Sec. 217. Civil money penalties
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In addition to any suspension or revocation of the approved status of an approved private mortgage insurer, servicer, issuer, or bond guarantor under this subtitle, the Corporation may, in its discretion, impose a civil money penalty on any such approved private mortgage insurer, servicer, issuer, or bond guarantor that has failed to comply with or otherwise violates— any standard adopted by the Corporation pursuant to this subtitle; or any other requirement or provision of this Act, or any order, condition, rule, or regulation issued pursuant to this Act, applicable to such private mortgage insurer, servicer, issuer, or bond guarantor, as the case may be.
The Corporation shall establish standards and procedures governing the imposition of civil money penalties under this section. Such standards and procedures— shall provide for the Corporation to notify the approved private mortgage insurer, servicer, issuer, or bond guarantor, as the case may be, in writing of the determination of the Corporation to impose the penalty, which shall be made on the record; shall provide for the imposition of a penalty only after the approved private mortgage insurer, servicer, issuer, or bond guarantor, as the case may be, has been given an opportunity for a hearing on the record; and may provide for review by the Corporation of any determination or order, or interlocutory ruling, arising from a hearing.
In determining the amount of a penalty under this section, the Corporation shall give consideration to factors including— the gravity of the offense; any history of prior offenses; ability to pay the penalty; injury to the public; benefits received; deterrence of future violations; and such other factors as the Corporation may determine, by regulation, to be appropriate. If the approved private mortgage insurer, servicer, issuer, or bond guarantor, as the case may be, fails to comply with an order by the Corporation imposing a civil money penalty under this section, the Corporation may bring an action in the United States District Court for the District of Columbia to obtain a monetary judgment against the approved private mortgage insurer, servicer, issuer, or bond guarantor, as the case may be, and such other relief as may be available.
The monetary judgment may, in the court's discretion, include the attorneys' fees and other expenses incurred by the United States in connection with the action. In an action under this subsection, the validity and appropriateness of the order imposing the penalty shall not be subject to review. The Corporation may compromise, modify, or remit any civil money penalty which may be, or has been, imposed under this section. The Corporation shall use any civil money penalties collected under this section to help fund the Mortgage Insurance Fund established under section 203.