13-10-12. Enforcement authorities, violations, and penalties.

359 words·~2 min read·/nd/title-13/chapter-13-10-mortgage-loan-originators/13-10-12·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. To ensure the effective supervision and enforcement of this chapter the commissioner

may:

a. 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.

b. Deny, suspend, revoke, condition, or decline to renew a license if an applicant or

licensee fails at any time to meet the requirements of section 13-10-05 or

13-10-08, or withholds information or makes a material misstatement in an

application for a license or renewal of a license.

c. Order restitution against persons subject to this chapter for violations of this

chapter.

d. Impose fines on persons subject to this chapter pursuant to subsections 2, 3, and

e. Issue orders or directives under this chapter as follows:

(1)Order or direct persons subject to this chapter to cease and desist from

conducting business, including immediate temporary orders to cease and

desist.

(2)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.

(3)Enter immediate temporary orders to cease business under a license or

interim license issued pursuant to the authority granted under subsection 5

of section 13-10-03 if the commissioner determines that such license was

erroneously granted or the licensee is currently in violation of this chapter.

(4)Order or direct such other affirmative action as the commissioner deems

necessary.

2. The commissioner may impose a civil penalty on a mortgage loan originator or person

subject to this chapter, if the commissioner finds, on the record after notice and

opportunity for hearing, that such mortgage loan originator or person subject to this

chapter has violated or failed to comply with any requirement of this chapter or any

regulation prescribed by the commissioner under this chapter or order issued under

authority of this chapter.

3. The maximum amount of penalty for each act or omission described in subsection 2 is

twenty-five thousand dollars.

4. Each violation or failure to comply with any directive or order of the commissioner is a

separate and distinct violation or failure.