Senate Amendment 5028
PAG LIN
1 1 Amend Senate File 2353 as follows:
1 2 #1. Page 12, line 26, by striking the words
1 3 <SUSPENSION OR REVOCATION OF LICENSE>, and inserting
1 4 the following: <SUSPENSION OR REVOCATION OF LICENSE
1 5 DISCIPLINARY ACTION>.
1 6 #2. Page 12, line 27, by striking the word
1 7 <suspend>, and inserting the following: <suspend>.
1 8 #3. Page 12, by striking lines 28 and 29, and
1 9 inserting the following: <or revoke any license
1 10 issued pursuant to this chapter take disciplinary
1 11 action against a licensee or individual registrant if
1 12 the administrator finds any of the>.
1 13 #4. Page 13, by inserting after line 8, the
1 14 following:
1 15 <d. The licensee or individual registrant has
1 16 violated an order of the administrator.
1 17 2. The administrator may impose one or more of the
1 18 following disciplinary actions against a licensee or
1 19 individual registrant:
1 20 a. Revoke a license or individual registration.
1 21 b. Suspend a license or individual registration
1 22 until further order of the administrator or for a
1 23 specified period of time.
1 24 c. Impose a period of probation under specified
1 25 conditions.
1 26 d. Impose civil penalties in an amount not to
1 27 exceed five thousand dollars for each violation.
1 28 e. Issue a citation and warning respecting
1 29 licensee or individual registrant behavior.>
1 30 #5. Page 13, line 9, by striking the figure <2.>
1 31 and inserting the following: <2. 3.>.
1 32 #6. Page 13, line 21, by striking the figure <3.>
1 33 and inserting the following: <3. 4.>.
1 34 #7. Page 13, line 27, by striking the figure <4.>
1 35 and inserting the following: <4. 5.>.
1 36 #8. Page 13, by inserting after line 31, the
1 37 following:
1 38 <Sec. . Section 535B.9, subsection 1, Code
1 39 2005, as amended by 2005 Iowa Acts, chapter 83,
1 40 section 7, is amended to read as follows:
1 41 1. An applicant for a license shall file with the
1 42 administrator a bond furnished by a surety company
1 43 authorized to do business in this state. The bond
1 44 shall be in the amount of twenty=five fifty thousand
1 45 dollars for an applicant seeking to transact business
1 46 solely as a mortgage broker, or fifty thousand dollars
1 47 for an applicant seeking to transact business as a
1 48 mortgage banker. The bond shall be continuous in
1 49 nature until canceled by the surety with not less than
1 50 thirty days' notice in writing to the mortgage broker
2 1 or mortgage banker and to the administrator indicating
2 2 the surety's intention to cancel the bond on a
2 3 specific date. The bond shall be for the use of the
2 4 state and any persons who may have causes of action
2 5 against the applicant. The bond shall be conditioned
2 6 upon the applicant's faithfully conforming to and
2 7 abiding by this chapter and any rules adopted under
2 8 this chapter and shall require that the surety pay to
2 9 the state and to any persons all moneys that become
2 10 due or owing to the state and to the persons from the
2 11 applicant by virtue of this chapter.>
2 12 #9. Page 14, line 1, by inserting before the word
2 13 <licensee's> the following: <mortgage banker>.
2 14 #10. Page 14, line 1, by inserting after the word
2 15 <the> the following: <mortgage banker>.
2 16 #11. Page 14, line 2, by striking the word
2 17 <certified>, and inserting the following: <certified
2 18 audited>.
2 19 #12. Page 14, line 2, by inserting after the word
2 20 <independent> the following: <certified public>.
2 21 #13. Page 17, line 10, by striking the words <five
2 22 business>, and inserting the following: <five
2 23 business fifteen calendar>.
2 24 #14. Page 17, line 11, by inserting after the word
2 25 <days> the following: <prior to the effective date>.
2 26 #15. Page 17, by striking lines 13 through 26.
2 27 #16. Page 19, line 26, by striking the words and
2 28 figures <subsections 2 and 3>, and inserting the
2 29 following: <subsection 2>.
2 30 #17. Page 19, line 27, by striking the word <are>
2 31 and inserting the following: <is>.
2 32 #18. Page 19, by striking lines 28 through 30.
2 33 #19. Page 19, line 31, by striking the figures <2.
2 34 3.> and inserting the following: <2.>
2 35 #20. Page 20, by striking lines 18 through 22.
2 36 21.
2 37 #21. Page 20, by striking lines 23 through 26.
2 38 #22. By renumbering as necessary.
2 39
2 40
2 41
2 42 ROGER STEWART
2 43 SF 2353.301 81
2 44 eg/cf/3128
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