reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 17 - Delayed Deposit Services › Rule 187-17.11 - Disciplinary Action

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 The superintendent has authority pursuant to Iowa Code chapters 533D and 17A to
			 impose discipline for violations of Iowa Code chapter 533D and the rules
			 promulgated thereunder.
(2) 
			 Grounds for discipline. The superintendent may impose any of the disciplinary
			 sanctions set out in Iowa Code section
			 533D.12(2)
			  when the superintendent finds any of the
			 following:
a. The licensee has violated a
			 provision of Iowa Code chapter 533D or a rule adopted under Iowa Code chapter
			 533D or any other state or federal law applicable to the conduct of the
			 licensee's business.
b. A fact or
			 condition exists which, had it existed at the time of the licensee's original
			 application for a license, would have warranted the superintendent to refuse to
			 issue the original 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 superintendent.
e. The licensee fails to fully cooperate with
			 an examination or investigation, including failing to respond to an inquiry
			 from the superintendent within 30 days of the date the superintendent mails a
			 written communication directed to the licensee's last-known address on file
			 with the superintendent.
f. The
			 licensee has engaged in any conduct that subverts or attempts to subvert an
			 examination or investigation by the superintendent.
g. The licensee continues to operate a
			 delayed deposit services business without an active and current
			 license.
h. The licensee operates a
			 delayed deposit services business in the same location as another business
			 without the superintendent's written approval.
i. The licensee has abandoned its place of
			 business for 60 or more days.
j.
			 The licensee fails to notify the superintendent within 30 days of the
			 occurrence of one of the significant events set forth in Iowa Code section
			 533D.5.
k. Another state or
			 jurisdiction has denied, suspended, revoked, or refused to renew the licensee's
			 license, registration, or authorization to operate a delayed deposit services
			 business or enter into delayed deposit transactions under the other state's or
			 jurisdiction's law.
l. The licensee
			 fails to create and maintain complete and accurate records as required by state
			 or federal law, regulation, or rule.
m. The licensee fails to notify the
			 superintendent of a change in control, name, or principal place of
			 business.
n. The licensee fails to
			 pay a license fee required by Iowa Code chapter 533D or to maintain a bond
			 required by Iowa Code chapter 533D.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 17 - Delayed Deposit Services › Rule 187-17.12 - Annual Report

Current through Register Vol. 47, No. 3, July 24, 2024
Licensees must file with the superintendent an annual report,
				on forms prescribed by the superintendent, on or before April 15. The
				information contained in the annual report shall be confidential, and the
				superintendent may publish the information only in composite form. The
				superintendent may assess a late fee of $10 for each day the annual report is
				delinquent.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 17 - Delayed Deposit Services › Rule 187-17.13 - Restrictions on Making Delayed Deposit Transactions

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall adhere to the following restrictions related
				to making delayed deposit transactions.
(1) A licensee shall not engage in any of the
			 acts prohibited by Iowa Code section
			 533D.10.
(2) A licensee shall not enter into a new
			 delayed deposit transaction with a maker on the same day the maker pays an
			 existing delayed deposit transaction with the licensee unless:
a. The aggregate amount of the check(s) the
			 maker is paying and the new check the maker is writing does not exceed the
			 statutory maximum of $500; and
b.
			 The licensee does not hold more than two outstanding checks in the maker's
			 name, including the check(s) being paid and the new check being
			 issued.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of this chapter, the definitions in Iowa Code
				chapter 535B shall apply. In addition, unless the context otherwise
				requires:
"Criminal background check"
means a state
				criminal background check and a national criminal history check through the
				Federal Bureau of Investigation.
"License application"
means an electronic
				application or registration submitted to the administrator for a license to
				operate as a mortgage banker, mortgage broker, or closing agent in accordance
				with the provisions of Iowa Code section
				535B.4.
"Licensee"
means a person who has a license to
				operate as a mortgage banker, mortgage broker, or closing agent in accordance
				with the provisions of Iowa Code section
				535B.4.
"Makes at least four mortgage loans,"
as used
				in Iowa Code section 535B.l(4)"a," means the person is listed on loan documents
				as the lender for at least four mortgage loans.
"Mortgage application"
means:
1. Any communication, regardless of form, from a licensee to a
				borrower requesting information typically required in an application for the
				purpose of deciding whether or not to extend the requested offer of a loan to a
				borrower; or
2. Any communication, regardless of form, from a borrower to a
				licensee for an offer or responding to a solicitation for an offer of
				residential mortgage loan terms or providing information typically required in
				an application for the purpose of deciding whether or not to extend the
				requested offer of a loan to a borrower.
"Mortgage loan originator"
means a natural
				person who is licensed under Iowa Code chapter 53 5D and 187-Chapter 19.
"Nationwide multistate licensing system"
or
"NMLS"
means a multistate licensing system developed and
				maintained by the Conference of State Bank Supervisors and the American
				Association of Residential Mortgage Regulators for the licensing and
				registration of mortgage loan originators, mortgage providers, mortgage
				lenders, mortgage brokers, and mortgage servicers.
"Services a loan"
or
"servicing a
				loan"
means undertaking the direct collection of payments on a loan
				from the borrower or holding the right to undertake direct collection of
				payments on a loan from the borrower. Undertaking the direct collection of
				payments means receiving any scheduled periodic payments from a borrower
				pursuant to the terms of any federally related mortgage loan. Holding the right
				to undertake direct collection of payments means holding the right to service a
				loan, including where the holder of this right contracts with or otherwise
				arranges for another person to service the loan.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.3 - Renewal of License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 To remain authorized to act as a mortgage banker, mortgage broker, or closing
			 agent, a licensee must renew a license before the expiration date of the
			 license. A licensee who fails to renew a license before expiration is not
			 authorized to act as a mortgage banker, mortgage broker, or closing agent in
			 Iowa after the expiration date.
(2)
			 Application to renew a license shall be submitted to the administrator by
			 December 1 of the year of expiration through the NMLS. All requested
			 information shall be provided to the administrator as directed by the NMLS.
			 Applications for renewal of a license to transact business solely as a mortgage
			 broker or closing agent must be accompanied by a fee of $200. Applications for
			 renewal of a license to transact business as a mortgage banker must be
			 accompanied by a fee of $400. In addition, the mortgage banker or mortgage
			 broker licensee shall pay a branch office renewal fee of $40 per branch. The
			 administrator may assess late fees of up to $ 10 per day for applications
			 submitted after December 1.
(3) The
			 administrator shall grant an application to renew a license if:
a. The administrator receives the application
			 by December 1, accompanied by the appropriate renewal fee, or the administrator
			 receives the application after December 1 but before January 1 and it is
			 accompanied by the appropriate renewal fee and the appropriate late
			 fee;
b. The application is fully
			 completed with all necessary information; and
c. The application does not reveal grounds to
			 deny a license.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.4 - Grounds for Approval or Denial

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The superintendent shall approve or deny
			 a license application in accordance with the provisions of Iowa Code section
			 535B.5.
(2) The following may be considered evidence
			 that the business of the applicant may not be operated honestly in the public
			 interest consistent with the purposes of Iowa Code chapter 535B and may
			 therefore be considered grounds for denial of an application:
a. An applicant, or an officer, director, or
			 individual who has control of an applicant, has had a mortgage loan originator
			 license or any lending license revoked in any governmental
			 jurisdiction.
b. An applicant, or
			 an officer, director, or individual who has control of an applicant, has been
			 convicted of, or has pleaded guilty or no contest to, a felony in a domestic,
			 foreign, or military court if such felony involved an act of fraud, dishonesty,
			 or breach of trust, or money laundering. A pardon of a conviction shall not
			 constitute a conviction for purposes of this subrule.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.7 - Notice of Significant Events

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall notify the administrator within 10 days of the
				occurrence of any of the following events.
(1) The licensee or any of the licensee's
			 officers, directors, principal stockholders, or affiliates file for bankruptcy
			 protection.
(2) A prosecuting
			 authority files criminal charges against the licensee or any of a licensee's
			 officers, directors, principal stockholders, or affiliates.
(3) Another state or jurisdiction institutes
			 license denial, cease and desist, suspension or revocation procedures, or other
			 formal or informal regulatory action against the licensee or any of the
			 licensee's officers, directors, principal stockholders, or
			 affiliates.
(4) The attorney
			 general of Iowa, the Federal Trade Commission, or the enforcer of the consumer
			 protection laws of any other jurisdiction initiates an action to enforce
			 consumer protection laws against the licensee or any of the licensee's
			 officers, directors, principal stockholders, mortgage loan originators,
			 employees, or affiliates.
(5) The
			 Federal National Mortgage Association, Federal Home Loan Mortgage Corporation,
			 Federal Housing Administration, or Government National Mortgage Association
			 suspends or terminates the licensee's status as an approved seller or
			 seller/servicer.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.8 - Changes in the Licensee's Business; Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1) No mortgage banker or mortgage broker
			 licensee shall conduct the residential mortgage lending activities authorized
			 in Iowa Code chapter 535B under any name other than that stated on the
			 license.
(2) A licensee shall
			 notify the administrator through the NMLS of a change in the location, the
			 addition, or the closing of any office prior to the change, addition, or
			 closure.
(3) A mortgage banker or
			 mortgage broker licensee shall maintain on file with the administrator, through
			 the NMLS, a list of all mortgage loan originators who are employed by, under
			 contract with, or exclusive agents of the licensee. The licensee shall pay any
			 fees assessed by the NMLS to add a mortgage loan originator to the licensee's
			 list in the NMLS.
(4) When a
			 mortgage loan originator ceases to be employed by, under contract with, or an
			 exclusive agent of a mortgage banker or mortgage broker licensee, the licensee
			 shall notify the administrator, through the NMLS, within 10 days. The
			 notification shall include the reasons for the termination of the mortgage loan
			 originator's employment, contract, or agency.
(5) A mortgage banker or mortgage broker
			 licensee shall notify the administrator through the NMLS of the addition of any
			 mortgage loan originator, owner, officer, partner, or director within 10 days
			 of addition.
(6) Failure to notify
			 the administrator within the prescribed time as required by this rule may
			 subject the licensee to disciplinary action.
(7) NMLS system processing fees. In addition
			 to the fees set forth in this chapter, the applicant or licensee shall pay any
			 fee assessed by the NMLS attributed to the licensee's record in the NMLS
			 including but not limited to the initial set-up fee, an annual processing fee,
			 and a loan sponsorship transfer fee.
(8) When a change of control of a licensee is
			 proposed, the party that will assume control of the licensee shall give notice
			 to the superintendent through the NMLS at least 60 days before the proposed
			 change will take effect. Control is defined in Iowa Code section
			 535B.6A.
			 The party that will assume control of the licensee shall furnish the
			 superintendent through the NMLS with the same information required of initial
			 applicants for a license, along with the appropriate fee. The party that will
			 assume control may be required to provide fingerprints, authorize a fingerprint
			 background check through NMLS, and pay the appropriate fees for the purpose of
			 conducting a national criminal history background check through the Federal
			 Bureau of Investigation. The superintendent shall approve or deny the request
			 in accordance with the provisions of Iowa Code section
			 535B.5
			 and rule 187-18.4(17A,535B).
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.9 - Administrative Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Examination and investigation late fees. A
licensee shall pay
			 the administrator the total charge for an examination or investigation within
			 30 days after the administrator has requested payment. If a licensee fails to
			 pay an examination or investigation fee by the due date, the administrator may
			 assess an additional penalty of 5 percent of the amount of the fee for each day
			 after the due date.
(2)
Late fees for failing to respond.
In the process of
			 administrating this chapter, the administrator may require a person to provide
			 responses to formal orders, examinations, or complaint inquiries. If a person
			 fails to respond within 30 days of the request, the administrator may assess a
			 penalty of $10 per day after the initial 30 days.
(3)
License determination letters.
			 A
person who requests written confirmation from the administrator that
			 a license is not required shall submit a fee of $100 with the written
			 request.
(4)
Required
			 financial statements. A
licensee who fails to file with the
			 administrator the financial statements required under Iowa Code section
			 535B.10(1)
			  within 120 days after the end of a
			 licensee's fiscal year shall be subject to a late penalty of $100 for each day
			 the financial statements are delinquent, but in no event shall the aggregate of
			 late penalties exceed $5,000. The administrator may relieve any licensee from
			 the payment of any penalty, in whole or in part, for good cause.
(5)
Duplicate license.
The
			 licensee shall pay a fee of $25 for each duplicate of an original license
			 issued.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.16 - Licensee Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General record requirements.
A licensee must keep records that
			 allow the administrator to determine the licensee's compliance with relevant
			 statutes and regulations.
a. The licensee may
			 keep the records as a hard copy or in an electronic equivalent.
b. The licensee shall keep records for at
			 least 36 months from the date of the final transaction with the borrower or a
			 party in a real estate transaction.
c. The licensee shall maintain all books and
			 records in good order and shall produce books and records for the administrator
			 upon request. Failure to produce such books and records within 30 days of the
			 administrator's request may be grounds for disciplinary action against the
			 licensee.
d. The obligation to
			 maintain records continues even after the licensee ceases business operations
			 in Iowa and turns in or surrenders its license. The owners and directors of the
			 licensee are responsible for ensuring this requirement is met.
e. Effective January 1, 2012, mortgage
			 bankers and mortgage brokers shall have the capability to provide information
			 on the characteristics of loan originations as described in subrule 18.16(11)
			 in an electronic format prescribed by the administrator within 30 days of:
(1) The end of each calendar quarter or some
			 other regular interval determined by the administrator; or
(2) Notice from the administrator in the case
			 of an examination.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.17 - Mortgage Call Reports

Current through Register Vol. 47, No. 3, July 24, 2024
Each mortgage banker and mortgage broker licensee shall submit
				to the NMLS reports of condition, which shall be in such form and shall contain
				such information as the NMLS shall require. For each day after the
				NMLS-established due date that the report is not received, the administrator
				may assess late fees of $10 per day.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.18 - Advertising and Representations to Potential Borrowers

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any advertisement of mortgage loans which
			 are offered by or through a mortgage banker or mortgage broker licensee shall
			 conform to the following requirements:
a. An
			 advertisement shall be in compliance with Truth-in-Lending, Regulation Z, and
			 any other applicable state and federal laws and regulations.
b. An advertisement shall be made only for
			 such products and terms as are actually available and, if their availability is
			 subject to any material requirements or limitations, the advertisement shall
			 specify those requirements or limitations.
c. An advertisement shall not make any
			 statement or fail to make any statement the result of which shall present a
			 misleading or deceptive impression to consumers.
d. An advertisement shall clearly show the
			 licensee's unique NMLS identification number.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.19 - Complaints and Investigations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The administrator may, at any time and as
			 often as the administrator deems necessary, investigate a licensee and examine
			 the licensee's books, accounts, records, and files.
(2) The administrator may investigate
			 complaints or alleged violations about any licensee.
(3) The following shall constitute a
			 complaint or alleged violation:
a. A written
			 complaint received from a consumer, member of the public, employee business
			 affiliate, or other governmental agency.
b. Notice to the administrator from any
			 source that the licensee has been the subject of disciplinary proceedings in
			 another jurisdiction.
c. Notice to
			 the administrator from any source that the licensee has been convicted of
			 forgery, embezzlement, obtaining money under false pretenses, extortion,
			 conspiracy to defraud, or other similar offense, in a court of competent
			 jurisdiction in this state or in any other state, territory or district of the
			 United States, or in any foreign jurisdiction.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.20 - Disciplinary Action

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 The administrator has authority pursuant to Iowa Code chapters 535B and 17A to
			 impose discipline for violations of Iowa Code chapter 535B and the rules
			 promulgated thereunder.
(2) Grounds
			 for discipline. The administrator may impose any of the disciplinary sanctions
			 set out in Iowa Code section
			 535B.7 when
			 the administrator finds any of the following:
a. The licensee has violated a provision of
			 Iowa Code chapter 535B or a rule adopted under Iowa Code chapter 535B or any
			 other state or federal law applicable to the conduct of the licensee's
			 business, including but not limited to Iowa Code chapters 535 and
			 535A.
b. A fact or condition exists
			 which, had it existed at the time of the original application for the license,
			 would have warranted the administrator to refuse to issue the original
			 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.
e. The licensee fails to fully cooperate with
			 an examination or investigation, including failure to respond to an
			 administrator inquiry within 30 calendar days of the date of mailing a written
			 communication directed to the licensee's last-known address on file with the
			 administrator.
f. The licensee has
			 engaged in any conduct that subverts or attempts to subvert an examination or
			 investigation by the administrator.
g. The licensee continues to operate as a
			 mortgage banker, mortgage broker, or closing agent without an active and
			 current license.
h. and
i. Reserved.
j. The licensee fails to notify the
			 administrator within 10 days of the occurrence of one of the significant events
			 set forth in rule
			 187-18.7
			 (17A,535B).
k. Another state or
			 jurisdiction has denied, suspended, revoked, or refused to renew the licensee's
			 license, registration, or authorization to act as a mortgage banker, mortgage
			 broker, or closing agent under the other state's or jurisdiction's law.
l. The licensee fails to create
			 and maintain complete and accurate records as required by state or federal law,
			 regulation, or rule.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.21 - Trust Fund Accounting and Internal Controls

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A closing agent shall establish and
			 maintain a separate subsidiary ledger for each real estate transaction for
			 which the closing agent performs real estate closing services.
(2) A closing agent shall prepare a trial
			 balance for each trust account and each subsidiary ledger at least once each
			 calendar month.
(3) A closing agent
			 shall perform a three-way reconciliation of bank balance, book balance, and
			 trust account trial balance for each bank trust account at least once each
			 calendar month. A member of the closing agent's management team shall review
			 and approve the reconciliation at least once each calendar month.
(4) A closing agent shall design accounting
			 processes with the appropriate level of internal controls and management
			 oversight. The process shall include an appropriate segregation of duties. It
			 is recommended that trust account reconciliations be prepared by a person other
			 than a person who records receipts or makes deposits to the trust account. A
			 closing agent may use an outside accountant to perform
			 reconciliations.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.23 - Employees of Closing Agents

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A closing agent shall exercise diligence
			 in hiring practices, including policies regarding background investigations. A
			 closing agent shall conduct a background investigation and credit check for
			 each employee responsible for handling funds.
(2) A closing agent shall provide appropriate
			 training to employees on real estate closing matters, including trust account
			 administration, real estate closing procedures, and fraud prevention.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.24 - Reporting Obligation

Current through Register Vol. 47, No. 3, July 24, 2024
If a closing agent detects defalcation regarding the closing
				agent's trust account funds, the closing agent must file the following notice
				with the division of banking within three days of discovering the defalcation.
				"We have detected circumstances regarding our trust account funds that may
				warrant an investigation by the banking division. The amount of funds involved
				is believed to be $________."
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents › Rule 187-18.25 - Real Estate Brokers

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of applying the exemption in Iowa Code section
				535B.2(6),
				a real estate broker performing real estate closing services shall be deemed to
				be engaged in practice as a real estate broker only when performing real estate
				closing services on a transaction in which the broker's brokerage represents
				one of the parties to the transaction and the closing is being administered
				through an account regulated by the real estate commission pursuant to Iowa
				Code chapter 543B.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of this chapter, the definitions in Iowa Code
				section
				535D.3 shall apply.
				In addition, unless the context otherwise requires, the following definitions
				shall apply to this chapter and to Iowa Code chapter 535D:
"Licensee"
means a person who has a license to
				operate as a mortgage loan originator in accordance with the provisions of Iowa
				Code section
				535D.4.
"Nationwide multistate licensing system"
or
"NMLS"
means a multistate licensing system developed and
				maintained by the Conference of State Bank Supervisors and the American
				Association of Residential Mortgage Regulators for the licensing and
				registration of mortgage loan originators, mortgage providers, mortgage
				lenders, mortgage brokers, and mortgage servicers.
"SAFE mortgage loan originator test"
means the
				licensing test approved by the NMLS in accordance with the provisions of Iowa
				Code section
				535D.8.
"Servicer"
means a person that collects or
				receives payments, including principal, interest and trust items such as hazard
				insurance, property taxes and other amounts due, on behalf of a note holder or
				investor in accordance with the terms of a residential mortgage loan.
"Superintendent"
means the superintendent of
				banking appointed pursuant to Iowa Code section
				524.201.
"Takes a residential mortgage loan application,
				"
with respect to Iowa Code section
				535D.3(8),
				means:
1. Any communication, regardless of form, from a mortgage loan
				originator to a borrower soliciting a loan application or requesting
				information typically required in an application for the purpose of deciding
				whether or not to extend the requested offer of a loan to a borrower; or
2. Any communication, regardless of form, from a borrower to a
				mortgage loan originator for an offer or responding to a solicitation for an
				offer of residential mortgage loan terms or providing information typically
				required in an application for the purpose of deciding whether or not to extend
				the requested offer of a loan to a borrower.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.4 - Renewal of Mortgage Loan Originator License

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A mortgage loan originator license must
			 be renewed before expiration. An individual who fails to renew a mortgage loan
			 originator license before expiration is not authorized to act as a mortgage
			 loan originator in Iowa after the expiration date.
(2) By December 1 of the year of expiration,
			 a mortgage loan originator license shall be renewed through the NMLS, with all
			 requested information provided as directed by the NMLS, and must be accompanied
			 by a fee of $50. This fee is nonrefundable. This fee is in addition to any fees
			 established and charged by the NMLS, any approved education course provider,
			 any approved education testing provider, any law enforcement agency for
			 fingerprints and background checks, or by any credit reporting agency used by
			 the NMLS. The superintendent may assess a late fee of $5 per day not to exceed
			 $100 for a mortgage loan originator license renewal accepted for processing
			 after December 1.
(3) The
			 superintendent may reject a mortgage loan originator license renewal if the
			 license renewal is not complete or if all required fees, including late fees,
			 are not remitted.
(4) The
			 superintendent shall grant an application to renew a mortgage loan originator
			 license if the licensee meets the standards for renewal in Iowa Code section
			 535D.9
			 and:
a. The superintendent receives the
			 renewal application by December 1, accompanied by the $50 renewal fee, or the
			 superintendent receives the license renewal after December 1 but before January
			 1 and it is accompanied by the renewal fee and the appropriate late
			 fee;
b. The renewal application is
			 fully completed with all necessary information, including proper disclosure of
			 completion of required continuing education; and
c. The renewal application does not reveal
			 grounds to deny the mortgage loan originator license.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.5 - Reinstatement of License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 The license of a mortgage loan originator that expires for failure to satisfy
			 the minimum standards for renewal may be reinstated if the licensee meets the
			 following requirements:
a. The application
			 for reinstatement is submitted between January 1 and February 28 of the year
			 immediately following the year the license expired.
b. All continuing education courses and any
			 other minimum requirements for license renewal for the year in which the
			 license expired are completed prior to submission of the application for
			 reinstatement.
c. The licensee pays
			 a reinstatement fee of $50, in addition to the renewal fee, and any late
			 charges.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.6 - Notice of Significant Events

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee shall notify the superintendent through the NMLS
				within ten days of the occurrence of any of the following events.
(1) The licensee files for bankruptcy
			 protection.
(2) A prosecuting
			 authority files criminal charges against the licensee.
(3) Another state or jurisdiction institutes
			 license denial, cease and desist, suspension or revocation procedures, or other
			 formal or informal regulatory action against the licensee.
(4) The attorney general of Iowa, the Federal
			 Trade Commission, or the enforcer of the consumer protection laws of any other
			 jurisdiction initiates an action to enforce consumer protection laws against
			 the licensee.
(5) The Federal
			 National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal
			 Housing Administration, or Government National Mortgage Association suspends or
			 terminates the licensee's status as an approved loan originator.
(6) The licensee ceases engaging in
			 activities requiring a license and wishes to surrender the licensee's license.
			 Although the licensee has surrendered the licensee's license, the
			 superintendent retains jurisdiction over the licensee's activities during the
			 time the individual was licensed.
(7) A change is made in the licensee's
			 name.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.7 - Annual Report

Current through Register Vol. 47, No. 3, July 24, 2024
On or before March 31 of each year, each mortgage loan
				originator who as of the preceding December 31 was not employed by or an
				exclusive agent of a company licensed under Iowa Code chapter 535B, 536, or
				536A shall file an annual report with the superintendent stating the amount of
				residential mortgage loans originated, processed, or underwritten, as the case
				may be, during the preceding calendar year.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.8 - Administrative Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Investigation or examination fees.
A licensee shall pay an
			 investigation or examination fee as determined by the superintendent based on
			 the actual cost of the operation of the finance bureau of the banking division
			 as described in Iowa Code section
			 535D.11(2).
(2)
Investigation or examination late
			 fees.
A licensee shall pay the superintendent the total charge for an
			 investigation or examination within 3 0 days after the superintendent has
			 requested payment. If a licensee fails to pay an investigation or examination
			 fee by the due date, the superintendent may assess an additional penalty of 5
			 percent of the amount of the fee for each day after the due date.
(3)
late fees for failing to
			 respond.
In the process of administering this chapter, the
			 superintendent may require a person to provide responses to formal orders,
			 examinations, or complaint inquiries. If a person fails to respond within 30
			 days of the request, the superintendent may assess a penalty of $10 per day
			 after the initial 30 days.
(4)
Required annual report. A
licensee who fails to file with the
			 superintendent the annual report required under rule
			 187-19.7 (17A,535D)
			 by March 31 of each year shall be subject to a late penalty of $10 for each day
			 the annual report is delinquent, but in no event shall the aggregate of late
			 penalties exceed $300. The superintendent may relieve any licensee from the
			 payment of any penalty, in whole or in part, for good cause.
(5)
NMIS system processing
			 fees.
In addition to the fees set forth in this chapter, the applicant
			 or licensee shall pay any fee assessed by the NMLS attributed to the licensee's
			 record in the NMLS, including but not limited to the initial set-up fee, an
			 annual processing fee, and a loan sponsorship transfer
			 fee.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.9 - Continuing Education

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
			 licensee applying to renew a mortgage loan originator license shall, during the
			 license term preceding renewal, complete at least eight hours of continuing
			 education or prelicensing education.
(2) Each continuing education course shall
			 first be approved by the NMLS before the superintendent grants continuing
			 education credit.
(3) Continuing
			 education courses shall focus on issues of the mortgage business or related
			 industry topics.
(4) The entity
			 providing the continuing education course shall submit to the NMLS evidence of
			 the licensee's satisfactory completion of approved continuing
			 education.
(5) Continuing education
			 hours shall not be carried forward from one year to the next.
(6) Each mortgage loan originator shall
			 ultimately be responsible for maintaining verification records in the form of
			 completion certificates or other documents providing evidence of satisfactory
			 completion of approved continuing education courses. The mortgage loan
			 originator shall retain documentation for a period of three years after the
			 effective date of the mortgage loan originator license renewal. The
			 superintendent may conduct random audits to verify the continuing education
			 submitted to the NMLS.
(7) Failure
			 to provide requested evidence of completion of claimed continuing education
			 within 30 days of the written notice from the superintendent shall result in
			 the mortgage loan originator license being placed in inactive status. Prior to
			 the superintendent's activating a mortgage loan originator license that has
			 been placed on inactive status pursuant to this rule, the mortgage loan
			 originator must submit to the superintendent satisfactory evidence that all
			 required continuing education has been completed.
(8) The requirement for completion of
			 continuing education may be waived or the deadline for completion may be
			 extended by the superintendent under either of the following circumstances:
a. The mortgage loan originator is called to
			 active duty in the armed forces of the United States for a period of time
			 exceeding 120 consecutive days in any continuing education year.
b. The mortgage loan originator experiences
			 physical disability, illness, or any extenuating circumstances that prevent
			 successful completion of continuing education.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.10 - Independent Contractor-loan Processor or Underwriter

Current through Register Vol. 47, No. 3, July 24, 2024
(1) For the purpose of Iowa Code section
			 535D.4,
			 "a loan processor or underwriter who is an independent contractor" means any
			 person who processes or underwrites residential mortgage loans and is not a W-2
			 employee of a company licensed under Iowa Code chapter 535B, 536, or
			 536A.
(2) An independent contractor
			 must meet all the licensure requirements found in rule
			 187-19.2
			 (17A,535D) with the exception of subrule 19.2(8).
(3) An independent contractor must meet the
			 surety bond requirements found in subrule 19.2(7) prior to the issuance of a
			 license.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.11 - Nmls Information Challenge Process

Current through Register Vol. 47, No. 3, July 24, 2024
A mortgage loan originator may challenge information entered
				into the NMLS by the superintendent by filing a dispute with the superintendent
				outlining the grounds for the dispute. The grounds for the dispute shall be
				limited to a review of the factual accuracy of the information regarding the
				mortgage loan originator's own license record submitted to the NMLS by the
				superintendent. A mortgage loan originator may not file a dispute in order to
				protest a disciplinary action taken by the superintendent or to appeal the
				underlying reasons for the disciplinary action. The superintendent shall
				conduct a paper review of the dispute and determine whether the information
				submitted to the NMLS was factually correct. The superintendent shall notify
				the mortgage loan originator of the determination within 60 days of the receipt
				of the dispute. If the superintendent determines the information submitted to
				the NMLS is factually incorrect, the superintendent shall take prompt steps to
				correct the information submitted.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.12 - Disciplinary Action

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 The superintendent has authority, pursuant to Iowa Code chapters 535D and 17A,
			 to impose discipline for violations of Iowa Code chapter 535D and the rules
			 promulgated thereunder.
(2) Grounds
			 for discipline. The superintendent may impose any of the disciplinary sanctions
			 set out in Iowa Code section
			 535D.13
			 when the superintendent finds any of the following:
a. The licensee has violated a provision of
			 Iowa Code chapter 535D or a rule adopted thereunder or any other state or
			 federal law applicable to the conduct of mortgage loan originators, including
			 but not limited to Iowa Code chapters 535 and 535A.
b. A fact or condition exists which, had it
			 existed at the time of the original application for the license, would have
			 warranted the superintendent to refuse to issue the original license.
c. The licensee fails at any time to meet the
			 requirements of Iowa Code section
			 535D.6 or
			 535D.9
			 or withholds information or makes a material misstatement in an application for
			 a license or the renewal of a license.
d. The licensee has violated an order of the
			 superintendent.
e. The licensee
			 fails to fully cooperate with an examination or investigation, including
			 failure to respond to a superintendent inquiry within 30 days of the date of
			 mailing a written communication directed to the licensee's last-known address
			 on file with the superintendent.
f.
			 The licensee has engaged in any conduct that subverts or attempts to subvert an
			 examination or investigation by the superintendent.
g. The licensee continues to operate as a
			 mortgage loan originator without an active and current license.
h. The licensee continues to act as a
			 mortgage loan originator without first satisfying the required continuing
			 education, absent an express waiver granted by the superintendent.
i. The licensee has submitted a false report
			 of continuing education.
j. The
			 licensee fails to notify the superintendent within ten days of the occurrence
			 of one of the significant events set forth in rule
			 187-19.6(17A,535D).
k. Another
			 state or jurisdiction has denied, suspended, revoked, or refused to renew the
			 licensee's license, registration, or authorization to act as a mortgage loan
			 originator under the other state's or jurisdiction's law.
l. The licensee fails to create and maintain
			 complete and accurate records as required by state or federal law, regulation,
			 or rule.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 19 - Mortgage Loan Originators › Rule 187-19.15 - Nonpayment of State Debt

Current through Register Vol. 47, No. 3, July 24, 2024
The superintendent shall deny the issuance or renewal of a
				mortgage loan originator license upon the receipt of a certificate of
				noncompliance from the centralized collection unit of the department of revenue
				according to the procedures in Iowa Code chapter 272D. In addition to the
				procedures set forth in Iowa Code chapter 272D, this rule shall apply.
(1) The notice required by Iowa Code section
			 272D.8
			 shall be served on the mortgage loan originator or applicant by restricted
			 certified mail, return receipt requested, or personal service in accordance
			 with the Iowa Rules of Civil Procedure. Alternatively, the mortgage loan
			 originator or applicant may accept service personally or through authorized
			 counsel.
(2) The effective date of
			 the denial of issuance or renewal of a license, as specified in the notice
			 required by Iowa Code section
			 272D.8,
			 shall be 60 days following service of the notice upon the mortgage loan
			 originator or applicant.
(3) The
			 superintendent is authorized to prepare and serve the notice required by Iowa
			 Code section
			 272D.8
			 upon the mortgage loan originator or applicant.
(4) Mortgage loan originators and applicants
			 shall keep the superintendent informed of all court actions and all centralized
			 collection unit actions taken under or in connection with Iowa Code chapter
			 272D and shall provide the superintendent copies, within seven days of filing
			 or issuance, of all applications filed with the district court pursuant to Iowa
			 Code section
			 272D.9,
			 all court orders entered in such actions, and withdrawals of certificates of
			 noncompliance by the centralized collection unit.
(5) All fees for applications, license
			 renewals or reinstatements must be paid by mortgage loan originators or
			 applicants, and all continuing education requirements must be met before a
			 mortgage loan originator license will be issued, renewed or reinstated after
			 the superintendent has denied the issuance or renewal of a mortgage loan
			 originator license pursuant to Iowa Code chapter 272D. This rule is intended to
			 implement Iowa Code chapters 272D and 17A.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purposes of this chapter, the definitions in Iowa Code
				chapter 533A shall apply. In addition, unless the context otherwise
				requires:
"Debt management business"
means a person that
				performs debt management as defined in Iowa Code section
				533A.1(2)
				 or debt settlement as defined in Iowa Code
				section
				533A.1(3).
"Nationwide multistate licensing system"
or
"NMLS"
means a multistate licensing system developed and
				maintained by the Conference of State Bank Supervisors and the American
				Association of Residential Mortgage Regulators for the licensing and
				registration of nondepository financial institutions.
"Upon completion of a settlement of a debtor's
				debt"
means when all of the payments necessary to completely satisfy a
				debtor's debt have been remitted to the creditor.
Iowa Administrative Code › Agency 187 - Banking Division › Chapter 20 - Debt Management › Rule 187-20.2 - Utilization of the Nmls

Current through Register Vol. 47, No. 3, July 24, 2024
All application and licensing information shall be submitted
				through the NMLS including but not limited to the following: original
				application information; changes in application information; license renewal
				information; changes in name, location, and control; and notices of significant
				events. The applicant or licensee shall pay any fees required by the NMLS
				including but not limited to the following: system processing fees, background
				check fees, and credit background check fees.