Bill Text: IA SF567 | 2021-2022 | 89th General Assembly | Enrolled
Bill Title: A bill for an act relating to loans originated by mortgage bankers. (Formerly SSB 1235.)
Spectrum: Committee Bill
Status: (Vetoed) 2021-06-16 - Vetoed by Governor. S.J. 1151. [SF567 Detail]
Download: Iowa-2021-SF567-Enrolled.html
Senate
File
567
-
Enrolled
Senate
File
567
AN
ACT
RELATING
TO
LOANS
ORIGINATED
BY
MORTGAGE
BANKERS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
535.8,
subsection
2,
Code
2021,
is
amended
to
read
as
follows:
2.
If
a
lender
that
is
a
financial
institution
as
defined
in
section
537.1301
or
a
mortgage
banker
licensed
or
registered
pursuant
to
chapter
535B
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
.
This
subsection
applies
to
the
financial
institution
lender
Senate
File
567,
p.
2
that
originates
the
loan
and
to
subsequent
purchasers
of
the
loan
originated
by
the
financial
institution.
______________________________
JAKE
CHAPMAN
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
567,
Eighty-ninth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2021
______________________________
KIM
REYNOLDS
Governor
