443.891. Charge in support of removal or prohibition notice issued on certain findings of conduct. - Missouri Statutes

Charge in support of removal or prohibition notice issued on certainfindings of conduct.

443.891. 1. Upon making any one or more of the following preliminaryfindings, the director may issue a notice of charges against a licensee insupport of an order imposing a fine, requiring restitution or forfeiture,suspending or revoking a license, or an order of removal and prohibition,which order may remove and prohibit a named person from participating inloan brokering, mortgage brokering or mortgage brokerage service for anyloan secured by real estate whether in the affairs of an exempt person orin the affairs of* any licensees under sections 443.701 to 443.893, or inthe affairs of any depository** institution under the jurisdiction of thedirector. An order of removal or of prohibition may be permanent or for aspecific term and may impose additional conditions including requiringrestitution and imposition of a civil penalty not exceeding twenty-fivethousand dollars per occurrence. The findings required by this section maybe any one or more of the following:

(1) A finding that the person subject to the order has been convictedof a crime involving material financial loss to a licensee, a depositoryinstitution, a government-sponsored enterprise, a Federal Home Loan Bank, aFederal Reserve Bank or any other person;

(2) A finding that the person subject to the order has, in connectionwith the application for or procurement of a loan secured by real estate,made any material misstatement, misrepresentation, or omission. As used inthis section, "material" means important information about which thedirector or board should be informed and which may influence a licensing orlending decision;

(3) A finding that the person subject to the order has pleaded guiltyto, entered a plea of nolo contendere to, or been found guilty of mortgagefraud as defined in section 570.310, RSMo;

(4) A finding that the person subject to the order has violated anyprovision of sections 443.701 to 443.893.

2. If a hearing is requested, the director or his or her designeeshall conduct a hearing under chapter 536, RSMo.

3. If the respondent defaults, consents to an order under thissection, or if upon the record the director finds the grounds specifiedsupporting an order, the director may issue such an order includingconditions for restitution or for a civil penalty not to exceed twenty-fivethousand dollars to be effective thirty days after service and to remain ineffect and enforceable except to the extent it is stayed, modified,terminated or set aside by action of the director or a reviewing court.

(L. 1994 S.B. 718 § 33, A.L. 1995 H.B. 63, et al., A.L. 2008 H.B. 2188, A.L. 2009 H.B. 382)

Effective 7-08-09

*Word "of" omitted from original rolls.

**Word "depositary" appears in original rolls.