Sec. 7-11. Mortgage loan originator suspension or revocation of registration; refusal to renew; fines.

399 words·~2 min read·/il/chapter-205/act-635/7-11

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(a)In addition to any other action authorized by this Act or any other applicable law, rule or regulation, the Director may do the following:

(1)Suspend, revoke, or refuse to renew a license or reprimand, place on probation or

otherwise discipline a licensee if the Director finds that the mortgage loan originator has violated this Act or any other applicable law or regulation or has been convicted of a criminal offense.

(2)Impose a fine of not more than $1,000 or, for engaging in an act prohibited by item

(1)of Section 7-13, not more than $3,000 for each day for each violation of this Act or any other applicable law or regulation that is committed. If the Mortgage Loan Originator engages in a pattern of repeated violations, the Director may impose a fine of not more than $2,000 or, for engaging in an act prohibited by item

(1)of Section 7-13, not more than $6,000 for each day for each violation committed. In determining the amount of a fine to be imposed pursuant to this Act or any other applicable law or regulation, the Director shall consider all of the following:

(A)The seriousness of the violation;

(B)The mortgage loan originator's good faith efforts to prevent the

violation; and

(C)The mortgage loan originator's history of violations and compliance with

orders.

(b)In addition to any other action authorized by this Act or any other applicable law, rule or regulation, the Director may investigate alleged violations of the Act or any other applicable law, rule or regulation and complaints concerning any such violation. The Director may seek a court order to enjoin the violation.

(c)In addition to any other action authorized by this Act or any other applicable law, rule or regulation, if the Director determines that a mortgage loan originator is engaged in or is believed to be engaged in activities that may constitute a violation of this Act or any other applicable law, rule or regulation, the Director may issue a cease and desist order to compel the mortgage loan originator to comply with this Act or any other applicable law, rule or regulation or, upon a showing that an emergency exists, may suspend the mortgage loan originator's license for a period not exceeding 180 calendar days, pending investigation.