Section 443.891

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 08 Jul 2009, 2 histories, see footnote   

  443.891.  Charge in support of removal or prohibition notice issued on certain findings of conduct. — 1.  Upon making any one or more of the following preliminary findings, the director may issue a notice of charges against a licensee in support 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 in loan brokering, mortgage brokering or mortgage brokerage service for any loan secured by real estate whether in the affairs of an exempt person or in the affairs of^* any licensees under sections 443.701 to 443.893, or in the affairs of any depository^** institution under the jurisdiction of the director.  An order of removal or of prohibition may be permanent or for a specific term and may impose additional conditions including requiring restitution and imposition of a civil penalty not exceeding twenty-five thousand dollars per occurrence.  The findings required by this section may be any one or more of the following:

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

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

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

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

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

  3.  If the respondent defaults, consents to an order under this section, or if upon the record the director finds the grounds specified supporting an order, the director may issue such an order including conditions for restitution or for a civil penalty not to exceed twenty-five thousand dollars to be effective thirty days after service and to remain in effect 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" does not appear in original rolls.

**Word "depositary" appears in original rolls.