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
age
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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 insurance and financial services, 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
administratorwithinthirtydaysaftertheadministratorhasrequestedpayment. Failuretopay
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
§535B.10, MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS 8
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.
h. The administrator may furnish information to the Iowa title guaranty division of the
Iowa finance authority relating to supervision of closing agent licensees whose activities
relate to the issuance of title guaranty certificates issued by the Iowa title guaranty
division. The Iowa title guaranty division may use this information to satisfy its reinsurance
requirements and may provide the information to its reinsurer to the extent necessary to
satisfy reinsurer requirements provided the reinsurer agrees to maintain the confidentiality
of the information. The Iowa title guaranty division shall maintain the confidentiality of the
information provided pursuant to this paragraph in all other respects.