TITLE 19
Financial institutions
CHAPTER 19-14.10
An Act Adopting the Federal Secure and Fair Enforcement for Mortgage Licensing
Act of 2009
SECTION 19-14.10-13
§ 19-14.10-13 Enforcement authorities,
violations and penalties.
(a) In order to ensure the effective supervision and enforcement of this
chapter the director or the director's designee may, pursuant to chapter 42-35:
(1) Deny, suspend, revoke, condition or decline to renew a
license for a violation of this chapter, rules or regulations issued under this
chapter or order or directive entered under this chapter.
(2) Deny, suspend, revoke, condition or decline to renew a
license if an applicant or licensee fails at any time to meet the requirements
of § 19-14.10-6 or 19-14.10-9, or withholds information or makes a
material misstatement in an application for a license or renewal of a license.
(3) Order restitution against persons subject to this chapter
for violations of this chapter.
(4) Impose fines on persons subject to this chapter pursuant
to subsections (b), (c) and (d) of this section.
(5) Issue orders or directives under this chapter as follows:
(i) Order or direct persons subject to this chapter to cease
and desist from conducting business, including immediate temporary orders to
cease and desist.
(ii) Order or direct persons subject to this chapter to cease
any harmful activities or violations of this chapter, including immediate
temporary orders to cease and desist.
(iii) Enter immediate temporary orders to cease business
under a license or interim license issued pursuant to the authority granted
under this chapter if the director or the director's designee determines that
such license was erroneously granted or the licensee is currently in violation
of this chapter;
(iv) Order or direct such other affirmative action as the
director or the director's designee deems necessary.
(b) The director or the director's designee may impose a
civil penalty on a mortgage loan originator and any lender or loan broker
licensed under chapter 19-14 or 19-14.1 which employs such mortgage loan
originator, if the director or the director's designee finds, on the record
after notice and opportunity for hearing, that such mortgage loan originator
has violated or failed to comply with any requirement of this chapter or any
regulation prescribed by the director or the director's designee under this
chapter or order issued under authority of this chapter. In addition, the
director or the director's designee may impose a civil penalty on a lender or
loan broker licensed under chapter 19-14 or 19-14.1 which employs any mortgage
loan originator licensed under this chapter, if the director or the director's
designee finds, on the record after notice and opportunity for hearing, that
such lender or loan broker has violated or failed to comply with any
requirement of this chapter or any such regulation or order.
(c) The maximum amount of penalty for each act or omission
described in subsection (b) of this section shall be twenty-five thousand five
hundred dollars ($25,000).
(d) Each violation or failure to comply with any directive or
order of the director or the director's designee is a separate and distinct
violation or failure.
History of Section.
(P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3; P.L. 2012, ch. 66,
§ 1; P.L. 2012, ch. 84, § 1.)