Iowa Code » Chapter 502 — UNIFORM SECURITIES ACT
Iowa Code

Iowa Code § 502.501A (2026)

Prohibited transactions of broker-dealers and agents

✓ current as of July 2026
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A broker-dealer or agent shall not effect a transaction in, or induce or attempt to induce the purchase or sale of, any security in this state by means of any manipulative, deceptive, or other fraudulent scheme, device, or contrivance, fictitious quotation, or in violation of this chapter. A broker-dealer or agent shall not recommend to a customer the purchase, sale, or exchange of a security without reasonable grounds to believe that the transaction or recommendation is suitable for the customer based upon reasonable inquiry concerning the customer’s investment objectives, financial situation and needs, and other relevant information known by the broker-dealer. 2004 Acts, ch 1161, §39, 68

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Notes of Decisions
Cited in 1 case (1 in the last 5 years), 2022–2022 · leading case: State of Iowa v. Kourtney Shontez Hall (Iowa 2022).
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State of Iowa v. Kourtney Shontez Hall (Iowa 2022). “§ 502.501A (prohibiting securities dealers from taking actions to “induce or attempt to induce” the purchase of securities by fraud or deceit (emphasis added)); id.”
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