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Some things can be sad and reassuring at the same time. A bill currently making its way toward becoming an Iowa law falls into that category.

House File 375 is “An Act specifying a duty of agency applicable to licensed mortgage brokers and making penalties applicable.”

The bill, which zoomed through the House of Representatives last week on an 89-9 vote, requires mortgage brokers to have an agency relationship with borrowers. That creates requirements such as:

• Placing the borrower’s interest ahead of that of any other party.

• Not accepting, giving or charging any undisclosed remuneration.

• Carrying out all lawful instructions issued by the borrower.

• Disclosing to the borrower all material facts that might affect his or her rights or interests.

• Accounting to the borrower for all of the borrower’s money and property received by the agent.

All of this is sad in a couple of ways. The issuance of mortgages is one of the main gears of our economy, and one would think that we had all of the necessary laws in place before now. Why didn’t we?

Also, looking at the matter more idealistically, it’s sad to think that we have to spell out every detail of personal behavior. The culture has a lot further to rise if we have to codify “use reasonable care in the performance of duties,” as this bill does.

But the law is no place for idealism or looking backward, and it’s good that we will have not only specific rules but also penalties in place.

If the bill becomes law, violating its provisions will subject a mortgage broker to license suspension and revocation, and fines of up to $5,000 per violation.

Taken altogether, it’s reassuring. We knew that mortgages keep the country moving, but we’ve learned in the past two years that the system needs a tuneup.

Even people who think we have too much regulation would have to agree that HF 375 makes sense. Even mortgage brokers should agree. If they don’t, you probably wouldn’t want to do business with them.