535B.4 - GENERAL LICENSING REQUIREMENTS.

        535B.4  GENERAL LICENSING REQUIREMENTS.         1.  A person shall not act as a mortgage banker or mortgage broker      in this state or use the title "mortgage banker" or "mortgage      broker" without first obtaining a license from the administrator.         2.  License applicants shall submit to the administrator an      application on forms provided by the administrator.  The forms shall      include, at a minimum, all addresses at which business is to be      conducted, the names and titles of each director and principal      officers of the business, and a description of the activities of the      applicant in such detail as the administrator may require.         3.  The applicant shall also submit a recently prepared certified      financial statement.         4.  The applicant for an initial license shall submit a fee in the      amount of five hundred dollars.         5.  Licenses granted under this chapter are not assignable.         6.  Licenses granted under this chapter expire on the next      December 31 after their issuance.         7.  Applications for renewals of licenses under this chapter must      be filed with the administrator before December 1 of the year of      expiration on forms prescribed by the administrator.  A renewal      application must be accompanied by a fee of two hundred dollars for a      license to transact business solely as a mortgage broker, and four      hundred dollars for a license to transact business as a mortgage      banker.  The administrator may assess a late fee of ten dollars per      day for applications or registrations accepted for processing after      December 1.         8.  A licensee shall not conduct business under any other name      than that given in the license.  A fictitious name may be used, but a      licensee shall conduct business only under one name at a time.      However, the administrator may issue more than one license to the      same person to conduct business under different names at the same      time upon compliance for each such additional license with all of the      provisions of this chapter governing an original issuance of a      license.         9.  In addition to the application and renewal fees provided for      in subsections 4 and 7, the administrator may assess application and      renewal fees for each branch location of the licensee, sponsor fees,      and change of sponsor fees.  
         Section History: Recent Form
         88 Acts, ch 1146, §4; 89 Acts, ch 133, §7; 2006 Acts, ch 1042,      §15, 16; 2007 Acts, ch 22, §95; 2008 Acts, ch 1160, §17, 18; 2009      Acts, ch 61, §28, 39