Chapter 645B - Mortgage Brokers and Mortgage Agents
- ADVISORY COUNCIL ON MORTGAGE INVESTMENTS AND MORTGAGELENDING
- CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS
- 645B.300 - Written appraisal of real property required; persons authorized to perform appraisal; retention and inspection of appraisal; exceptions.
- 645B.305 - Requirement that loan include disclosure concerning fees and specification of fee for servicing loan in certain circumstances.
- 645B.307 - License number of mortgage broker required to be included in loan.
- 645B.310 - Requirements for mortgage broker to assign interest in loan.
- 645B.320 - Copy of recorded deed of trust must be mailed to each investor.
- 645B.330 - Limitations on use of power of attorney.
- 645B.340 - Multiple holders of beneficial interest in loan: Holders of majority of outstanding principal balance may act on behalf of all holders for certain matters; exception.
- DISCIPLINARY ACTION
- 645B.670 - Authorized disciplinary action; grounds for disciplinary action.
- 645B.680 - Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until 2 years after the date of the repeal of the f
- 645B.690 - Duty of Commissioner to take disciplinary action for certain violations.
- 645B.700 - Categorization of major and minor violations; regulations.
- 645B.710 - Act or omission of partner, officer or director deemed act or omission of partnership, corporation or unincorporated association.
- 645B.720 - Authority of Commissioner to order summary suspension of license and take other action to protect public before conducting hearing.
- 645B.740 - Disciplinary proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license.
- DISCLOSURES AND ADVERTISING
- 645B.185 - Use of disclosure forms required; release of financial statements; duties of mortgage broker and agents; prohibitions; powers of Commissioner; regulations.
- 645B.186 - Disclosure of certain business and personal relationships required.
- 645B.187 - Prohibition on making certain guarantees in advertisements and solicitations; limitations on payment of premium interest; penalty.
- 645B.189 - Statements of disclosure required in certain advertisements; review of advertisements by Commissioner; advertisements must comply with state and federal laws concerning deceptive trade prac
- 645B.196 - Liability of advertising spokesperson for mortgage broker for certain damages.
- ENFORCEMENT
- 645B.800 - Attorney General has primary criminal jurisdiction; duty to provide Attorney General with information to assist prosecution; penalty.
- 645B.810 - Attorney General may bring civil action; recovery of costs in civil action.
- 645B.820 - Exercise of jurisdiction over party to civil action; service of summons to confer jurisdiction.
- ESCROW AND TRUST ACCOUNTS
- 645B.165 - Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty.
- 645B.170 - Trust account required for money deposited to pay taxes or insurance premiums; fiduciary duty of mortgage broker; accounting to debtor and Commissioner; additional duties and prohibitions.
- 645B.175 - Trust or escrow account required for money received from investor to fund loan; trust or escrow account required for money received from debtor to repay loan; release of money; accounting t
- 645B.180 - Limitations on execution or attachment of money in trust account; commingling of money prohibited.
- EXEMPTIONS
- 645B.015 - Exemptions for certain persons and entities.
- 645B.016 - Certificate of exemption required for certain persons and entities; application; fee; automatic expiration; prohibitions; administrative fine.
- 645B.018 - Exemptions for certain loans; application; grounds for granting exemption; powers and duties of Commissioner.
- EXPIRATION AND RENEWAL OF BROKER’S LICENSE OR CERTIFICATEOF EXEMPTION; FEES
- GENERAL PROVISIONS
- 645B.010 - Definitions.
- 645B.0104 - “Clerical or ministerial tasks” defined.
- 645B.0105 - “Commissioner” defined.
- 645B.0107 - “Construction control” defined.
- 645B.0109 - “Depository financial institution” defined.
- 645B.0111 - “Division” defined.
- 645B.0113 - “Escrow agency” defined.
- 645B.0115 - “Escrow agent” defined.
- 645B.0117 - “Escrow officer” defined.
- 645B.0119 - “Financial services license or registration” defined.
- 645B.0121 - “Investor” defined.
- 645B.0123 - “Licensee” defined.
- 645B.0125 - “Mortgage agent” defined.
- 645B.0127 - “Mortgage broker” defined.
- 645B.0128 - “Nationwide Mortgage Licensing System and Registry” and “Registry” defined.
- 645B.0129 - “Policy of title insurance” defined.
- 645B.01305 - “Private investor” defined.
- 645B.0131 - “Relative” defined.
- 645B.0132 - “Residential mortgage loan” defined.
- 645B.01325 - “Residential mortgage loan originator” defined.
- 645B.0133 - “Title agent” defined.
- 645B.0135 - “Title insurer” defined.
- 645B.0137 - Requirements for initial licensing as mortgage broker or mortgage agent; regulations.
- 645B.0138 - Courses of continuing education: Adoption of regulations by Commissioner.
- 645B.0145 - Statutory and common-law rights, remedies and punishments unaffected; limitation on actions against State and its officers and employees.
- 645B.0147 - Fiduciary obligation of licensee to client.
- HEARINGS; APPEALS
- INVESTIGATION OF VIOLATIONS AND UNSAFE PRACTICES; REMEDIALACTION
- 645B.600 - Person may file complaint alleging violation; requirements.
- 645B.610 - Duties of Commissioner when complaint is filed.
- 645B.620 - Duties of Commissioner when violation is suspected; referral of violations to Attorney General for criminal prosecution; civil action for injunctive relief.
- 645B.630 - Duties of Commissioner when unsafe condition or practice is suspected; seizure of property and assets of mortgage broker; duties of Attorney General.
- 645B.640 - Persons entitled to correct unsafe conditions and practices; effect of failure to correct; receivership and liquidation of assets.
- LICENSING AND REGULATION OF MORTGAGE AGENTS
- 645B.400 - License required to provide services of or engage in activities of mortgage agent.
- 645B.405 - License as mortgage agent required for mortgage broker or qualified employee who engages in or supervises a mortgage agent who engages in activities as residential mortgage loan originator.
- 645B.410 - Qualifications and procedure for issuance of license; fees.
- 645B.420 - Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective until the date of the repeal of the federal law req
- 645B.430 - Annual expiration of license; procedure for renewal; continuing education; fees.
- 645B.450 - Conditions and limitations regarding employment of or association with mortgage agent; duties of mortgage broker upon termination of mortgage agent.
- 645B.455 - License issued on behalf of professional corporation or limited-liability company; limitations on license; automatic expiration of license.
- 645B.460 - Supervision by mortgage broker; requirements; regulations.
- LICENSING OF MORTGAGE BROKERS
- 645B.020 - Application for license; application for branch offices; requirements for issuance of license.
- 645B.021 - Mortgage broker who is not natural person to designate natural person as qualified employee; regulations.
- 645B.023 - Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective until the date of the repeal of the federal law req
- 645B.0243 - Grounds for denial of license: Employing or associating with certain persons who are ineligible to be mortgage agents.
- 645B.0245 - Grounds for denial of license: Control by relative who would be ineligible to be licensed; act or omission of partner, officer or director.
- 645B.0247 - Grounds for denial of license: Authority of Commissioner not limited.
- 645B.025 - Posting of license; restrictions on transfer or assignment of license.
- 645B.035 - Activities authorized by license; dual licensure as mortgage banker and mortgage broker.
- LOAN PAYMENTS AND DEFAULTS
- 645B.240 - Limitations on charging late fee, additional amount of interest or other penalty.
- 645B.250 - Prohibition on advancing payments to investor on behalf of debtor in default; exceptions.
- 645B.260 - Monthly report to Commissioner on delinquencies in payments and defaults; monthly notice to investors; regulations.
- RIGHTS OF BROKERS AND AGENTS DURING MILITARY SERVICE
- SUPERVISION BY COMMISSIONER
- SURETY BONDS
- 645B.042 - Duty of mortgage broker to deposit surety bond with Commissioner; mortgage broker and mortgage agents must be named as principals on bond; form and amount of bond.
- 645B.044 - Mortgage broker may deposit substitute form of security in lieu of security bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor.
- 645B.046 - Cancellation of bond: Notices required; revocation of license unless equivalent bond or substitute form of security furnished.
- 645B.048 - Action on bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment.
- UNLAWFUL ACTS; PENALTIES; REMEDIES
- 645B.900 - Unlawful to conduct business of mortgage broker or mortgage agent without being licensed or exempt from licensing.
- 645B.910 - Unlawful for foreign corporation, association or business trust to conduct business of mortgage broker without meeting certain requirements.
- 645B.920 - Contracts for mortgage transaction voidable for certain violations.
- 645B.930 - Civil action authorized for certain violations.
- 645B.950 - Penalties for general violations.
- 645B.955 - Commissioner may require licensee to pay restitution.
- 645B.960 - Penalties for violations relating to escrow or trust accounts.