1. If a broker materially violates the loan brokerage agreement, the borrower may, upon written notice, void the agreement. In addition, the borrower may recover all moneys paid the broker, a penalty of twice the amount of the fee sought by the broker, other damages, and reasonable attorney fees. A material violation includes but is not limited to any of the following:

 a. Making false or misleading statements relative to the agreement.
 b. Failure to comply with the agreement or the obligations arising from the agreement.
 c. Failure to either grant the borrower a loan or issue a credit card or diligently attempt to obtain a loan or credit card for the borrower.
 d. Failure to comply with the requirements of this chapter.
 e. Soliciting or obtaining, directly or indirectly, an advance fee.

Terms Used In Iowa Code 535C.10

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Fraud: Intentional deception resulting in injury to another.
 2. A violation of this chapter is a violation of the Iowa consumer fraud Act, section 714.16.
 3. Remedies under this chapter are in addition to other remedies available in law or equity.
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