reglab/statecodes huggingface dataset:
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.14 - Surety bond required or recovery fund.

535D.14 Surety bond required or recovery fund.
1. a. A mortgage loan originator shall be covered by a surety bond in accordance with this section unless the superintendent establishes a recovery fund pursuant to subsection 4 into which the mortgage loan originator makes payments. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to chapter 535B, 536, or 536A, the surety bond of such person can be used in lieu of the mortgage loan originator’s surety bond requirement.
b. The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in subsection 2. The surety bond shall be in a form as prescribed by the superintendent. The superintendent may, pursuant to rule, determine requirements for such surety bonds as are necessary to accomplish the purposes of this chapter.
2. The bond shall be maintained in an amount that reflects the dollar value of loans originated as determined by the superintendent.
3. When an action is commenced on a licensee’s bond the superintendent may require the filing of a new bond. Immediately upon recovery upon any action on the bond the licensee shall file a new bond.
4. If the superintendent determines it is not feasible to establish surety bonding requirements that reflect the dollar amount of loans originated by a mortgage loan originator, as provided in subsection 1508(d)(6) of the federal Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289, the superintendent may establish by rule a recovery fund to be paid into by mortgage loan originators. The rules shall provide for the amounts to be paid into the fund by mortgage loan originators. In the event the superintendent establishes a recovery fund, the fund shall be established as a separate fund in the state treasury. Moneys deposited in the fund shall be administered by the superintendent and used for the purposes of compensating members of the public for losses caused by licensees. In addition, the superintendent may use moneys from the fund for the purpose of investigating and prosecuting violations of this chapter or any other state or federal law, rule, or regulation applicable to the conduct of a licensee’s business. Notwithstanding section 12C.7, interest earned on amounts deposited in the fund, if established, shall be credited to the fund. Any balance in the fund on June 30 of any fiscal year shall not revert to the general fund of the state.
2009 Acts, ch 61, §15, 25
Referred to in §535D.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.15 - Confidentiality.

535D.15 Confidentiality.
1. Except as otherwise provided by this chapter, all papers, documents, examination reports, and other writings relating to the supervision of licensees are not public records and are not subject to disclosure under chapter 22. Except as otherwise provided in section 1512 of the federal Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289, the requirements under any federal law or chapter 22 or 692 regarding the privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system and registry, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the nationwide mortgage licensing system and registry. Such information and material may be shared with any state or federal regulatory official with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or chapter 22 or 692.
2. The superintendent may enter into agreements or sharing arrangements with other governmental agencies, the conference of state bank supervisors, the American association of residential mortgage regulators, or other associations representing governmental agencies.
3. Information or material that is subject to privilege or confidentiality under subsection 1 shall not be subject to any of the following:
a. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or this state.
b. Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the nationwide mortgage licensing system and registry with respect to such information or material, the person to whom such information or material pertains waives, in whole or in part, that privilege.
4. This section supersedes any provision of chapter 22 relating to the disclosure of confidential supervisory information or any information or material described in subsection 1 of this section that is inconsistent with subsection 1.
5. This section shall not apply with respect to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that are included in the nationwide mortgage licensing system and registry for access by the public.
2009 Acts, ch 61, §16, 25; 2013 Acts, ch 5, §19
Referred to in §535D.18
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.17 - Prohibited acts and practices.

535D.17 Prohibited acts and practices.
It is a violation of this chapter for a person or individual subject to this chapter to engage in any of the following activities:
1. Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person.
2. Engage in any unfair or deceptive practice toward any person.
3. Obtain property by fraud or misrepresentation.
4. Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter may earn a fee or commission through best efforts to obtain a loan even though no loan is actually obtained for the borrower.
5. Solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting.
6. Conduct any business covered by this chapter without holding a valid license as required under this chapter, or assist or aid and abet any person in the conduct of business under this chapter without a valid license as required under this chapter.
7. Fail to make disclosures as required by this chapter or any other applicable state or federal law including regulations thereunder.
8. Fail to comply with this chapter or rules or regulations promulgated under this chapter, or fail to comply with any other state or federal law, including the rules and regulations thereunder, applicable to any business authorized or conducted under this chapter.
9. Make, in any manner, any false or deceptive statement or representation.
10. Negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the nationwide mortgage licensing system and registry or in connection with any investigation conducted by the superintendent or another governmental agency.
11. Make any payment, threat, or promise, directly or indirectly, to any person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make any payment, threat, or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property.
12. Collect, charge, attempt to collect or charge, or use or propose any agreement purporting to collect or charge any fee prohibited by this chapter.
13. Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer.
14. Fail to truthfully account for moneys belonging to a party to a residential mortgage loan transaction.
2009 Acts, ch 61, §18, 25
Referred to in §535B.7A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.18 - Report to nationwide mortgage licensing system and registry.

535D.18 Report to nationwide mortgage licensing system and registry.
The superintendent shall regularly report violations of this chapter, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry, subject to the confidentiality provisions of section 535D.15.
2009 Acts, ch 61, §19, 25
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.19 - Unique identifier shown.

535D.19 Unique identifier shown.
The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or internet sites, and any other documents as established by rule, regulation, or order of the superintendent.
2009 Acts, ch 61, §20, 25; 2013 Acts, ch 90, §257
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.20 - Operating without a license — penalty.

535D.20 Operating without a license — penalty.
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 loan originator in this state is guilty of a class “D” felony and may be prosecuted by the attorney general or a county attorney.
2009 Acts, ch 61, §21, 25
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.22 - Compliance with federal law.

535D.22 Compliance with federal law.
If the United States department of housing and urban development determines in writing that any provision of this chapter or its application to any person or circumstance is invalid under Tit. V of the federal Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289, the superintendent is authorized to adopt rules which waive or modify, in whole or in part, requirements of this chapter as necessary to achieve a determination by the United States department of housing and urban development that this state is in compliance with the federal law.
2009 Acts, ch 61, §23, 25
2023 Iowa Code › Title XIII - COMMERCE › Chapter 535D - MORTGAGE LICENSING ACT › Section 535D.23 - Reports of condition required — exceptions.

535D.23 Reports of condition required — exceptions.
Each mortgage loan originator licensee shall submit reports of condition to the nationwide mortgage licensing system and registry unless the mortgage loan originator’s activity is included in a report submitted by the mortgage loan originator’s employer in accordance with section 535B.11, subsection 3, section 535B.18, or section 536A.14, subsection 2. The reports shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require.
2011 Acts, ch 102, §9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.1 - Title — license required.

536.1 Title — license required.
1. This chapter may be referred to as the “Iowa Regulated Loan Act”.
2. With respect to a loan other than a consumer loan, a person shall not engage in the business of making loans of money, credit, goods, or things in action in the amount or of the value of the threshold amount or less and charge, contract for, or receive on the loan a greater rate of interest or consideration for the loan than the lender would be permitted by law to charge if the lender were not a licensee under this chapter except as authorized by this chapter and without first obtaining a license from the superintendent of banking.
3. With respect to a consumer loan, a person required by section 537.2301 to have a license shall not engage in the business of making loans of money, credit, goods or things in action in the amount or value of the threshold amount or less and charge, contract for, or receive on the loan a greater rate of interest or consideration for the loan than the lender would be permitted by law to charge if the lender were not a licensee under this chapter, except as authorized by this chapter and without first obtaining a license from the superintendent.
4. A person who enters into less than ten supervised loans per year in this state and who neither has an office physically located in this state nor engages in face-to-face solicitation in this state may contract for and receive the rate of interest permitted in this chapter for licensees under this chapter.
5. For the purposes of this section:
a. “Consumer loan” means the same as defined in section 537.1301.
b. “Threshold amount” means the same as defined in section 537.1301.
[C24, 27, 31, §9410; C35, §9438-f1; C39, §9438.01; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.1]
85 Acts, ch 158, §2; 2014 Acts, ch 1037, §8; 2015 Acts, ch 30, §171
Referred to in §536.10, 536.13, 536.19
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.2 - Application — fees.

536.2 Application — fees.
1. An application for a license shall be in the form prescribed by the superintendent, and shall contain all of the following:
a. The name and the address, both of the residence and place of business, of the applicant. If the applicant is not a natural person, the application shall include the name and address of every member, director, officer, manager, and trustee of the applicant.
b. The county and municipality with street and number, if any, of the place where the business of making loans under the provisions of this chapter is to be conducted.
c. Other relevant information as the superintendent may require.
2. The applicant at the time of making the application shall pay to the superintendent the sum of one hundred dollars as a fee for investigating the application and the additional sum of two hundred fifty dollars as an annual license fee.
3. Every applicant shall also prove, in form satisfactory to the superintendent, that the applicant has available for the operation of such business at the place of business specified in the application, liquid assets of at least five thousand dollars, or that the applicant has at least the said amount actually in use in the conduct of such business at such place of business.
[C24, 27, 31, §9411, 9412; C35, §9438-f2; C39, §9438.02; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.2]
89 Acts, ch 257, §27; 2006 Acts, ch 1042, §33
Referred to in §536.4, 536.8, 536.22
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.3 - Bond.

536.3 Bond.
An applicant for a license shall file with the superintendent a bond furnished by a surety company authorized to do business in this state. Until such time as the superintendent through the administrative rule process determines a bond amount that reflects the dollar value of loans originated, the bond shall be in the amount of twenty-five thousand dollars. The bond shall be continuous in nature until canceled by the surety with not less than thirty days’ notice in writing to the licensee and to the superintendent indicating the surety’s intention to cancel the bond on a specific date. 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.
[C24, 27, 31, §9413, 9414; C35, §9438-f3; C39, §9438.03; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.3]
2008 Acts, ch 1160, §25; 2009 Acts, ch 61, §40, 47
Referred to in §536.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.4 - Grant or refusal of license.

536.4 Grant or refusal of license.
1. Upon the filing of such application, the approval of such bond and the payment of such fees, the superintendent shall make a thorough and complete investigation of the facts as the superintendent may deem necessary or proper.
2. If the superintendent shall determine from such application and from such investigation that the applicant can have a reasonable expectancy of a successful lending business at the location of the office for which application is made, and that there is a real need and necessity in that community for additional lending facilities to adequately serve the local people, and that said applicant is one who will command the respect of and confidence from the people in that community; that the financial responsibility, experience, character, and general fitness of the applicant, and of the members thereof if the applicant be a partnership or association, and of the officers and directors thereof if the applicant be a corporation, are such as to warrant the belief that the business will be operated lawfully, honestly, fairly, and efficiently within the purposes of this chapter, and if the superintendent shall find that the applicant has available or actually in use the assets described in section 536.2, the superintendent shall thereupon issue and deliver a license to the applicant to make loans in accordance with the provisions of this chapter at the place of business specified in the said application; if the superintendent shall not so find the superintendent shall not issue such license and the superintendent shall notify the applicant of the denial and return to the applicant the bond and the sum paid by the applicant as a license fee, retaining the investigation fee to cover the costs of investigating the application. The superintendent shall approve or deny every application for a license under this chapter within sixty days from the filing of the application and the approved bond and the payment of the said fees.
3. If the application is denied, the superintendent shall within twenty days thereafter file with the banking division a written transcript of the evidence and decision and findings with respect thereto containing the reasons supporting the denial, and forthwith serve upon the applicant a copy thereof.
[C24, 27, 31, §9415; C35, §9438-f4; C39, §9438.04; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.4]
2005 Acts, ch 3, §90; 2008 Acts, ch 1032, §106; 2020 Acts, ch 1063, §308
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.5 - License — form — posting.

536.5 License — form — posting.
Such license shall state the address of the place where the business of making such loans is to be conducted and shall state fully the name of the licensee, and if the licensee is a partnership or association, the names of the members thereof, and if a corporation, the date and place of its incorporation. Such license shall be kept conspicuously posted in such place of business and shall not be transferable or assignable.
[C24, 27, 31, §9411, 9418; C35, §9438-f5; C39, §9438.05; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.5]
2008 Acts, ch 1032, §106
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.6 - Additional bond — available assets.

536.6 Additional bond — available assets.
1. If the superintendent finds at any time that the bond is insecure or exhausted or otherwise of doubtful validity or collectibility, an additional bond to be approved by the superintendent, with one or more sureties and of the character specified in section 536.3, in a sum not to exceed that amount determined pursuant to section 536.3, shall be filed by the licensee within ten days after written demand upon the licensee by the superintendent.
2. Every licensee shall have available at all times for each licensed place of business at least five thousand dollars in assets, either in liquid form or actually in use in the conduct of such business.
[C24, 27, 31, §9437; C35, §9438-f6; C39, §9438.06; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.6]
2008 Acts, ch 1160, §26; 2009 Acts, ch 61, §41, 47
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.7 - Separate license — change of name or place of business.

536.7 Separate license — change of name or place of business.
1. Only one place of business where loans are made shall be maintained under a license. However, the superintendent may issue more than one license to the same licensee upon compliance, for each such additional license, with all the provisions of this chapter governing an original issuance of a license.
2. A licensee shall notify the superintendent and submit a fee of twenty-five dollars per license to the superintendent thirty days in advance of the effective date of any of the following:
a. A change in the name of the licensee.
b. A change in the address of the location where the business is conducted.
[C24, 27, 31, §9416, 9419; C35, §9438-f7; C39, §9438.07; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.7]
2006 Acts, ch 1042, §34
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.7A - Change in control — approval.

536.7A Change in control — approval.
The prior written approval of the superintendent is required whenever a change in control of the licensee is proposed. For purposes of this section, “control” means control as defined in section 524.103. The superintendent may require information deemed necessary to determine whether a new application is required. When requesting approval, the person shall submit a fee of one hundred dollars to the superintendent.
2006 Acts, ch 1042, §35
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536 - REGULATED LOANS › Section 536.8 - Annual fee — payment.

536.8 Annual fee — payment.
Every licensee shall annually, on or before December 1, submit a renewal application on forms prescribed by the superintendent and pay to the superintendent the sum as provided in section 536.2 as an annual license fee for the next succeeding calendar year. The superintendent may assess a late fee of ten dollars per day, per license for renewal applications received after December 1.
[C35, §9438-f8; C39, §9438.08; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.8]
2006 Acts, ch 1042, §36