Section 86A.154 - Fraud and deceit with respect to mortgage banker or mortgage broker businessIt is unlawful for any person, directly or indirectly, in connection with the conduct of a mortgage banker or mortgage broker business:
(1) To employ any device, scheme or artifice to defraud;(2) Knowingly to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading;(3) To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or(4) To make or file, or cause to be made or filed, to or with the Director of the Department of Consumer and Business Services any statement, report or document which is known to be false in any material respect or matter.