535D.16 Investigation and examination authority. The superintendent may conduct investigations and examinations as follows:1. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigationto determine compliance with this chapter, the superintendent may access, receive, and useany relevant books, accounts, records, files, documents, information, or evidence includingbut not limited to: a. Criminal, civil, and administrative history information, which is accessible to licensing authorities. b. Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in section 603(p) of the federal FairCredit Reporting Act. c. Any other documents, information, or evidence the superintendent deems relevant to the inquiry or investigation regardless of the location, possession, control, or custody of suchdocuments, information, or evidence. 2. For the purposes of investigating violations or complaints arising under this chapter, or for the purposes of examination, the superintendent may review, investigate, or information, or evidence. 2. For the purposes of investigating violations or complaints arising under this chapter, or for the purposes of examination, the superintendent may review, investigate, or examineany licensee, individual, or person subject to this chapter, as often as necessary in order tocarry out the purposes of this chapter. The superintendent may direct, subpoena, or order theattendance of and examine under oath all persons whose testimony may be required aboutthe loans or the business or subject matter of any such examination or investigation, and maydirect, subpoena, or order such person to produce books, accounts, records, files, and anyother documents the superintendent deems relevant to the inquiry. 3. Each licensee, individual, or person subject to this chapter shall make available to the superintendent upon request the books and records relating to the operations ofsuch licensee, individual, or person. The superintendent shall have access to such booksand records and interview the officers, principals, mortgage loan originators, employers,employees, independent contractors, agents, and customers of the licensee, individual, orperson subject to this chapter ds and interview the officers, principals, mortgage loan originators, employers,employees, independent contractors, agents, and customers of the licensee, individual, orperson subject to this chapter concerning their business. 4. Each licensee, individual, or person subject to this chapter shall make or compile reports or prepare other information as directed by the superintendent in order to carry outthe purposes of this section including but not limited to the following: a. Accounting compilations.b. Information lists and data concerning loan transactions in a format prescribed by the superintendent. c. Such other information deemed necessary to carry out the purposes of this section.5. In making any examination or investigation authorized by this chapter, the superintendent may control access to any documents and records of the licensee or personunder examination or investigation. The superintendent may take possession of the documents and records or place a person in exclusive charge of the documents and recordsin the place where they are usually kept. During the period of control, an individual or personshall not remove or attempt to remove any of the documents or records charge of the documents and recordsin the place where they are usually kept. During the period of control, an individual or personshall not remove or attempt to remove any of the documents or records except pursuantto a court order or with the consent of the superintendent. Unless the superintendent hasreasonable grounds to believe the documents or records of the licensee have been or areat risk of being altered or destroyed for purposes of concealing a violation of this chapter,the licensee or owner of the documents or records shall have access to the documents orrecords as necessary to conduct its ordinary business affairs. 6. In order to carry out the purposes of this section, the superintendent may:a. Retain attorneys, accountants, or other professionals or specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations. b. Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharingresources, standardized or uniform methods or procedures, and documents, records,information, or evidence obtained under this s in order to improve efficiencies and reduce regulatory burden by sharingresources, standardized or uniform methods or procedures, and documents, records,information, or evidence obtained under this section. c. Use, hire, contract, or employ publicly or privately available analytical systems, Sat Dec 23 01:38:42 2023 Iowa Code 2024, Section 535D.16 (16, 0) §535D.16, MORTGAGE LICENSING ACT 2 methods, or software to examine or investigate the licensee, individual, or person subjectto this chapter. d. Accept and rely on examination or investigation reports made by other government officials, within or without this state. e. Accept audit reports made by an independent certified public accountant for the licensee, individual, or person subject to this chapter in the course of that part of theexamination covering the same general subject matter as the audit and may incorporate theaudit report in the report of the examination, report of investigation, or other writing of thesuperintendent. 7. The authority of this section shall remain in effect, whether such a licensee, individual, or person subject to this chapter acts or claims to act under any licensing or registration lawof this t. 7. The authority of this section shall remain in effect, whether such a licensee, individual, or person subject to this chapter acts or claims to act under any licensing or registration lawof this state, or claims to act without such authority. 8. A licensee, individual, or person subject to investigation or examination under this section shall not knowingly withhold, abstract, remove, mutilate, destroy, or secrete anybooks, records, computer records, or other information. 2009 Acts, ch 61, §17, 25 Sat Dec 23 01:38:42 2023 Iowa Code 2024, Section 535D.16 (16, 0)
Iowa Legal Code