535B.10 - INVESTIGATIONS AND EXAMINATIONS.

        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 an independent      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 time and as often as the      administrator deems necessary, but in no event less frequently than      once during 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 federal agencies 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.  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 powers of 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 exempted person is subject.  If the administrator      receives a complaint or other information concerning noncompliance      with this chapter by an exempted person, the administrator shall      inform the official 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 of the banking division      of the department of commerce, including the proportionate share of      administrative expenses in the operation of the banking division      attributable to the finance bureau as determined by the      administrator, incurred in the discharge 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 pay the charge      within thirty days shall subject the licensee to a late fee of up to      five percent of the amount 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 this subsection,      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 subsection 3, the federal      deposit insurance corporation, the federal reserve system, the office      of the comptroller of the currency, the office of thrift supervision,      the national credit union administration, the federal home loan bank,      a financial institution regulatory authority of any other state, a      professional licensing authority of this state or any other state, or      a law enforcement 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 information      considered 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.  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.  
         Section History: Recent Form
         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