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§19-14.10-13  Enforcement authorities, violations and penalties. –


Published: 2015

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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.)