Iowa Code 536.12 – Restrictions on practices
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1. No licensee shall conduct the business of making loans under the provisions of this chapter within any office, room, suite or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except as may be authorized in writing by the superintendent upon the superintendent’s finding that the character of such other business is such that the granting of such authority would not facilitate evasions of this chapter or of the rules lawfully made by the superintendent hereunder.
Terms Used In Iowa Code 536.12
- Licensee: means a person licensed under this chapter. See Iowa Code 536.28
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Superintendent: means the state superintendent of banking. See Iowa Code 536.28
2. No licensee shall make any loan provided for by this chapter under any other name or at any other place of business than that named in the license.
3. No licensee shall take any instrument in which blanks are left to be filled in after execution.
4. No licensee shall agree to obtain or arrange a residential mortgage for a potential borrower from a third person, unless the licensee also has a mortgage broker license and complies with all of the provisions of chapter 535B.