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

1. The superintendent may, pursuant to chapter 17A , take disciplinary action against a licensed mortgage loan originator if the superintendent finds any of the following: a. The licensee has violated a provision of this chapter or a rule adopted pursuant to this chapter or any o…

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…

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 th…

The superintendent may conduct investigations and examinations as follows: 1. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation to determine compliance w…

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 an…

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…

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, reg…

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…

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 pr…

The superintendent shall have broad administrative authority to administer, interpret, and enforce this chapter and to promulgate rules implementing this chapter . 2009 Acts, ch 61, §22, 25

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 su…

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…

As used in this chapter , unless the context otherwise requires: 1. “Clerical or support duties” means, subsequent to the receipt of a residential mortgage loan application, the receipt, collection, distribution, and analysis of information common for the processing or underwriti…

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…

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 …

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 syste…

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 …

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 originati…

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…

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 r…