HF 609 (LSB 2083HV (3) 90)

RELATING TO SPECIFIED LOANS PROVIDED BY A MORTGAGE  BANKER. 

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 535.8, subsection 2, Code 2023, is amended to read as follows:
   2.  If a lender that is a financial institution as defined in section 537.1301 makes a loan in which the points and fees the borrower is charged by all lenders in connection with the loan do not exceed the amounts specified in 12 C.F.R. §1026.43(e)(3), the loan shall not be subject to the provisions of subsection 4, paragraphs “a”, “b”, and “d”, or subsection 5.  If a lender that is a mortgage banker licensed under section 535B.5 or registered under section 535B.3 makes a loan in which the points and fees the borrower is charged by all lenders in connection with the loan do not exceed the amounts specified in 12 C.F.R. §1026.43(e)(3), the loan shall not be subject to the provisions of subsection 5. This subsection applies to the financial institution lender that originates the loan and to 

subsequent purchasers of the loan originated by the financial institution.

______________________________
PAT GRASSLEY
Speaker of the House

______________________________
AMY SINCLAIR
President of the Senate

   I hereby certify that this bill originated in the House and is known as House File 609, Ninetieth General Assembly.

______________________________
MEGHAN NELSON
Chief Clerk of the House

Approved _______________, 2023

______________________________
KIM REYNOLDS
Governor