Iowa Code 543B.45 – Dual contracts for sale of real property
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Terms Used In Iowa Code 543B.45
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
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.
[C71, 73, 75, 77, 79, 81, §117.45; 81 Acts, ch 54, §22] C93, §543B.45
2018 Acts, ch 1041, §127
Fraudulent practices, see §714.8
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.
[C71, 73, 75, 77, 79, 81, §117.45; 81 Acts, ch 54, §22] C93, §543B.45
2018 Acts, ch 1041, §127
Fraudulent practices, see §714.8