2009 Iowa Code
Title 13 - Commerce
Subtitle 2 - Financial Institutions
CHAPTER 528 - ALTERNATIVE MORTGAGE LOANS
528.2 - DEFINITIONS.

        528.2  DEFINITIONS.
         As used in this chapter, unless the context otherwise requires:
         1.  "Administrator" means the superintendent of banking, the
      superintendent of savings and loan associations, and the
      superintendent of credit unions within the department of commerce.
         2.  "Alternative mortgage loan" means a mortgage loan which is
      a reverse annuity mortgage loan or graduated payment mortgage loan.
         3.  "Financial institution" means financial institution as
      defined in section 535A.1.
         4.  "Graduated payment mortgage loan" means a mortgage loan in
      which principal and interest payments, if any, and the making of
      additional advances, if any, are scheduled to reflect the prospective
      increasing or decreasing income of the mortgagor.
         5.  "Mortgage loan" means a loan secured by a first mortgage
      on one, two, three, or four family, owner-occupied residential real
      property.
         6.  "Reverse annuity mortgage loan" means a mortgage loan in
      which either the loan proceeds are used to purchase an annuity with
      the annuity proceeds to be advanced to the mortgagors, or the loan
      proceeds are directly advanced to the mortgagors, in ten or more
      installments, either directly or indirectly, and which together with
      unpaid interest, if any, are to be repaid in accordance with section
      528.7.  

         89 Acts, ch 267, §2