(a) The Banking Board may suspend or revoke the license of any licensee, if the licensee or any owner, director, officer, member, partner, stockholder, employee, or agent of the licensee, while acting on behalf of the licensee:
(1) makes any material misstatement in an application for a license;
(2) has been convicted of any crime of moral turpitude;
(3) In connection with any mortgage loan or loan application transaction:
(A) commits any fraud;
(B) engages in any illegal or dishonest activities; or
(C) misrepresents or fails to disclose any material facts to anyone entitled to that information;
(4) violates any provision of this chapter, any rule or regulation adopted under it, or any other law regulating mortgage loan lending in the Territory.
(5) engages in a course of conduct consisting of the failure to perform written agreements with borrowers;
(6) fails to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;
(7) fails to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan, taking into account any applicable right of rescission;
(8) is convicted of a felony or misdemeanor involving fraud, misrepresentation, or deceit;
(9) has a judgment entered against such licensee involving fraud, misrepresentation, or deceit;
(10) has been found by a federal, state or territorial agency to be in violation of any law or any regulation applicable to the conduct of the licensee's business;
(11) refuses to permit an investigation or examination by the Banking Board;
(12) fails to pay any fee or assessment imposed by this chapter;
(13) fails to comply with any order of the Banking Board; or
(14) otherwise demonstrates unworthiness, bad faith, dishonesty, or any other quality that indicates that the business of the licensee has not been, or will not be, conducted honestly, fairly, equitably, and efficiently.
(b)
(1) The Banking Board may enforce the provisions of this section or any rules and regulations adapted by issuing an order:
(A) to cease and desist from the violation and any further similar violations; and
(B) requiring the violator to take affirmative action to correct the violation including the restitution of money or property to any person aggrieved by the violation.
(2) If a violator fails to comply with an order issued under paragraph (1) of this subsection, the Banking Board may impose a civil penalty of up to $1000 for each violation from which the violator failed to cease and desist or for which the violator failed to take affirmative action to correct.
(c) The Banking Board may request the Attorney General of the Virgin Islands to take appropriate action in the Superior Court of the Virgin Islands for the enforcement of an order issued under this section. The Attorney General may also seek, and the Superior Court may order or decree, damages and such other relief allowed by law, including restitution. Persons entitled to any relief as authorized by this section must be identified by order of the court within 180 days after the date of the order permanently enjoining the unlawful act or practice. In any action brought by the Attorney General by virtue of this provision, the Attorney General is entitled to seek attorney's fees and costs.
(d) In determining the amount of financial penalty to be imposed under subsection (b) of this section, the Banking Board shall consider the following:
(1) the seriousness of the violation;
(2) the good faith of the violator;
(3) the violator's history of previous violations;
(4) the deleterious effect of the violation on the public and mortgage industry;
(5) the assets of the violator; and
(6) any other factors relevant to the determination of the financial penalty.
(e) Nothing in this chapter may be construed to preclude any individual or entity who suffers loss as a result of any violation to this chapter from maintaining an action to recover damages or restitution and, as provided by statute, attorney's fees.