§ 53-244.116. Disciplinary authority. - North Carolina Statutes

§ 53‑244.116. Disciplinary authority.

(a)        The Commissionermay, by order:

(1)        Take any actionauthorized under G.S. 53‑244.113.

(2)        Impose a civilpenalty upon a licensee, individual, or person subject to this Article, or uponany partner, officer, director, or other person occupying a similar status orperforming similar functions on behalf of a licensee or other person subject tothis Article for any violation of or failure to comply with this Article. Thecivil penalty shall not exceed twenty‑five thousand dollars ($25,000) foreach violation of or failure to comply with this Article. Each violation of orfailure to comply with this Article shall be a separate and distinct violation.

(3)        Impose a civilpenalty upon a licensee, individual, or person subject to this Article, or uponany partner, officer, director, or other person occupying a similar status orperforming similar functions on behalf of a licensee or other person subject tothis Article for any violation of or failure to comply with any directive ororder of the Commissioner. The civil penalty shall not exceed twenty‑fivethousand dollars ($25,000) for each violation of or failure to comply with anydirective or order of the Commissioner. Each violation of or failure to complywith any directive or order of the Commissioner shall be a separate anddistinct violation.

(4)        Require a licensee,individual, or person subject to this Article to disgorge and pay to a borroweror other individual any amounts received by the licensee, individual, or personsubject to the Article, including any employee of the person, to the extentthat the amounts were collected in violation of Chapter 24 of the GeneralStatutes or in excess of those allowed by law.

(5)        Prohibit licenseesunder this Article from engaging in acts and practices in connection withresidential mortgage loans that the Commissioner finds to be unfair, deceptive,designed to evade the laws of this State, or that are not in the best interestof the borrowing public.

(b)        When a licensee isaccused of any act, omission, or misconduct that would subject the licensee todisciplinary action, the licensee, with the consent and approval of theCommissioner, may surrender the license and all the rights and privilegespertaining to it. A person who surrenders a license shall not be eligible foror submit any application for licensure under this Article.

(c)        The requirements ofthis Article apply to any person who seeks to avoid its application by anydevice, subterfuge, or pretense whatsoever, including structuring a loan in amanner to avoid classification of the loan as a residential mortgage loan.  (2009‑374, s. 2.)