535B.1 Definitions. As used in this chapter unless the context otherwise requires: 1. “Administrator” means the superintendent of the division of banking of the department of commerce. 2. “Closing agent” means a person who is not a party to the real estate transaction, who provides real estate closing services. 3. “Licensee” means a person licensed […]
535B.10 Investigations and examinations. 1. Within one hundred twenty days after the end of a mortgage banker licensee’s fiscal year, the mortgage banker licensee shall file financial statements which are audited by an independent certified public accounting firm. 2. For the purposes of discovering violations of this chapter or any related rules or for securing […]
535B.11 Servicing mortgages and payoffs. A licensee or other mortgagee who services mortgages on residential real estate located in this state shall do all of the following: 1. Disburse required funds paid by the mortgagor and held in escrow for the payment of real estate taxes and insurance payments no later than their final due […]
535B.12 Payment processing. A licensee or other mortgagee shall not assess a late charge if full payment is received before the date late charges are authorized in the mortgage documents and shall post all periodic payments in full within two business days of receipt. 88 Acts, ch 1146, §12 Referred to in §535B.2, 535B.10
535B.13 Civil enforcement authority. 1. If the administrator believes that a person has engaged in, or is about to engage in, an act or practice that constitutes or will constitute a violation of this chapter, the administrator may apply to the district court for an order enjoining such act or practice. Upon showing by the […]
535B.14 Administrative authority. The administrator shall have broad administrative authority to administer, interpret, and enforce this chapter and to promulgate rules implementing this chapter, including rules providing the grounds for denial of a license based on information received as a result of a background check, character and fitness grounds, and any other grounds for which […]
535B.15 Liability of state. An act or omission by the state pursuant to this chapter including, but not limited to, an examination, inspection, audit, or other financial oversight responsibility shall not subject the state to liability. 88 Acts, ch 1146, §15
535B.16 Notice to administrator. A licensee or registrant maintaining an office in the state shall notify the administrator in writing at least thirty days before closing or otherwise ceasing operations at any office in the state. 89 Acts, ch 133, §10
535B.17 Powers and duties of the administrator — waiver authority. Repealed by 2010 Acts, ch 1111, §12, 13 . See §535B.4.
535B.18 Mortgage call reports. Each licensee shall submit to the nationwide mortgage licensing system and registry, as defined in section 535D.3, reports of condition, which shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require. 2009 Acts, ch 61, §36, 39 Referred to in §535D.23
535B.19 Trust account requirements for closing agents. A licensee acting as a closing agent shall comply with all of the following: 1. All moneys received for disbursement during a real estate closing shall be deposited in a trust account and, when deposited, the moneys shall be designated as trust funds or trust accounts or under […]
535B.2 Exemptions. This chapter, except for sections 535B.3, 535B.11, 535B.12, and 535B.13, does not apply to any of the following: 1. A bank, bank holding company, savings bank, savings and loan association, or credit union organized under the laws of this state, another state, or the United States, or a subsidiary owned or controlled by […]
535B.20 Disbursing from a trust account. A licensee acting as a closing agent shall not make, in a real estate closing, a disbursement from a trust account on behalf of another person, unless the following conditions are met: 1. The cash, funds, money orders, checks, or negotiable instruments necessary for the disbursement have been transferred […]
535B.2A Closing agents affiliated with attorneys. 1. A closing agent affiliated with an attorney is not exempt from licensure under this chapter if the closing agent engages in transactions not exempt under section 535B.2, subsection 8. 2. Licensure under, and compliance with the provisions of, this chapter shall not exempt any attorney from discipline by […]
535B.3 Registration. 1. A person exempt under section 535B.2, subsection 4 or 7, shall register with the administrator. 2. A registrant shall submit to the administrator a registration statement on forms provided by the administrator. The forms shall include all addresses at which business is to be conducted, the names and titles of each director […]
535B.4 General licensing requirements. 1. A person shall not act as a mortgage banker, mortgage broker, or closing agent in this state or use the title “mortgage banker” or “mortgage broker” without first obtaining a license from the administrator. 2. a. License applicants shall submit to the administrator an application on forms provided by the […]
535B.4A Individual registration requirements — fees. Repealed by 2009 Acts, ch 61, §37, 39 . See chapter 535D.
535B.5 Granting and denial of license. 1. Upon the filing of an application for a license, if the administrator finds that the financial responsibility, character, and general fitness of the applicant and of the members thereof if the applicant is a partnership, association, or other organization and of the officers, directors, and principal employees if […]
535B.6 Licensing of certain corporations. 1. An applicant that is incorporated under the laws of another state in the United States must be authorized to do business in this state. Such a corporation shall file with the license application both of the following: a. An irrevocable consent, duly acknowledged, that suits and actions may be […]
535B.6A Change of name — change of control — notice and approval required. 1. A licensee shall submit a notice of name change and a twenty-five dollar fee for each license to the administrator thirty days prior to changing the name of the licensee. 2. The prior written approval is required whenever a change in […]
