Current through Register Vol. 47, No. 6, September 18, 2024
(1)
The administrator has authority pursuant to Iowa Code chapters 535B and 17A to
impose discipline for violations of Iowa Code chapter 535B and the rules
promulgated thereunder.
(2) Grounds
for discipline. The administrator may impose any of the disciplinary sanctions
set out in Iowa Code section
535B.7 when
the administrator finds any of the following:
a. The licensee has violated a provision of
Iowa Code chapter 535B or a rule adopted under Iowa Code chapter 535B or any
other state or federal law applicable to the conduct of the licensee's
business, including but not limited to Iowa Code chapters 535 and
535A.
b. A fact or condition exists
which, had it existed at the time of the original application for the license,
would have warranted the administrator to refuse to issue the original
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.
e. The licensee fails to fully cooperate with
an examination or investigation, including failure to respond to an
administrator inquiry within 30 calendar days of the date of mailing a written
communication directed to the licensee's last-known address on file with the
administrator.
f. The licensee has
engaged in any conduct that subverts or attempts to subvert an examination or
investigation by the administrator.
g. The licensee continues to operate as a
mortgage banker, mortgage broker, or closing agent without an active and
current license.
h. and
i. Reserved.
j. The licensee fails to notify the
administrator within 10 days of the occurrence of one of the significant events
set forth in rule
187-18.7
(17A,535B).
k. Another state or
jurisdiction has denied, suspended, revoked, or refused to renew the licensee's
license, registration, or authorization to act as a mortgage banker, mortgage
broker, or closing agent under the other state's or jurisdiction's law.
l. The licensee fails to create
and maintain complete and accurate records as required by state or federal law,
regulation, or rule.
(3)
A licensee may surrender a license by delivering to the administrator a written
notice of surrender.
(4) The
administrator may issue a cease and desist order ordering a person to cease and
desist from violating any provision of Iowa Code chapter 535B or rules adopted
thereunder. The process for issuing a cease and desist order is described in
Iowa Code section
535B.13.
