Iowa Code Title XIII. Commerce [Chs. 505-554D] § 543B.45. Dual contracts for sale of real property

1. A person licensed under this chapter shall not knowingly make, issue, deliver, receive, or permit the use of two or more written or oral contracts for the purpose of sale concerning the same parcel of real estate one of which is not made known to the prospective lender or loan guarantor to enable the purchaser to obtain a larger loan than the true sales price would allow or to enable the purchaser to qualify for a loan which the purchaser otherwise could not obtain.

2. Any person who shall violate the provisions of this section shall be guilty of a fraudulent practice.