Iowa Administrative Code
Agency 187 - Banking Division
Chapter 19 - Mortgage Loan Originators
Rule 187-19.12 - Disciplinary Action
Universal Citation: IA Admin Code 187-19.12
Current through Register Vol. 47, No. 6, September 18, 2024
(1) The superintendent has authority, pursuant to Iowa Code chapters 535D and 17A, to impose discipline for violations of Iowa Code chapter 535D and the rules promulgated thereunder.
(2) Grounds for discipline. The superintendent may impose any of the disciplinary sanctions set out in Iowa Code section 535D.13 when the superintendent finds any of the following:
a. The licensee has violated a provision of
Iowa Code chapter 535D or a rule adopted thereunder or any other state or
federal law applicable to the conduct of mortgage loan originators, 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 superintendent to refuse to issue the original license.
c. The licensee fails at any time to meet the
requirements of Iowa Code section
535D.6 or
535D.9
or withholds information or makes a material misstatement in an application for
a license or the renewal of a license.
d. The licensee has violated an order of the
superintendent.
e. The licensee
fails to fully cooperate with an examination or investigation, including
failure to respond to a superintendent inquiry within 30 days of the date of
mailing a written communication directed to the licensee's last-known address
on file with the superintendent.
f.
The licensee has engaged in any conduct that subverts or attempts to subvert an
examination or investigation by the superintendent.
g. The licensee continues to operate as a
mortgage loan originator without an active and current license.
h. The licensee continues to act as a
mortgage loan originator without first satisfying the required continuing
education, absent an express waiver granted by the superintendent.
i. The licensee has submitted a false report
of continuing education.
j. The
licensee fails to notify the superintendent within ten days of the occurrence
of one of the significant events set forth in rule
187-19.6(17A,535D).
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 loan
originator 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 superintendent a written notice of surrender.
Disclaimer: These regulations may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
