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

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…

1. This chapter may be referred to as the “Iowa Regulated Loan Act” . 2. With respect to a loan other than a consumer loan, a person shall not engage in the business of making loans of money, credit, goods, or things in action in the amount or of the value of the threshold amount…

1. For the purpose of discovering violations of this chapter or securing information lawfully required by the superintendent, the superintendent may at any time, either personally or by designee, investigate the loans and business and examine the books, accounts, records, and fil…

1. The licensee shall keep such books, accounts, and records as the superintendent may require in order to determine whether such licensee is complying with the provisions of this chapter and with the rules and regulations lawfully made by the superintendent under this chapter . …

1. No licensee shall conduct the business of making loans under the provisions of this chapter within any office, room, suite or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except as may be authorized in wr…

1. The superintendent may investigate the conditions and find the facts with reference to the business of making regulated loans, as described in section 536.1 , and after making the investigation, report in writing any findings to the next regular session of the general assembly…

Every licensee, in addition to complying with requirements of the Iowa consumer credit code, chapter 537 , respecting consumer loans, shall: 1. Permit payment to be made in advance in any amount on any contract of loan at any time, but the licensee may apply such payment first to…

A licensee shall not directly or indirectly charge, contract for, or receive any interest or consideration greater than the lender would be permitted by law to charge if the lender were not a licensee upon the loan, use, or forbearance of money, goods, or things in action, or upo…

Notwithstanding other provisions of this chapter to the contrary, a person who neither has an office physically located in this state nor engages in face-to-face solicitation in this state, if authorized by another state to make loans in that state at a rate of finance charge in …

Any person, partnership, association, or corporation and the several members, officers, directors, agents, and employees thereof, who shall violate or participate in the violation of any of the provisions of section 536.1 , 536.12 , 536.13 or 536.14 , which are not also violation…

1. An application for a license shall be in the form prescribed by the superintendent, and shall contain all of the following: a. The name and the address, both of the residence and place of business, of the applicant. If the applicant is not a natural person, the application sha…

This chapter shall not apply to any person doing business under and as permitted by any law of this state or of the United States relating to banks, trust companies, building and loan associations, credit unions or licensed pawnbrokers, nor shall it apply to any domestic corporat…

The superintendent is hereby authorized and empowered to adopt such reasonable and relevant rules pursuant to chapter 17A as may be necessary for the execution and the enforcement of the provisions of this chapter . Rules adopted shall be in addition to and not inconsistent with …

The superintendent of banking is hereby authorized to employ such competent help as the superintendent deems necessary to carry out and perform the provisions of this chapter , and is hereby authorized and empowered to pay such persons so employed from the license fees, examinati…

Judicial review of the actions of the superintendent may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A . [C35, §9438-f23; C39, § 9438.23; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.23 ] 2003 Acts, ch 44, §114 ; 2004 Acts, …

The superintendent of banking shall, in listing the names of licensees under this chapter , indicate if the licensee is one of a chain of two or more such licensees, the name of the owner and the address of the principal place of business of each owner, a summary of individual re…

1. A licensee shall not, directly or indirectly, sell or offer for sale any life or accident and health insurance in connection with a loan made under this chapter except as and to the extent authorized by this section . Life, accident and health insurance, or any of them, may be…

A licensee may sell the borrower insurance against loss of or damage to property owned by the borrower or loss from liability arising out of the ownership or use of property owned by the borrower. When the transaction is a consumer credit transaction as defined in section 537.130…

As used in this chapter , unless the context otherwise requires: 1. “Administrator” means the person designated in section 537.6103 . 2. “Consumer loan” means a loan as defined in section 537.1301 . 3. “Licensee” means a person licensed under this chapter . 4. “Superintendent” me…

1. The superintendent shall enforce the Iowa consumer credit code, chapter 537 , with respect to licensees, as provided in sections 537.2303 , 537.2305 and 537.6105 . 2. The superintendent shall cooperate with the administrator, and shall assist the administrator whenever necessa…

An applicant for a license shall file with the superintendent a bond furnished by a surety company authorized to do business in this state. Until such time as the superintendent through the administrative rule process determines a bond amount that reflects the dollar value of loa…

In addition to any other duties imposed upon the superintendent by law, the superintendent may require applicants and licensees to be licensed through the nationwide mortgage licensing system and registry as defined in section 535D.3 . In order to carry out this requirement, the …

1. Upon the filing of such application, the approval of such bond and the payment of such fees, the superintendent shall make a thorough and complete investigation of the facts as the superintendent may deem necessary or proper. 2. If the superintendent shall determine from such …

Such license shall state the address of the place where the business of making such loans is to be conducted and shall state fully the name of the licensee, and if the licensee is a partnership or association, the names of the members thereof, and if a corporation, the date and p…

1. If the superintendent finds at any time that the bond is insecure or exhausted or otherwise of doubtful validity or collectibility, an additional bond to be approved by the superintendent, with one or more sureties and of the character specified in section 536.3 , in a sum not…

1. Only one place of business where loans are made shall be maintained under a license. However, the superintendent may issue more than one license to the same licensee upon compliance, for each such additional license, with all the provisions of this chapter governing an origina…

The prior written approval of the superintendent is required whenever a change in control of the licensee is proposed. For purposes of this section , “control” means control as defined in section 524.103 . The superintendent may require information deemed necessary to determine w…

Every licensee shall annually, on or before December 1, submit a renewal application on forms prescribed by the superintendent and pay to the superintendent the sum as provided in section 536.2 as an annual license fee for the next succeeding calendar year. The superintendent may…

1. The superintendent may, after notice and hearing pursuant to chapter 17A , take disciplinary action against a licensee if the superintendent finds any of the following: a. The licensee has violated a provision of this chapter or a rule adopted under this chapter or any other s…

This chapter may be referred to as the “Iowa Industrial Loan Law” . [C66, 71, 73, 75, 77, 79, 81, §536A.1 ]

1. The superintendent shall approve the application and issue to the applicant a license to engage in the industrial loan business in accordance with the provisions of this chapter , if the superintendent shall find: a. That the financial responsibility, experience, character and…

1. If the superintendent shall not approve the application, the superintendent shall prepare a written denial of the application with a written finding of facts which shall be sent by certified mail to the applicant. Within fifteen days after mailing of notice of the denial of it…

1. Each license remains in full force and effect until surrendered, revoked, or suspended, or until there is a change of control. 2. A licensee, on or before December 1, shall pay to the superintendent the sum of two hundred fifty dollars as an annual license fee for the succeedi…