Section 535D.1 – Title.
535D.1 Title. This chapter shall be known and may be cited as the “Iowa Secure and Fair Enforcement for Mortgage Licensing Act”. 2009 Acts, ch 61, §1, 25
Section 535D.10 – Continuing education.
535D.10 Continuing education. 1. A licensed mortgage loan originator shall annually complete at least eight hours of 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 origination. b. Two hours of ethics, which shall include instruction […]
Section 535D.11 – Duties and powers of superintendent.
535D.11 Duties and powers of superintendent. In addition to any other duties imposed upon the superintendent by law, the superintendent shall require mortgage loan originators to be licensed and registered, as provided in this chapter, through the nationwide mortgage licensing system and registry. In order to carry out this requirement the superintendent may participate in […]
Section 535D.12 – Nationwide mortgage licensing system and registry information — challenge process.
535D.12 Nationwide mortgage licensing system and registry information — challenge process. The superintendent shall establish a process by rule whereby mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the superintendent. 2009 Acts, ch 61, §13, 25
Section 535D.13 – Disciplinary action and civil enforcement authority.
535D.13 Disciplinary action and civil enforcement authority. 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 other state or […]
Section 535D.14 – Surety bond required or recovery fund.
535D.14 Surety bond required or recovery fund. 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 is an employee […]
Section 535D.15 – Confidentiality.
535D.15 Confidentiality. 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 the federal Housing and Economic Recovery Act of 2008, Pub. […]
Section 535D.16 – Investigation and examination authority.
535D.16 Investigation and examination authority. 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 with this chapter, the superintendent may access, receive, and use any relevant books, accounts, records, […]
Section 535D.17 – Prohibited acts and practices.
535D.17 Prohibited acts and practices. 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 any […]
Section 535D.18 – Report to nationwide mortgage licensing system and registry.
535D.18 Report to nationwide mortgage licensing system and registry. 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
Section 535D.19 – Unique identifier shown.
535D.19 Unique identifier shown. 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, regulation, or order of the superintendent. 2009 Acts, ch 61, §20, 25; […]
Section 535D.2 – Legislative findings and purpose.
535D.2 Legislative findings and purpose. 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 estate industry. The general assembly finds that accessibility […]
Section 535D.20 – Operating without a license — penalty.
535D.20 Operating without a license — penalty. 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 […]
Section 535D.21 – Administrative authority.
535D.21 Administrative authority. 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
Section 535D.22 – Compliance with federal law.
535D.22 Compliance with federal law. 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 superintendent is authorized […]
Section 535D.23 – Reports of condition required — exceptions.
535D.23 Reports of condition required — exceptions. 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 535B.11, subsection 3, section 535B.18, or section 536A.14, […]
Section 535D.3 – Definitions.
535D.3 Definitions. 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 underwriting of a residential mortgage loan; and communicating with a consumer to obtain the […]
Section 535D.4 – License and registration required.
535D.4 License and registration required. 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 mortgage loan originator must […]
Section 535D.4A – Exemptions.
535D.4A Exemptions. 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 family member of the individual. 3. […]
Section 535D.5 – License and registration — application and issuance.
535D.5 License and registration — application and issuance. 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 system and registry to collect and […]