Iowa Administrative Code
Agency 187 - Banking Division
Chapter 18 - Mortgage Bankers, Mortgage Brokers, and Real Estate Closing Agents
Rule 187-18.4 - Grounds for Approval or Denial
Universal Citation: IA Admin Code 187-18.4
Current through Register Vol. 47, No. 6, September 18, 2024
(1) The superintendent shall approve or deny a license application in accordance with the provisions of Iowa Code section 535B.5.
(2) The following may be considered evidence that the business of the applicant may not be operated honestly in the public interest consistent with the purposes of Iowa Code chapter 535B and may therefore be considered grounds for denial of an application:
a. An applicant, or an officer, director, or
individual who has control of an applicant, has had a mortgage loan originator
license or any lending license revoked in any governmental
jurisdiction.
b. An applicant, or
an officer, director, or individual who has control of an applicant, has been
convicted of, or has pleaded guilty or no contest to, a felony in a domestic,
foreign, or military court if such felony involved an act of fraud, dishonesty,
or breach of trust, or money laundering. A pardon of a conviction shall not
constitute a conviction for purposes of this subrule.
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