Iowa Code 535B.8 – Operating without a license
Current as of: 2023 | Check for updates
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Attorney's Note
Under the Iowa Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class D felony | up to 5 years | between $1,025 and $10,245 |
Terms Used In Iowa Code 535B.8
- Closing agent: means a person who is not a party to the real estate transaction, who provides real estate closing services. See Iowa Code 535B.1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage broker: means a person who arranges or negotiates, or attempts to arrange or negotiate, at least four mortgage loans or commitments for four or more such loans on residential real property located in this state in a calendar year. See Iowa Code 535B.1
- 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
- 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
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 banker, mortgage broker, or closing agent in this state is guilty of a class “D” felony and may be prosecuted by the attorney general or a county attorney.