16.2A - TITLE GUARANTY DIVISION.

        16.2A  TITLE GUARANTY DIVISION.
         1.  A title guaranty division is created within the authority.
      The powers of the division relating to the issuance of title
      guaranties are vested in and shall be exercised by a division board
      of five members appointed by the governor subject to confirmation by
      the senate.  The membership of the board shall include an attorney,
      an abstractor, a real estate broker, a representative of a mortgage
      lender, and a representative of the housing development industry.
      The executive director of the authority shall appoint an attorney as
      director of the title guaranty division, who shall serve as an ex
      officio member of the board.  The appointment of and compensation for
      the division director are exempt from the merit system provisions of
      chapter 8A, subchapter IV.
         2.  Members of the division board shall be appointed by the
      governor for staggered terms of six years beginning and ending as
      provided in section 69.19.  A person shall not serve on the division
      board while serving on the authority board.  A person appointed to
      fill a vacancy shall serve only for the unexpired portion of the
      term.  A member is eligible for reappointment.  A member of the
      division board may be removed from office by the governor for
      misfeasance, malfeasance, or willful neglect of duty or for other
      just cause, after notice and hearing, unless notice and hearing is
      expressly waived in writing.
         3.  Three members of the board shall constitute a quorum.  An
      affirmative vote of a majority of the appointed members is necessary
      for any substantive action taken by the division.
         4.  Members of the board are entitled to receive a per diem as
      specified in section 7E.6 for each day spent in performance of duties
      as members and shall be reimbursed for all actual and necessary
      expenses incurred in the performance of duties as members.
         5.  Members of the board and the director shall give bond as
      required for public officers in chapter 64.
         6.  Meetings of the board shall be held at the call of the chair
      of the board or on written request of two members.
         7.  Members shall elect a chair and vice chair annually and other
      officers as they determine.  The director shall serve as secretary to
      the board.
         8.  The net earnings of the division, beyond that necessary for
      reserves, backing, guaranties issued, or to otherwise implement the
      public purposes and programs authorized, shall not inure to the
      benefit of any person other than the state and are subject to section
      16.2, subsection 8.  
         Section History: Recent Form
         2007 Acts, ch 54, §12