(a) In order to ensure the effective supervision and enforcement of this chapter, the director, or the director's designee, may, pursuant to chapter 35 of title 42:
(1) 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;
(2) Deny, suspend, revoke, condition, or decline to renew a license if an applicant or licensee fails at any time to meet the requirements of § 19-14.10-6 or § 19-14.10-9, or withholds information or makes a material misstatement in an application for a license or renewal of a license;
(3) Order restitution against persons subject to this chapter for violations of this chapter;
(4) Impose fines on persons subject to this chapter pursuant to subsections (b), (c), and (d); and
(5) Issue orders or directives under this chapter as follows:
(i) Order or direct persons subject to this chapter to cease and desist from conducting business, including immediate temporary orders to cease and desist;
(ii) 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;
(iii) Enter immediate temporary orders to cease business under a license or interim license issued pursuant to the authority granted under this chapter if the director, or the director's designee, determines that such license was erroneously granted or the licensee is currently in violation of this chapter; and
(iv) Order or direct such other affirmative action as the director, or the director's designee, deems necessary.
(b) The director, or the director's designee, may impose a civil penalty on a mortgage loan originator and any lender or loan broker licensed under chapter 14 or 14.1 of title 19 that employs such mortgage loan originator, if the director, or the director's designee, finds, on the record after notice and opportunity for hearing, that such mortgage loan originator has violated or failed to comply with any requirement of this chapter or any regulation prescribed by the director, or the director's designee, under this chapter or order issued under authority of this chapter. In addition, the director, or the director's designee may impose a civil penalty on a lender or loan broker licensed under chapter 14 or 14.1 of title 19 that employs any mortgage loan originator licensed under this chapter, if the director, or the director's designee, finds, on the record after notice and opportunity for hearing, that such lender or loan broker has violated or failed to comply with any requirement of this chapter or any such regulation or order.
(c) The maximum amount of penalty for each act or omission described in subsection (b) shall be twenty-five thousand dollars ($25,000).
(d) Each violation or failure to comply with any directive or order of the director, or the director's designee, is a separate and distinct violation or failure.
History of Section.
P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3; P.L. 2012, ch. 66, § 1; P.L. 2012, ch. 84, § 1; P.L. 2016, ch. 517, § 1.