Title XIII, COMMERCE (Ch. 505 - 554I)

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

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. …

1. “Advance fee” means consideration of any type including a payment, fee, pay-per-call charge, or deposit, which is assessed or collected prior to the closing of a loan or the issuing of a credit card. 2. “Borrower” means a person who seeks the services of a loan broker. 3. “Loa…

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 …

A loan broker who violates a provision of this chapter is guilty of a serious misdemeanor. 83 Acts, ch 146, §6 ; 93 Acts, ch 60, §16 Referred to in §714.16

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 …

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 …

The attorney general may adopt rules according to chapter 17A as necessary or appropriate to implement the purposes of this chapter . 83 Acts, ch 146, §9 ; 93 Acts, ch 60, §17 Referred to in §714.16