535C.10 - REMEDIES.
535C.10 REMEDIES. 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's 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.
Section History: Recent Form 83 Acts, ch 146, § 10; 93 Acts, ch 60, §18 Referred to in § 714.16