applicants.
535B.9A Continuing education 535B.23 Applicability.
requirements. Repealed 535B.24 Financial condition.
by 2009 Acts, ch 61, §38, 39. 535B.25 Corporate governance.
SUBCHAPTER I
MORTGAGE BANKING, MORTGAGE BROKERS, AND CLOSING AGENTS
535B.1 Definitions.
As used in this chapter unless the context otherwise requires:
1.“Administrator” means the superintendent of the division of banking of the department
of insurance and financial services.
2.“Branchoffice”meansanylocation,otherthanalicensee’sprincipalplaceofbusinessor
aremotelocation, wherethelicensee, thelicensee’semployees, orthelicensee’sindependent
contractors maintain a physical presence to engage in business as a mortgage banker or a
mortgage broker.
3.“Closing agent” means a person who is not a party to the real estate tr
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applicants.
535B.9A Continuing education 535B.23 Applicability.
requirements. Repealed 535B.24 Financial condition.
by 2009 Acts, ch 61, §38, 39. 535B.25 Corporate governance.
SUBCHAPTER I
MORTGAGE BANKING, MORTGAGE BROKERS, AND CLOSING AGENTS
535B.1 Definitions.
As used in this chapter unless the context otherwise requires:
1. “Administrator” means the superintendent of the division of banking of the department
of insurance and financial services.
2. “Branchoffice”meansanylocation,otherthanalicensee’sprincipalplaceofbusinessor
aremotelocation, wherethelicensee, thelicensee’semployees, orthelicensee’sindependent
contractors maintain a physical presence to engage in business as a mortgage banker or a
mortgage broker.
3. “Closing agent” means a person who is not a party to the real estate transaction, who
provides real estate closing services.
4. “Licensee” means a person licensed under this chapter; however, any natural person
who is acting solely as an employee or agent of a mortgage banker, mortgage broker, or
closing agent licensed under this chapter need not be separately licensed under this chapter.
5. “Mortgage banker” means a person who does one or more of the following:
a. Makes at least four mortgage loans on residential real property located in this state in
a calendar year.
b. Originates at least four mortgage loans on residential real property located in this state
in a calendar year and sells four or more such loans in the secondary market.
c. Services at least four mortgage loans on residential real property located in this state.
However, a natural person, who services less than fifteen mortgage loans on residential real
estate within the state and who does not sell or transfer mortgage loans, is exempt from this
paragraph if that person is otherwise exempt from the provisions of this chapter.
6. “Mortgage broker” means a person who arranges or negotiates, or attempts to arrange
§535B.1, MORTGAGE BANKERS, MORTGAGE BROKERS, AND CLOSING AGENTS 2
or negotiate, at least four mortgage loans or commitments for four or more such loans on
residential real property located in this state in a calendar year.
7. “Mortgage loan” means a loan of money secured by a lien on residential real property
and includes a refinancing of a contract of sale, an assumption of a prior mortgage loan, and
a refinancing of a prior mortgage loan.
8. “Party to the real estate transaction” means, with respect to a particular real estate
transaction, a lender, seller, purchaser, or borrower.
9. “Person” means a natural person, an association, joint venture or joint stock company,
partnership, limited partnership, business corporation, nonprofit corporation, or any other
group of individuals however organized.
10. “Principal place of business” means a licensee’s primary business office as designated
on the licensee’s application for licensure.
11. “Natural person” means an individual who is not an association, joint venture or
joint stock company, partnership, limited partnership, business corporation, nonprofit
corporation, other business entity, or any other group of individuals or business entities,
however organized.
12. “Registrant” means a person registered under section 535B.3.
13. “Real estate closing services” means the administrative and clerical services required
to carry out the conveyance or transfer of real estate or an interest in real estate located in
this state to a purchaser or lender. “Real estate closing services” includes but is not limited
to preparing settlement statements, determining that all closing documents conform to
the parties’ contract requirements, ascertaining that the lender’s instructions have been
satisfied, conducting a closing conference, receiving and disbursing funds, and completing
form documents and instruments selected by and in accordance with instructions of the
parties to the transaction. “Real estate closing services” does not include performing solely
notarial acts as provided in chapter 9B.
14. “Remote location” means a physical location in the United States, other than a
licensee’s principal place of business or a branch office, where a licensee’s employee or an
independent contractor of the licensee is authorized by the licensee to engage in business as
a mortgage banker or mortgage broker.
15. “Residential real estate” means the same as defined in section 535D.3.
16. “Residential real property” means real property, which is an owner-occupied
single-family or two-family dwelling, located in this state, occupied or used or intended to be
occupied or used for residential purposes, including an interest in any real property covered
under chapter 499B.
17. “Trust account” means a checking account with a federally insured bank, savings and
loan association, credit union, or savings bank, which is used exclusively for the deposit of
funds transferred electronically or otherwise, cash, money orders, or negotiable instruments
that are received by a closing agent to effect a real estate closing.