535B.10 Investigations and examinations. 1. Within one hundred twenty days after the end of a mortgage banker licensee’s fiscal year, the mortgage banker licensee shall file financial statements which are audited by anindependent certified public accounting firm. 2. For the purposes of discovering violations of this chapter or any related rules or for securing information lawfully required under this chapter, the administrator may at any timeand as often as the administrator deems necessary, but in no event less frequently than onceduring each two-year period, investigate the business and examine the books, accounts,records, and files used by a licensee. 3. In conducting any examination under this section, the administrator may rely on current reports made by the licensee which have been prepared for the following federalagencies or federally related entities: a. United States department of housing and urban development.b. Federal housing administration.c. Federal national mortgage association.d. Government national mortgage association.e. Federal home loan mortgage corporation.f. United States department of veterans affairs. 4. using administration.c. Federal national mortgage association.d. Government national mortgage association.e. Federal home loan mortgage corporation.f. United States department of veterans affairs. 4. With respect to mortgage lenders or mortgage bankers who are specifically exempted from this chapter but are subject to sections 535B.11, 535B.12, and 535B.13, the powersof examination and investigation concerning compliance with sections 535B.11, 535B.12,and 535B.13 shall be exercised by the official or agency to whose supervision the exemptedperson is subject. If the administrator receives a complaint or other information concerningnoncompliance with this chapter by an exempted person, the administrator shall inform theofficial or agency having supervisory authority over that person. 5. a. The licensee shall pay the cost of the examination or investigation as determined by the administrator based on the actual cost of the operation of the finance bureau ofthe banking division of the department of insurance and financial services, including theproportionate share of administrative expenses in the operation of the banking divisionattributable to the finance bureau as determined by the rtment of insurance and financial services, including theproportionate share of administrative expenses in the operation of the banking divisionattributable to the finance bureau as determined by the administrator, incurred in thedischarge of duties imposed upon the administrator by this chapter. b. The total charge for an examination or investigation shall be paid by the licensee to the administrator within thirty days after the administrator has requested payment. Failure to paythe charge within thirty days shall subject the licensee to a late fee of up to five percent of theamount of the examination or investigation charge for each day the payment is delinquent. 6. a. All papers, documents, examination reports, and other writings relating to the supervision of licensees and registrants shall be kept confidential except as provided in thissubsection, notwithstanding chapter 22. b. The administrator may furnish information relating to the supervision of licensees and registrants to the federal agencies or federally related entities listed in subsection3, the federal deposit insurance corporation, the federal reserve system, the office ofthe comptroller of the currency, the office e federal agencies or federally related entities listed in subsection3, the federal deposit insurance corporation, the federal reserve system, the office ofthe comptroller of the currency, the office of thrift supervision, the national credit unionadministration, the federal home loan bank, a financial institution regulatory authority ofany other state, a professional licensing authority of this state or any other state, or a lawenforcement agency, or to any official or supervising examiner of such regulatory authorities. c. The administrator may release summary complaint information regarding a particular licensee so long as the information does not specifically identify the complainant. d. The administrator may prepare and circulate reports reflecting financial information and examination results for all licensees on an aggregate basis, including other informationconsidered pertinent to the purpose of each report for general statistical information. e. The administrator may prepare and circulate reports provided by law.f. The administrator may release the reports and correspondence in the course of an enforcement proceeding or a hearing held by the administrator. g. may prepare and circulate reports provided by law.f. The administrator may release the reports and correspondence in the course of an enforcement proceeding or a hearing held by the administrator. g. The administrator may also provide this information to the attorney general for purposes of enforcing this chapter or the consumer fraud Act, section 714.16. Sat Dec 23 01:38:11 2023 Iowa Code 2024, Section 535B.10 (23, 1) §535B.10, MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS 2 h. The administrator may furnish information to the Iowa title guaranty division of the Iowa finance authority relating to supervision of closing agent licensees whose activitiesrelate to the issuance of title guaranty certificates issued by the Iowa title guarantydivision. The Iowa title guaranty division may use this information to satisfy its reinsurancerequirements and may provide the information to its reinsurer to the extent necessary tosatisfy reinsurer requirements provided the reinsurer agrees to maintain the confidentialityof the information. The Iowa title guaranty division shall maintain the confidentiality of theinformation provided pursuant to this paragraph in all other respects. ees to maintain the confidentialityof the information. The Iowa title guaranty division shall maintain the confidentiality of theinformation provided pursuant to this paragraph in all other respects. 88 Acts, ch 1146, §10; 2005 Acts, ch 3, §89; 2006 Acts, ch 1042, §21; 2008 Acts, ch 1160, §23, 24; 2009 Acts, ch 26, §16; 2009 Acts, ch 61, §33, 39; 2012 Acts, ch 1017, §25; 2013 Acts, ch 90,§164; 2014 Acts, ch 1080, §94, 98; 2023 Acts, ch 19, §2753 Subsection 5, paragraph a amended Sat Dec 23 01:38:11 2023 Iowa Code 2024, Section 535B.10 (23, 1)
Iowa Legal Code