535B.1 Definitions. As used in this chapter unless the context otherwise requires:1. 'Administrator' means the superintendent of the division of banking of the department of insurance and financial services. 2. 'Closing agent' means a person who is not a party to the real estate transaction, who provides real estate closing services. 3. 'Licensee' means a person licensed under this chapter; however, any natural person who is acting solely as an employee or agent of a mortgage banker, mortgage broker, orclosing agent licensed under this chapter need not be separately licensed under this chapter. 4. 'Mortgage banker' means a person who does one or more of the following:a. Makes at least four mortgage loans on residential real property located in this state in a calendar year. b. Originates at least four mortgage loans on residential real property located in this state in a calendar year and sells four or more such loans in the secondary market. c. Services at least four mortgage loans on residential real property located in this state. However, a natural person, who services less than fifteen mortgage loans on residential realestate within the state and who does not sell or transfer residential real property located in this state. However, a natural person, who services less than fifteen mortgage loans on residential realestate within the state and who does not sell or transfer mortgage loans, is exempt from thisparagraph if that person is otherwise exempt from the provisions of this chapter. 5. '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 onresidential real property located in this state in a calendar year. 6. 'Mortgage loan' means a loan of money secured by a lien on residential real property and includes a refinancing of a contract of sale, an assumption of a prior mortgage loan, anda refinancing of a prior mortgage loan. 7. 'Party to the real estate transaction' means, with respect to a particular real estate transaction, a lender, seller, purchaser, or borrower. 8. 'Person' means a natural person, an association, joint venture or joint stock company, partnership, limited partnership, business corporation, nonprofit corporation, or any othergroup of individuals however organized. 9. ral person, an association, joint venture or joint stock company, partnership, limited partnership, business corporation, nonprofit corporation, or any othergroup of individuals however organized. 9. 'Natural person' means an individual who is not an association, joint venture or joint stock company, partnership, limited partnership, business corporation, nonprofitcorporation, other business entity, or any other group of individuals or business entities,however organized. 10. 'Registrant' means a person registered under section 535B.3.11. 'Real estate closing services' means the administrative and clerical services required to carry out the conveyance or transfer of real estate or an interest in real estate located inthis state to a purchaser or lender. 'Real estate closing services' includes but is not limitedto preparing settlement statements, determining that all closing documents conform tothe parties’ contract requirements, ascertaining that the lender’s instructions have beensatisfied, conducting a closing conference, receiving and disbursing funds, and completingform documents and instruments selected by and in accordance with instructions of theparties to the transaction. isfied, conducting a closing conference, receiving and disbursing funds, and completingform documents and instruments selected by and in accordance with instructions of theparties to the transaction. 'Real estate closing services' does not include performing solelynotarial acts as provided in chapter 9B. 12. 'Residential real estate' means the same as defined in section 535D.3.13. 'Residential real property' means real property, which is an owner-occupied single-family or two-family dwelling, located in this state, occupied or used or intended to beoccupied or used for residential purposes, including an interest in any real property coveredunder chapter 499B. 14. 'Trust account' means a checking account with a federally insured bank, savings and loan association, credit union, or savings bank, which is used exclusively for the deposit of Sat Dec 23 01:37:57 2023 Iowa Code 2024, Section 535B.1 (32, 1) §535B.1, MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS 2 funds transferred electronically or otherwise, cash, money orders, or negotiable instrumentsthat are received by a closing agent to effect a real estate closing. ORTGAGE BROKERS, AND CLOSING AGENTS 2 funds transferred electronically or otherwise, cash, money orders, or negotiable instrumentsthat are received by a closing agent to effect a real estate closing. 88 Acts, ch 1146, §1; 89 Acts, ch 133, §1 – 3; 91 Acts, ch 65, §1; 2005 Acts, ch 83, §1 – 3, 10; 2006 Acts, ch 1042, §12 – 14; 2009 Acts, ch 61, §26, 27, 39; 2010 Acts, ch 1111, §1, 13; 2011Acts, ch 34, §130; 2012 Acts, ch 1050, §45, 60; 2013 Acts, ch 30, §132; 2023 Acts, ch 19, §2752 Referred to in §535.14Subsection 1 amended Sat Dec 23 01:37:57 2023 Iowa Code 2024, Section 535B.1 (32, 1)
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