S.F. 2287 Section 1. Section 535.8, subsection 2, Code 2024, is 1 amended to read as follows: 2 2. If a lender that is a financial institution as defined 3 in section 537.1301 makes a loan in which the points and fees 4 the borrower is charged by all lenders in connection with 5 the loan do not exceed the amounts specified in 12 C.F.R. 6 §1026.43(e)(3), the loan shall not be subject to the provisions 7 of subsection 4 , paragraphs “a” , “b” , and “d” , or subsection 5 . 8 If a lender that is a mortgage banker licensed under section 9 535B.5 or registered under section 535B.3 makes a loan in which 10 the points and fees the borrower is charged by all lenders in 11 connection with the loan do not exceed the amounts specified 12 in 12 C.F.R. §1026.43(e)(3) , the loan shall not be subject to 13 the provisions of subsection 4, paragraph “a” , or subsection 14 5 . This subsection applies to the financial institution lender 15 that originates the loan and to subsequent purchasers of the 16 loan originated by the financial institution. 17 EXPLANATION 18 The inclusion of this explanation does not constitute agreement with 19 the explanation’s substance by the members of the general assembly. 20 This bill relates to points and fees charged on loans by 21 mortgage bankers. Under current law, if a lender that is a 22 mortgage banker makes a loan in which the points and fees 23 the borrower is charged by all lenders in connection with 24 the loan do not exceed the amounts specified in 12 C.F.R. 25 §1026.43(e)(3), the loan shall not be subject to the provisions 26 of Code section 535.8(5). Under the bill, the loan shall also 27 not be subject to Code section 535.8(4)(a). 28 -1- LSB 5732SV (1) 90 nls/ko 1/ 1