Iowa Code 535B.7 – Disciplinary action
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1. The administrator may, pursuant to chapter 17A, take disciplinary action against a licensee if the administrator finds any of the following:
a. The licensee has violated a provision of this chapter or a rule adopted under this chapter or any other state or federal law applicable to the conduct of its business including but not limited to chapters 535 and 535A.
b. A fact or condition exists which, if it had existed at the time of the original application for the license, would have warranted the administrator to refuse originally to issue the license.
c. The licensee is found upon investigation to be insolvent, in which case the license shall be revoked immediately.
d. The licensee has violated an order of the administrator.
Terms Used In Iowa Code 535B.7
- Administrator: means the superintendent of the division of banking of the department of commerce. See Iowa Code 535B.1
- 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
- Licensee: means a person licensed under this chapter; however, any natural person who is acting solely as an employee or agent of a mortgage banker, mortgage broker, or closing agent licensed under this chapter need not be separately licensed under this chapter. See Iowa Code 535B.1
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means a natural person, an association, joint venture or joint stock company, partnership, limited partnership, business corporation, nonprofit corporation, or any other group of individuals however organized. See Iowa Code 535B.1
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The administrator may impose one or more of the following disciplinary actions against a licensee:
a. Revoke a license.
b. Suspend a license until further order of the administrator or for a specified period of time.
c. Impose a period of probation under specified conditions.
d. Impose civil penalties in an amount not to exceed five thousand dollars for each violation.
e. Issue a citation and warning respecting licensee behavior.
f. Order the licensee to pay restitution.
3. The administrator may order an emergency suspension of a licensee’s license pursuant to section 17A.18A. A written order containing the facts or conduct which warrants the emergency action shall be timely sent to the licensee by restricted certified mail. Upon issuance of the suspension order, the licensee must also be notified of the right to an evidentiary hearing. A suspension proceeding shall be promptly instituted and determined.
4. Except as provided in this section, a license shall not be revoked or suspended except after notice and a hearing thereon in accordance with chapter 17A.
5. A licensee may surrender a license by delivering to the administrator written notice of surrender, but a surrender does not affect the licensee’s civil or criminal liability for acts committed before the surrender.
6. A revocation, suspension, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract between the licensee and any person, including a mortgagor.