17:46B-51 - Penalties - New Jersey Statutes

17:46B-51.  Penalties
    The commissioner may, if he finds that any title insurance rating organization, title insurance company or title insurance agent has violated any  provision of this act, impose a penalty of not more than $1,000.00 for each  such violation, but if he finds such violation to be willful, he may impose a  penalty of not more than $5,000.00 for each such violation.  Such penalties may  be in addition to any other penalty provided by law.

    The commissioner may suspend the license of any title insurance rating organization, title insurance company, or title insurance agent that fails to comply with an order of the commissioner within the time limited by such order,  or any extension thereof, which the commissioner may grant.  The commissioner  shall not suspend the license of any such rating organization, company or agent  for failure to comply with an order until the time prescribed for an appeal  therefrom has expired, or, if an appeal has been taken, until such order has  been affirmed.

    The commissioner may determine when a suspension of license shall become effective, and it shall remain in effect for the period fixed by him unless he modifies or rescinds such suspension, or until the order upon which such suspension is based is modified, reversed.  No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the commissioner, stating his findings, made after a hearing held upon not less than 10 days' written notice to such person or organization, specifying the alleged violation.

     L.1975, c. 106, s. 50, eff. May 29, 1975.