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).
- (3)
- (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.
- (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:
Enacted by Chapter 72, 2009 General Session