 35, §1; 99 Acts, ch 15, §1; 2014 Acts, ch 1037, §7; 2015 Acts, ch 29, §84
Referred to in §535.17
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.12 - Loans by agricultural credit corporation.

535.12 Loans by agricultural credit corporation.
1. An agricultural credit corporation may lend money pursuant to a written promissory note or other writing evidencing the loan obligation, at a rate of interest which is not more than four percentage points above the lending rate in effect at the farm credit bank of Omaha, Nebraska, for the month during which the writing evidencing the loan obligation is made, provided that the loan is for an agricultural production purpose and further provided that the loan would, but for this section, be subject to the maximum rate of interest prescribed by section 535.2, subsection 3, paragraph “a”.
2. On or prior to the first day of each calendar month following June 13, 1980, the superintendent of banking shall determine the maximum rate of interest which may be charged pursuant to subsection 1 of this section on loans made by an agricultural credit corporation during that month, and shall cause the maximum rate to be published as soon after determination as possible, as a notice in the Iowa administrative bulletin or as a legal notice in a newspaper of general circulation published in Polk county. The maximum rate so determined shall be effective as provided in subsection 1 of this section regardless of the date of publication of the notice, except that no agricultural credit corporation shall be found in violation of this chapter solely on account of having made a loan on or prior to the day on which a notice of a maximum rate is published as provided in this subsection, if the loan would have been lawful if made during the preceding calendar month.
3. This section does not prohibit an agricultural credit corporation from lending money as otherwise permitted by law.
4. As used in this section:
a. “Agricultural credit corporation” means a corporation which has been designated by the farm credit bank of Omaha, Nebraska, as an agricultural credit corporation eligible to sell or discount loans to that bank pursuant to 12 U.S.C. §2075.
b. “Agricultural production purpose” means a purpose related to the production of agricultural products.
c. “Agricultural products” includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products thereof, and any and all products produced on farms.
[C81, §535.12]
89 Acts, ch 257, §26; 2014 Acts, ch 1092, §190; 2016 Acts, ch 1011, §104, 105
Referred to in §524.103
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.13 - Definitions.

535.13 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Agricultural products” includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof.
2. “Agricultural purpose” means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a person who cultivates, plants, propagates, or nurtures the agricultural products.
[C81, §535.13; 82 Acts, ch 1153, §7]
2017 Acts, ch 29, §155
Referred to in §535.2, 558.70, 615.1, 615.3, 628.26, 628.28, 654.20, 655A.9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.14 - Prompt crediting of payment on loans secured by residential real property.

535.14 Prompt crediting of payment on loans secured by residential real property.
A lender is subject to the requirements set forth in section 537.3206, regarding the prompt crediting of payments, with respect to a loan secured by a lien or security interest on owner-occupied residential real property. For purposes of this section, “residential real property” means residential real property as defined in section 535B.1.
99 Acts, ch 15, §2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.16 - Delivery of copies of debt documents.

535.16 Delivery of copies of debt documents.
1. A lender or other secured party shall provide to a debtor, at the time a document relating to a debt is signed, a copy of the document signed by the debtor. Receipt of a copy required by this section may be acknowledged anywhere on the document or on a separate acknowledgment of receipt.
2. A lender or other secured party shall provide to a debtor copies of all documents signed by the debtor relating to the debt at any other time, upon request, for a charge that shall not exceed the reasonable cost of copying the document.
86 Acts, ch 1081, §1; 87 Acts, ch 163, §1; 88 Acts, ch 1023, §1; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535 - MONEY AND INTEREST › Section 535.18 - Consumer credit terms for service members — enforcement.

535.18 Consumer credit terms for service members — enforcement.
The superintendent of banking and the superintendent of credit unions, as applicable, shall have the authority to enforce the consumer protection provisions of 10 U.S.C. §987 concerning limitations on terms of consumer credit extended to service members and their dependents.
2010 Acts, ch 1171, §5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535A - MORTGAGE LOANS — RED-LINING › Section 535A.1 - Definitions.

535A.1 Definitions.
For purposes of this chapter, unless the context otherwise requires:
1. “Financial institution” means any bank, credit union, insurance company, mortgage banking company or savings and loan association, industrial loan company, or like institution or any other person who makes mortgage loans and which operates or has a place of business in this state. “Financial institution” does not include an individual who makes less than five mortgage loans a year.
2. “Mortgage loan” means a loan for the purchase, construction, improvement, or rehabilitation of residential property containing or to contain four or fewer family dwelling units in which the property is used as security for the loan.
3. “Red-lining” means the practice by which a financial institution may designate certain areas as unsuitable for the making of mortgage loans and reject applications for mortgage loans or vary the terms of a mortgage loan upon property within that area because of the prevailing income, racial, or ethnic characteristics of the area, or because of the age of the structures in the area.
4. “Vary the terms of a mortgage loan” includes but is not limited to the following:
a. Requiring a greater than average down payment than is usual for the particular type of mortgage loan involved.
b. Requiring a shorter period of amortization than is usual for the particular type of mortgage loan involved.
c. Charging a higher interest rate or higher loan origination fees than is usual for the particular type of mortgage loan involved.
d. An unreasonable underappraisal of real estate or item of property offered as security.
[C79, 81, §535A.1; 81 Acts, ch 174, §4, 5]
85 Acts, ch 238, §1; 2010 Acts, ch 1114, §1
Referred to in §528.2, 535A.2, 535A.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535A - MORTGAGE LOANS — RED-LINING › Section 535A.2 - Discriminatory — real estate mortgages.

535A.2 Discriminatory — real estate mortgages.
1. It is a discriminatory practice for any financial institution accepting mortgage loan applications to engage in the practice of red-lining as defined in section 535A.1.
2. This section shall be administered and enforced by the following agencies:
a. The superintendent of banking or the superintendent’s designee in regard to banks, persons licensed under chapter 536A, and mortgage banking companies.
b. The commissioner of insurance or the commissioner’s designee pursuant to chapter 505 in regard to all insurance companies.
c. The superintendent of credit unions or the superintendent’s designee in regard to all credit unions.
[C79, 81, §535A.2]
2010 Acts, ch 1114, §2; 2012 Acts, ch 1017, §134
Referred to in §535A.6, 535A.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535A - MORTGAGE LOANS — RED-LINING › Section 535A.3 - Discretion of financial institution.

535A.3 Discretion of financial institution.
Nothing contained in this chapter shall preclude a financial institution from applying economically sound underwriting practices in contemplation of any mortgage loan to any person. Such practices shall include but are not limited to the following:
1. The willingness and the financial ability of the borrower to repay the mortgage loan.
2. The appraised value of any real estate or other item of property proposed as security for any mortgage loan.
3. Diversification of the financial institution’s investment portfolio.
[C79, 81, §535A.3]
Referred to in §535A.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535A - MORTGAGE LOANS — RED-LINING › Section 535A.6 - Action for damages.

535A.6 Action for damages.
1. Any person who has been aggrieved as a result of a violation of sections 535A.1 through 535A.3, this section, or sections 535A.7 through 535A.9 may bring an action in the district court of the county in which the violation occurred or in the county where the financial institution involved is located.
2. Upon a finding that a financial institution has committed a violation of either section 535A.2 or 535A.9, the court may award actual damages, court costs, and attorney fees.
[C79, 81, §535A.6]
85 Acts, ch 238, §2; 2010 Acts, ch 1114, §3; 2011 Acts, ch 25, §66
Referred to in §535A.8
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535A - MORTGAGE LOANS — RED-LINING › Section 535A.7 - Criminal penalty.

535A.7 Criminal penalty.
Any person who knowingly engages in a practice which violates the provisions of section 535A.2 or 535A.9 is guilty of a serious misdemeanor.
[C79, 81, §535A.7]
85 Acts, ch 238, §3; 2010 Acts, ch 1114, §4
Referred to in §535A.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535A - MORTGAGE LOANS — RED-LINING › Section 535A.8 - Civil penalty.

535A.8 Civil penalty.
Any person who in bad faith fails to comply with the provisions of this chapter is subject to punitive damages not to exceed one thousand dollars in addition to actual damages as set forth in section 535A.6.
[C79, 81, §535A.8]
Referred to in §535A.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535A - MORTGAGE LOANS — RED-LINING › Section 535A.9 - Tying arrangements prohibited.

535A.9 Tying arrangements prohibited.
1. A financial institution which makes or offers to make real estate mortgage loans shall not:
a. Grant or offer to grant a loan on the prior condition, that the borrower is required to contract with any specific person or organization for either of the following:
(1) Services of a real estate agent or broker.
(2) Insurance services as an agent, broker, or underwriter.
b. Use confidential credit status information that is used for qualifying a person for the purchase of real property for solicitation purposes either directly or indirectly by an affiliate subsidiary.
c. Attempt or permit a real estate or insurance subsidiary to attempt to create the impression in its advertising or in any communication that the customers of the subsidiary shall have priority access to the funds of the financial institution or are entitled to preferential interest rates or other terms.
2. This section does not apply to the Iowa finance authority or a program operated pursuant to chapter 16.
85 Acts, ch 238, §4; 85 Acts, ch 252, §56
Referred to in §535A.6, 535A.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535B - MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS › Section 535B.2 - Exemptions.

535B.2 Exemptions.
This chapter, except for sections 535B.3, 535B.11, 535B.12, and 535B.13, does not apply to any of the following:
1. A bank, bank holding company, savings bank, savings and loan association, or credit union organized under the laws of this state, another state, or the United States, or a subsidiary owned or controlled by such a bank, bank holding company, savings bank, savings and loan association, or credit union.
2. A loan company licensed under chapter 536 or 536A, except when acting as a closing agent.
3. An insurance company or a subsidiary or affiliate of an insurance company organized under the laws of this state, another state, or the United States, and subject to regulation by the commissioner of insurance.
4. Mortgage lenders or mortgage bankers maintaining an office in this state whose principal business in this state is conducted with or through mortgage lenders or mortgage bankers otherwise exempt under this section and which maintain a place of business in this state.
5. An individual who is employed by a person otherwise exempt under this section, or who, by contract, operates exclusively on behalf of a person otherwise exempt under this section to the extent that the individual is acting within the scope of the individual’s employment or exclusive contract with the exempt person and is acting within the scope of the exempt person’s charter, license, authority, approval, or certificate.
6. A real estate broker licensed under chapter 543B while engaged in practice as a real estate broker.
7. A nonprofit organization qualifying for tax-exempt status under the Internal Revenue Code as defined in section 422.3 which offers housing services to low and moderate income families.
8. An attorney licensed to practice law in this state or the attorney’s employees or agents acting under the attorney’s direction, in a transaction where the conduct of the attorney is regulated by the Iowa supreme court in its capacity as disciplinary authority over attorneys.
9. An officer or employee of the federal government, any state government, or a political subdivision of the state acting in an official capacity.
10. A qualified intermediary or an exchange accommodation titleholder facilitating an exchange under section 1031 of the Internal Revenue Code whose role in the transaction is limited to acting in such a capacity.
88 Acts, ch 1146, §2; 89 Acts, ch 83, §76; 89 Acts, ch 133, §4, 5; 96 Acts, ch 1056, §21; 2005 Acts, ch 83, §4, 10; 2008 Acts, ch 1160, §15; 2010 Acts, ch 1111, §2, 13
Referred to in §535B.2A, 535B.3, 558.70
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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