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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) The commissioner may through an adjudicative proceeding subject to Title 63G, Chapter 4, Administrative Procedures Act, impose a sanction described in Subsection (2) against an individual if the individual:
(a) is licensed or required to be licensed under this chapter; and
(b) violates this chapter.
(2) The commissioner may against an individual described in Subsection (1) who violates this chapter:
(a) impose an educational requirement;
(b) impose a civil penalty against the individual in an amount not to exceed the greater of:
(i) $2,500 for each violation; or
(ii) the amount equal to any gain or economic benefit derived from each violation;
(c) deny an application for an initial license;
(d) do any of the following to a license under this chapter:
(i) suspend;
(ii) revoke;
(iii) place on probation;
(iv) deny renewal;
(v) deny reinstatement;
(vi) in the case of a denial of a license, set a waiting period for an individual to apply for a license under this chapter; or
(vii) issue a cease and desist order; or
(e) impose a combination of sanctions described in this Subsection (2).
(3)(a) If the commissioner determines that a practice that the commissioner alleges is unlawful should be enjoined during the pendency of a proceeding incident to an allegation, the commissioner may issue a temporary order in accordance with Section 63G-4-502:
(i) at the commencement of the proceedings; or
(ii) at any time after the proceeding commences.
(b) For purposes of Section 63G-4-502, an immediate and significant danger to the public health, safety, or welfare exists if the commissioner finds from specific facts supported by sworn statement or the records of a person subject to the order that loan applicants or mortgagors are otherwise likely to suffer immediate and irreparable injury, loss, or damage before a proceeding incident to a final order can be completed.
Cite this article: FindLaw.com - Utah Code Title 70D. Financial Institution Mortgage Financing Regulation Act § 70D-3-501. Disciplinary action - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-70d-financial-institution-mortgage-financing-regulation-act/ut-code-sect-70d-3-501/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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