70D-3-501. Disciplinary action.
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70D-3-501. Disciplinary action.
(1)The commissioner may through an adjudicative proceeding subject to Title 63G, Chapter 4, Administrative Procedures Act , impose a sanction described in Subsection
(2)against an individual if the individual:
(a)is licensed or required to be licensed under this chapter; and
(b)violates this chapter.
(2)The commissioner may against an individual described in Subsection
(1)who violates this chapter:
(a)impose an educational requirement;
(b)impose a civil penalty against the individual in an amount not to exceed the greater of:
(i)$2,500 for each violation; or
(ii)the amount equal to any gain or economic benefit derived from each violation;
(c)deny an application for an initial license;
(d)do any of the following to a license under this chapter:
(i)suspend;
(ii)revoke;
(iii)place on probation;
(iv)deny renewal;
(v)deny reinstatement;
(vi)in the case of a denial of a license, set a waiting period for an individual to apply for a license under this chapter; or
(vii)issue a cease and desist order; or
(e)impose a combination of sanctions described in this Subsection
(2).
(a)If the commissioner determines that a practice that the commissioner alleges is unlawful should be enjoined during the pendency of a proceeding incident to an allegation, the commissioner may issue a temporary order in accordance with Section 63G-4-502 :
(i)at the commencement of the proceedings; or
(ii)at any time after the proceeding commences.
(b)For purposes of Section 63G-4-502 , an immediate and significant danger to the public health, safety, or welfare exists if the commissioner finds from specific facts supported by sworn statement or the records of a person subject to the order that loan applicants or mortgagors are otherwise likely to suffer immediate and irreparable injury, loss, or damage before a proceeding incident to a final order can be completed.
Enacted by Chapter 72 , 2009 General Session