This text of Iowa § 261F.8 (Penalties) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.If after providing notice and an opportunity for a hearing the attorney general
determines that a covered institution or lending institution has violated a provision of this
chapter, the covered institution or lending institution may be liable for a civil penalty of
up to five thousand dollars per violation. In taking action against a covered institution or
lending institution, consideration shall be given to the nature and severity of a violation of
this chapter.
2.If after providing notice and an opportunity for a hearing the attorney general
determines that a covered institution employee has violated a provision of this chapter,
the covered institution employee may be liable for a civil penalty of up to two thousand
five hundred dollars per violation. In taking action against a cove
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1. If after providing notice and an opportunity for a hearing the attorney general
determines that a covered institution or lending institution has violated a provision of this
chapter, the covered institution or lending institution may be liable for a civil penalty of
up to five thousand dollars per violation. In taking action against a covered institution or
lending institution, consideration shall be given to the nature and severity of a violation of
this chapter.
2. If after providing notice and an opportunity for a hearing the attorney general
determines that a covered institution employee has violated a provision of this chapter,
the covered institution employee may be liable for a civil penalty of up to two thousand
five hundred dollars per violation. In taking action against a covered institution employee,
consideration shall be given to the nature and severity of a violation of this chapter.
3. If after providing notice and an opportunity for a hearing the attorney general
determines that a lending institution has violated a provision of this chapter, such lending
institution shall not be placed or remain on any covered institution’s preferred lender list
unlessnoticeofsuchviolationisprovidedtoallpotentialborrowersofthecoveredinstitution.
However, consideration shall be given to the nature and severity of a violation of this chapter
in determining whether and for how long to ban a lender from a preferred lender list.
7 EDUCATIONAL LOANS, §261F.11
4. Nothing in this section shall prohibit the attorney general from reaching a settlement
agreement with a covered institution, covered institution employee, or lending institution
in order to effectuate the purposes of this section. Provided, however, if such settlement
agreement is reached with a covered institution or lending institution, the attorney general
shall provide notice of such action to the borrowers in a form and manner prescribed by the
attorney general.
5. The attorney general shall deposit the funds generated pursuant to this section into the
student lending education fund, created in section 261F.10.
6. Each individual incident of a violation of this chapter shall be considered a separate
violation for the purpose of imposing civil penalties.