Iowa Administrative Code

effective 1/1/10.

effective 1/1/10.

effective 1/1/10.

18.16(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…

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. [ARC 8238B, …

18.18(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 a…

18.19(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. 18.19(2) The administrator may investigate complaints or alleged violations about any licensee. 18…

18.2(1) Application for a license to operate as a mortgage banker, mortgage broker, or closing agent shall be submitted to the administrator through the NMLS, and all requested information shall be provided on or with the application form. The administrator may consider an applic…

18.20(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. 18.20(2) Grounds for discipline. The administrator may impose any of the disciplinary sanctions…

18.21(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. 18.21(2) A closing agent shall prepare a trial balance for each trust account and each subsidiary…

18.22(1) A closing agent shall read and comply with all closing instructions from the parties to the transaction. 18.22(2) A closing agent shall disburse or deliver funds only in accordance with closing instructions from the lender, the attorney’s title opinion or title commitmen…

18.23(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. 18.23(2) A closing agent shal…

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…

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 th…

18.3(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, mortgag…

18.4(1) The superintendent shall approve or deny a license application in accordance with the provisions of Iowa Code section 535B.5. 18.4(2) The following may be considered evidence that the business of the applicant may not be operated honestly in the public interest consistent…

1/1/10.

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 authority files criminal charges against the licensee or any of a …

18.8(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. 18.8(2) A licensee shall notify the administrator through the NMLS of a chan…

18.9(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 dat…

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 I…

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 …

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 ori…

19.12(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. 19.12(2) Grounds for discipline. The superintendent may impose any of the disciplinary sanct…

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 human services according to the procedures in Iowa Code chapter 252J. In addition to the procedures set forth in Iowa Code ch…

8/19/20. [ARC 8239B, IAB 10/21/09, effective 11/25/09]

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, thi…

19.2(1) A natural person who applies for a license pursuant to Iowa Code section 535D.4 to act as a mortgage loan originator in this state shall apply with the superintendent through the NMLS. The superintendent may consider an application withdrawn if it does not contain all of …

19.3(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, b…

19.4(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. 19.4(2) By December 1 of t…

19.5(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…

NMLS within ten days of the occurrence of any of the following events. 19.6(1) The licensee files for bankruptcy protection. 19.6(2) A prosecuting authority files criminal charges against the licensee. 19.6(3) Another state or jurisdiction institutes license denial, cease and des…

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 underwritt…

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, during the license term preceding renewal, complete at least eight hours of continuing education or prelicensing education. 19.9(2) Each continuing education course shall first be approved by the NMLS …

2.1(1) Application. Persons desiring to organize a state-chartered bank should first meet with the superintendent to discuss the proposal. An “Application to Organize a State Bank” and supplementary forms may be obtained for submission to the superintendent. 2.1(2) Investigation.…

2.12(1) Scope. This rule contains procedures by which the superintendent may reach informed decisions with respect to those applications for which the superintendent shall deem a public hearing necessary. These procedures provide a method by which all persons interested in the su…

2.14(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 shall, at a minimum, contain the following information. a. A detailed description of the …

2.15(1) Scope. Iowa law authorizes state-chartered banks to engage in any aspect of the securities business. The evolution of this authority by state banks has been confined primarily to recommending and selling interests in mutual funds, annuities, and other nondeposit investmen…

2.16(1) Scope. Futures contracts shall be 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 shall be defined as over-…

2.17(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…

2.18(1) Scope. Iowa Code section 524.802A as enacted by 2022 Iowa Acts, Senate File 586, authorizes a state bank to engage in new or innovative electronic activities that are part of the business of banking. When considering a proposal to engage in new or innovative electronic ac…

by state banks adopted by the superintendent: Establish a bank office: $2,000 Establish a mobile bank office, courier service, or convenience $2,000 office: Relocate principal place of business: $1,050 Relocate a bank office: $1,000 Conversion to a state bank: $5,050 + examinatio…

2.2(1) Application. A national bank desiring to become a state bank should first meet with the superintendent to discuss the proposal. An application and supplementary forms may be obtained for submission to the superintendent. 2.2(2) Examination and investigation. The superinten…

2.3(1) Definition. For purposes of this rule, the term “merger” means a merger in which the resulting bank is a state bank. 2.3(2) Application. State banks or national and state banks desiring to merge or a state bank desiring to purchase the assets and assume the liabilities of …

2.4(1) Application. A state-chartered bank desiring to establish and operate a bank office shall submit to the superintendent an “Application to Establish a Bank Office,” which is available upon request. 2.4(2) Investigation. The superintendent may conduct an investigation as dee…

2.5(1) Application. 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,” which are available on the division’s…