Iowa Loan Brokers Act

The act regulates loan brokers — persons who, for compensation, arrange or procure loans for prospective borrowers — by requiring them to register with the state, post a bond, pay fees, and consent to service of process through a designated state officer. Registrants must give prospective borrowers a written disclosure document before any agreement is signed, put broker-borrower contracts in writing with a copy retained by the borrower, and keep specified account records, subject to exemptions for certain persons and transactions. Enforcement rests with the state's chief registration official, who may investigate, deny, suspend, or revoke registrations after a hearing and impose administrative fines, while borrowers harmed by fraudulent or prohibited practices have private remedies, including damages and rescission.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.