Iowa Administrative Code

18.5(1) A licensee must renew a license before the expiration date of the license to remain authorized to act as a mortgage banker, mortgage broker, or closing agent. Licenses expire on the next December 31 after they are issued, but licenses granted on or after November 1 but be…

18.6(1) A licensee shall notify the administrator through NMLS of a change in the location, the addition, or the closing of any office prior to the change, addition, or closure. 18.6(2) A mortgage banker or mortgage broker licensee shall maintain on file with the administrator, t…

A licensee shall notify the administrator in writing within ten days of the occurrence of any of the following events: 18.7(1) The licensee or any of the licensee’s officers, directors, principal stockholders, or affiliates file for bankruptcy protection. 18.7(2) A prosecuting au…

18.8(1) 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 administrat…

18.9(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 …

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: “Nationwide multistate licensing system” or “NMLS” m…

19.10(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 …

A mortgage loan originator may challenge information entered into NMLS by the superintendent by filing a dispute with the superintendent outlining the grounds for the dispute. The grounds for the dispute are limited to a review of the factual accuracy of the information regarding…

The superintendent may impose any of the disciplinary sanctions set out in Iowa Code section 535D.13(2) when the superintendent makes any of the findings in Iowa Code section 535D.13(1) or when the superintendent finds any of the following: 19.12(1) The licensee fails to respond …

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 with the superintendent an annual report as required by Iowa…

The superintendent shall deny the issuance or renewal of a mortgage loan originator license upon the receipt of a certificate of noncompliance from the child support recovery unit of the department of health and human services according to the procedures in Iowa Code chapter 252J…

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, and the procedur…

19.2(1) All application and licensing information shall be submitted through NMLS, including but not limited to the following: original application information, changes in application information, license renewal information, and notices of significant events. 19.2(2) The applica…

19.3(1) An application for a license to act as a mortgage loan originator shall be submitted to the superintendent, on the form provided and with the information requested, through NMLS. The superintendent may consider an application withdrawn if it does not contain all required …

19.4(1) The superintendent shall deny an application for a mortgage loan originator license if the applicant does not meet the qualifications outlined in Iowa Code section 535D.6. For the purpose of applying Iowa Code section 535D.6(2), “dishonesty or breach of trust” includes bu…

19.5(1) A mortgage loan originator license must be renewed before the expiration date of the license to remain authorized to make regulated loans. Licenses expire on the next December 31 after they are issued, but licenses granted on or after November 1 but before January 1 do no…

19.6(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 y…

A licensee shall notify the superintendent through NMLS within ten days of the occurrence of any of the following events. 19.7(1) The licensee files for bankruptcy protection. 19.7(2) A prosecuting authority files criminal charges against the licensee. 19.7(3) Another state or ju…

19.8(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). 19.8(2) In…

19.9(1) A licensee applying to renew a mortgage loan originator license shall complete continuing education as specified in Iowa Code section 535D.10. 19.9(2) The entity providing the continuing education course shall submit to NMLS evidence of the licensee’s satisfactory complet…

Persons desiring to organize a state- chartered bank should first meet with the superintendent to discuss the proposal. This rule is intended to implement Iowa Code section 524.303. [ARC 0583D, IAB 9/16/26, effective 10/21/26]

2.10(1) Scope. Iowa law authorizes state banks to engage in any aspect of the securities business. Recommending and selling interests in mutual funds, annuities, and other nondeposit investment products on bank premises may be conducted directly by a state bank, through a subsidi…

2.11(1) Scope. a. Futures contracts are defined as standardized contracts traded on and guaranteed by organized exchanges to purchase or sell a specified security or a bank certificate of deposit on a future date at a specified price. Forward contracts are defined as over-the-cou…

2.12(1) Definitions. “Bank-owned courier service” means a service that has the sole purpose of serving specific customers with pick-up or delivery services for banking activities such as deposits, withdrawals, and loan transactions. “Convenience office” means a bank office at a f…

The following is a schedule of the fees for corporate applications filed by state banks adopted by the superintendent: Conversion to a state bank: $5,000 + examination fee New (de novo) state bank: $15,000 Certificate of Good Standing or Proof of Official Records: $25 This rule i…

2.2(1) Application. A national bank, federal savings association, out-of-state bank, or state or federally chartered credit union desiring to become a state bank should first meet with the superintendent to discuss the proposal. 2.2(2) Commencement of business as state bank. The …

2.3(1) Definition. For purposes of this rule, “merger” means a merger in which the resulting bank is a state bank. “Purchase and assumption” means a transaction in which a state bank purchases the assets and assumes the liabilities of another bank or credit union. 2.3(2) State ba…

2.4(1) Application. A state bank desiring to establish and operate a bank office shall submit to the superintendent an “Application to Establish a Bank Office.” 2.4(2) Guidelines. In determining whether to approve or deny a bank office application for other than a mobile office, …

A state bank desiring to relocate its principal place of business or a bank office shall submit to the superintendent an “Application to Relocate the Principal Place of Business” or “Application to Relocate a Bank Office.” This rule is intended to implement Iowa Code section 524.…

2.6(1) Application. An application by any person to purchase or otherwise acquire, directly or indirectly, outstanding shares of a state bank that would result in control or a change in control shall be submitted in the format requested by the superintendent and, at a minimum, co…

2.7(1) Application. State banks desiring to effect a reverse stock split or similar change in capital structure by such renewal, amendment, or restatement should contact the superintendent to discuss the proposal prior to its adoption. 2.7(2) Decision. Upon filing such articles, …

2.8(1) Hearings. If the superintendent deems a public hearing necessary with respect to any application, the superintendent may establish appropriate procedures to provide a method by which all persons interested in the subject matter of such applications may present their views.…

2.9(1) Application. An application by a state bank to invest in a bank service corporation or other subsidiary for purposes of engaging in an authorized activity shall be in letter form and contain, at a minimum, the following information. a. A detailed description of the propose…

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 def…

20.10(1) The superintendent may, at any time and as often as the superintendent deems necessary, investigate a licensee and examine the licensee’s books, accounts, records, and files. 20.10(2) The superintendent may investigate complaints about, or alleged violations by, any lice…

20.11(1) The superintendent has authority pursuant to Iowa Code chapters 533A and 17A to impose discipline for violations of Iowa Code chapter 533A and the rules promulgated thereunder. 20.11(2) Grounds for discipline. The superintendent may impose any of the disciplinary sanctio…

A licensee shall adhere to the following restrictions related to operating a debt management business. 20.13(1) Licensees shall not engage in any of the acts prohibited by Iowa Code section 533A.11. 20.13(2) Licensees may not establish branch locations outside the United States. …

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 sign…

20.3(1) An application for a license to operate a debt management business in Iowa shall be submitted to the superintendent, on the form provided and with the information requested, through the NMLS. The superintendent may consider an application withdrawn if it does not contain …

20.4(1) The superintendent shall approve or deny a license application in accordance with the provisions of Iowa Code section 533A.3. 20.4(2) The following may be considered evidence that the business of the applicant may not be operated lawfully and honestly consistent with the …

20.5(1) To remain authorized to operate a debt management business, a licensee must renew a license before the expiration date of the license. A licensee who fails to renew a license before the expiration date is not authorized to operate a debt management business in Iowa after …

20.6(1) A licensee wishing to change the name or location of a debt management business shall notify the superintendent at least 30 days prior to the requested change. The request shall include proof that the licensee has either obtained a new bond or amended the existing bond to…

A licensee shall notify the superintendent immediately and in writing within ten days of the occurrence of any of the following events. 20.7(1) The licensee or any of the licensee’s officers, directors, principal stockholders, or affiliates file for bankruptcy protection or comme…

20.8(1) Examination or investigation 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 533A.10(1). 20.8(2) L…

20.9(1) General record requirements. A licensee must keep records that allow the superintendent 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…

As used in this chapter: “Agency” means the Iowa division of banking. “Superintendent” means the superintendent of banking.

This rule describes the nature and extent of personally identifiable information that is collected, maintained, and retrieved by the agency by personal identifier in record systems as defined in rule 187—7.1(17A,22). The division of banking does not maintain groups of records to …