535A.1 Definitions. For purposes of this chapter, unless the context otherwise requires: 1. “Financial institution” means any bank, credit union, insurance company, mortgage banking company or savings and loan association, industrial loan company, or like institution or any other person who makes mortgage loans and which operates or has a place of business in this […]
535A.12 Repealed by 88 Acts, ch 1145, §6.
535A.2 Discriminatory — real estate mortgages. 1. It is a discriminatory practice for any financial institution accepting mortgage loan applications to engage in the practice of red-lining as defined in section 535A.1. 2. This section shall be administered and enforced by the following agencies: a. The superintendent of banking or the superintendent’s designee in regard […]
535A.3 Discretion of financial institution. Nothing contained in this chapter shall preclude a financial institution from applying economically sound underwriting practices in contemplation of any mortgage loan to any person. Such practices shall include but are not limited to the following: 1. The willingness and the financial ability of the borrower to repay the mortgage […]
535A.4 Disclosure. Repealed by 2010 Acts, ch 1114, §5 .
535A.5 Agency to administer. Repealed by 2010 Acts, ch 1114, §5.
535A.6 Action for damages. 1. Any person who has been aggrieved as a result of a violation of sections 535A.1 through 535A.3, this section, or sections 535A.7 through 535A.9 may bring an action in the district court of the county in which the violation occurred or in the county where the financial institution involved is […]
535A.7 Criminal penalty. Any person who knowingly engages in a practice which violates the provisions of section 535A.2 or 535A.9 is guilty of a serious misdemeanor. [C79, 81, §535A.7] 85 Acts, ch 238, §3; 2010 Acts, ch 1114, §4 Referred to in §535A.6
535A.8 Civil penalty. Any person who in bad faith fails to comply with the provisions of this chapter is subject to punitive damages not to exceed one thousand dollars in addition to actual damages as set forth in section 535A.6. [C79, 81, §535A.8] Referred to in §535A.6
535A.9 Tying arrangements prohibited. 1. A financial institution which makes or offers to make real estate mortgage loans shall not: a. Grant or offer to grant a loan on the prior condition, that the borrower is required to contract with any specific person or organization for either of the following: (1) Services of a real […]
