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Iowa Code Title XIII. Commerce [Chs. 505-554D] § 535C.10. Remedies

Current as of January 01, 2024 | Updated by FindLaw Staff

1. If a broker materially violates the loan brokerage agreement, the borrower may, upon written notice, void the agreement. In addition, the borrower may recover all moneys paid the broker, a penalty of twice the amount of the fee sought by the broker, other damages, and reasonable attorney fees. A material violation includes but is not limited to any of the following:

a. Making false or misleading statements relative to the agreement.

b. Failure to comply with the agreement or the obligations arising from the agreement.

c. Failure to either grant the borrower a loan or issue a credit card or diligently attempt to obtain a loan or credit card for the borrower.

d. Failure to comply with the requirements of this chapter.

e. Soliciting or obtaining, directly or indirectly, an advance fee.

2. A violation of this chapter is a violation of the Iowa consumer fraud Act, section 714.16.

3. Remedies under this chapter are in addition to other remedies available in law or equity.

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Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 535C.10. Remedies - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-535c-10/

Read this complete Iowa Code Title XIII. Commerce [Chs. 505-554D] § 535C.10. Remedies on Westlaw

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