Iowa Code r. 187-18.20 - Disciplinary action
(1) The
administrator has authority pursuant to Iowa Code chapters 535B and 17A to
impose discipline for violations of Iowa Code chapter 535B and the rules
promulgated thereunder.
(2) Grounds
for discipline. The administrator may impose any of the disciplinary sanctions
set out in Iowa Code section
535B.7 when the administrator
finds any of the following:
a. The licensee
has violated a provision of Iowa Code chapter 535B or a rule adopted under Iowa
Code chapter 535B or any other state or federal law applicable to the conduct
of the licensee's business, 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 administrator to refuse to issue the original
license.
c. The licensee is found
upon investigation to be insolvent, in which case the license shall be revoked
immediately.
d. The licensee has
violated an order of the administrator.
e. The licensee fails to fully cooperate with
an examination or investigation, including failure to respond to an
administrator inquiry within 30 calendar days of the date of mailing a written
communication directed to the licensee's last-known address on file with the
administrator.
f. The licensee has
engaged in any conduct that subverts or attempts to subvert an examination or
investigation by the administrator.
g. The licensee continues to operate as a
mortgage banker, mortgage broker, or closing agent without an active and
current license.
h. and
i. Reserved.
j.
The licensee fails to notify the administrator within 10 days of the occurrence
of one of the significant events set forth in rule
187-18.7 (17A,535B).
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 banker, mortgage broker, or closing agent
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 administrator a written notice of
surrender.
(4) The administrator
may issue a cease and desist order ordering a person to cease and desist from
violating any provision of Iowa Code chapter 535B or rules adopted thereunder.
The process for issuing a cease and desist order is described in Iowa Code
section 535B.13.
Notes
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