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 unfair or deceptive practice toward any person.
3. Obtain property by fraud or misrepresentation.
4. Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter may earn a fee or commission through best efforts to obtain a loan even though no loan is actually obtained for the borrower.
5. Solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting.
6. Conduct any business covered by this chapter without holding a valid license as required under this chapter, or assist or aid and abet any person in the conduct of business under this chapter without a valid license as required under this chapter.
7. Fail to make disclosures as required by this chapter or any other applicable state or federal law including regulations thereunder.
8. Fail to comply with this chapter or rules or regulations promulgated under this chapter, or fail to comply with any other state or federal law, including the rules and regulations thereunder, applicable to any business authorized or conducted under this chapter.
9. Make, in any manner, any false or deceptive statement or representation.
10. Negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the nationwide mortgage licensing system and registry or in connection with any investigation conducted by the superintendent or another governmental agency.
11. Make any payment, threat, or promise, directly or indirectly, to any person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make any payment, threat, or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property.
12. Collect, charge, attempt to collect or charge, or use or propose any agreement purporting to collect or charge any fee prohibited by this chapter.
13. Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer.
14. Fail to truthfully account for moneys belonging to a party to a residential mortgage loan transaction.
2009 Acts, ch 61, §18, 25
Referred to in §535B.7A
Structure Iowa Code
Chapter 535D - MORTGAGE LICENSING ACT
Section 535D.2 - Legislative findings and purpose.
Section 535D.4 - License and registration required.
Section 535D.5 - License and registration — application and issuance.
Section 535D.6 - Conditions of licensure.
Section 535D.7 - Prelicensing education of loan originators.
Section 535D.8 - Test requirements.
Section 535D.9 - Standards for license renewal and nonrenewal.
Section 535D.10 - Continuing education.
Section 535D.11 - Duties and powers of superintendent.
Section 535D.12 - Nationwide mortgage licensing system and registry information — challenge process.
Section 535D.13 - Disciplinary action and civil enforcement authority.
Section 535D.14 - Surety bond required or recovery fund.
Section 535D.15 - Confidentiality.
Section 535D.16 - Investigation and examination authority.
Section 535D.17 - Prohibited acts and practices.
Section 535D.18 - Report to nationwide mortgage licensing system and registry.
Section 535D.19 - Unique identifier shown.
Section 535D.20 - Operating without a license — penalty.
Section 535D.21 - Administrative authority.
Section 535D.22 - Compliance with federal law.
Section 535D.23 - Reports of condition required — exceptions.