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. An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.
4. A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.
5. A licensed manufactured housing retailer selling mobile, manufactured, or modular homes, if the retailer only assists the consumer in filling out a loan application and does not offer or negotiate loan rates or terms, and does not do any counseling with consumers about residential mortgage loan rates or terms and does not receive any payment or fee from any company or individual for assisting the consumer.
2009 Acts, ch 61, §5, 25; 2009 Acts, ch 179, §42
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.