State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-742

45-742. License; suspension or revocation;administrative fine; procedure; surrender; cancellation; expiration; effect;reinstatement.(1) The director may, following a hearingunder the Administrative Procedure Act and the rules and regulations adoptedand promulgated under the act, suspend or revoke any license issued underthe Residential Mortgage Licensing Act. The director may also impose an administrativefine for each separate violation of the act if the director finds:(a) The licensee has materially violated or demonstrated a continuingpattern of violating the act, rules and regulations adopted and promulgatedunder the act, any order, including a cease and desist order, issued underthe act, or any other state or federal law applicable to the conduct of itsbusiness;(b) A fact or condition exists which, if it had existed at the timeof the original application for the license, would have warranted the directorto deny the application;(c) The licensee has violated a voluntary consent or compliance agreementwhich had been entered into with the director;(d) The licensee has made or caused to be made, in any document filedwith the director or in any proceeding under the act, any statement whichwas, at the time and in light of the circumstances under which it was made,false or misleading in any material respect or suppressed or withheld fromthe director any information which, if submitted by the licensee, would haveresulted in denial of the license application;(e) The licensee has refused to permit an examination by the directorof the licensee's books and affairs pursuant to subsection (1) or (2) of section 45-741 or has refused or failed to comply with subsection (5) of section 45-741after written notice of the violation by the director. Each day the licenseecontinues in violation of this subdivision after such written notice constitutesa separate violation;(f) The licensee has failed to maintain records as required by subdivision(8) of section 45-737 or as otherwise required following written notice ofthe violation by the director. Each day the licensee continues in violationof this subdivision after such written notice constitutes a separate violation;(g) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent, if such individual has been convicted of, pleaded guilty to, or wasfound guilty after a plea of nolo contendere to (i) a misdemeanor under anystate or federal law which involves dishonesty or fraud or which involvesany aspect of the mortgage banking business, depository institution business,or installment loan company business or (ii) any felony under state or federallaw;(h) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent, if such individual (i) has had a mortgage loan originatorlicense revoked in any state, unless such revocation was subsequently vacated,(ii) has a mortgage loan originator license which has been suspended by thedirector, or (iii) while previously associated in any other capacitywith another licensee, was the subject of a complaint under the act and thecomplaint was not resolved at the time the individual became employed by,or began acting as an agent for, the licensee and the licensee with reasonablediligence could have discovered the existence of such complaint;(i) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent if such individual is conducting activities requiring a mortgage loanoriginator license in this state without first obtaining such license;(j) The licensee has violated the written restrictions or conditionsunder which the license was issued;(k) The licensee, or if the licensee is a business entity, one of theofficers, directors, shareholders, partners, and members, was convicted of,pleaded guilty to, or was found guilty after a plea of nolo contendere to(i) a misdemeanor under any state or federal law which involves dishonestyor fraud or which involves any aspect of the mortgage banking business, depositoryinstitution business, or installment loan company business or (ii) any felonyunder state or federal law;(l) The licensee has had a similar license revoked in any other jurisdiction;or(m) The licensee has failed to reasonably supervise any officer, employee,or agent to assure his or her compliance with the act or with any state orfederal law applicable to the mortgage banking business.(2) Except as provided in this section, a license shall not be revokedor suspended except after notice and a hearing in accordance with the AdministrativeProcedure Act and the rules and regulations adopted and promulgated underthe act.(3) A licensee may voluntarily surrender a license by delivering tothe director written notice of the surrender, but a surrender shall not affectcivil or criminal liability for acts committed before the surrender or liabilityfor any fines which may be levied against the licensee or any of its officers,directors, shareholders, partners, or members pursuant to section 45-743 foracts committed before the surrender. Thedirector's approval of such license surrender shall not be required unlessthe director has commenced an examination or investigation pursuant to section 45-741 or has commenced a proceeding to revoke or suspend the licensee's licenseor impose an administrative fine pursuant to this section.(4)(a) If a licensee fails to (i) renew its license as required by section 45-706 and does not voluntarily surrender the license pursuant to this sectionor (ii) pay the required fee for renewal of the license, the department mayissue a notice of expiration of the license to the licensee in lieu of revocationproceedings.(b) The director may adopt by rule, regulation, or order proceduresfor the reinstatement of licenses for which a notice of expiration was issuedin accordance with subdivision (a) of this subsection. Such procedures shallbe consistent with standards established by the Nationwide Mortgage LicensingSystem and Registry. The fee for reinstatement shall be the same fee as thefee for the initial license application.(c) If a licensee fails to maintain a surety bond as required by section 45-724, the department may issue a notice of cancellation of the license inlieu of revocation proceedings.(5) Revocation, suspension, surrender, cancellation, or expiration ofa license shall not impair or affect the obligation of a preexisting lawfulcontract between the licensee and any person, including a borrower.(6) Revocation, suspension, cancellation, or expiration of a licenseshall not affect civil or criminal liability for acts committed before therevocation, suspension, cancellation, or expiration or liability for any fineswhich may be levied against the licensee or any of its officers, directors,shareholders, partners, or members pursuant to section 45-743 for acts committedbefore the revocation, suspension, cancellation, or expiration. SourceLaws 1989, LB 272, § 10; Laws 1997, LB 137, § 23; Laws 1999, LB 396, § 33; Laws 2003, LB 218, § 5; Laws 2005, LB 533, § 54; Laws 2006, LB 876, § 30; R.S.Supp.,2008, § 45-707; Laws 2009, LB328, § 27; Laws 2010, LB892, § 16. Cross ReferencesAdministrative Procedure Act, see section 84-920.

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-742

45-742. License; suspension or revocation;administrative fine; procedure; surrender; cancellation; expiration; effect;reinstatement.(1) The director may, following a hearingunder the Administrative Procedure Act and the rules and regulations adoptedand promulgated under the act, suspend or revoke any license issued underthe Residential Mortgage Licensing Act. The director may also impose an administrativefine for each separate violation of the act if the director finds:(a) The licensee has materially violated or demonstrated a continuingpattern of violating the act, rules and regulations adopted and promulgatedunder the act, any order, including a cease and desist order, issued underthe act, or any other state or federal law applicable to the conduct of itsbusiness;(b) A fact or condition exists which, if it had existed at the timeof the original application for the license, would have warranted the directorto deny the application;(c) The licensee has violated a voluntary consent or compliance agreementwhich had been entered into with the director;(d) The licensee has made or caused to be made, in any document filedwith the director or in any proceeding under the act, any statement whichwas, at the time and in light of the circumstances under which it was made,false or misleading in any material respect or suppressed or withheld fromthe director any information which, if submitted by the licensee, would haveresulted in denial of the license application;(e) The licensee has refused to permit an examination by the directorof the licensee's books and affairs pursuant to subsection (1) or (2) of section 45-741 or has refused or failed to comply with subsection (5) of section 45-741after written notice of the violation by the director. Each day the licenseecontinues in violation of this subdivision after such written notice constitutesa separate violation;(f) The licensee has failed to maintain records as required by subdivision(8) of section 45-737 or as otherwise required following written notice ofthe violation by the director. Each day the licensee continues in violationof this subdivision after such written notice constitutes a separate violation;(g) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent, if such individual has been convicted of, pleaded guilty to, or wasfound guilty after a plea of nolo contendere to (i) a misdemeanor under anystate or federal law which involves dishonesty or fraud or which involvesany aspect of the mortgage banking business, depository institution business,or installment loan company business or (ii) any felony under state or federallaw;(h) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent, if such individual (i) has had a mortgage loan originatorlicense revoked in any state, unless such revocation was subsequently vacated,(ii) has a mortgage loan originator license which has been suspended by thedirector, or (iii) while previously associated in any other capacitywith another licensee, was the subject of a complaint under the act and thecomplaint was not resolved at the time the individual became employed by,or began acting as an agent for, the licensee and the licensee with reasonablediligence could have discovered the existence of such complaint;(i) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent if such individual is conducting activities requiring a mortgage loanoriginator license in this state without first obtaining such license;(j) The licensee has violated the written restrictions or conditionsunder which the license was issued;(k) The licensee, or if the licensee is a business entity, one of theofficers, directors, shareholders, partners, and members, was convicted of,pleaded guilty to, or was found guilty after a plea of nolo contendere to(i) a misdemeanor under any state or federal law which involves dishonestyor fraud or which involves any aspect of the mortgage banking business, depositoryinstitution business, or installment loan company business or (ii) any felonyunder state or federal law;(l) The licensee has had a similar license revoked in any other jurisdiction;or(m) The licensee has failed to reasonably supervise any officer, employee,or agent to assure his or her compliance with the act or with any state orfederal law applicable to the mortgage banking business.(2) Except as provided in this section, a license shall not be revokedor suspended except after notice and a hearing in accordance with the AdministrativeProcedure Act and the rules and regulations adopted and promulgated underthe act.(3) A licensee may voluntarily surrender a license by delivering tothe director written notice of the surrender, but a surrender shall not affectcivil or criminal liability for acts committed before the surrender or liabilityfor any fines which may be levied against the licensee or any of its officers,directors, shareholders, partners, or members pursuant to section 45-743 foracts committed before the surrender. Thedirector's approval of such license surrender shall not be required unlessthe director has commenced an examination or investigation pursuant to section 45-741 or has commenced a proceeding to revoke or suspend the licensee's licenseor impose an administrative fine pursuant to this section.(4)(a) If a licensee fails to (i) renew its license as required by section 45-706 and does not voluntarily surrender the license pursuant to this sectionor (ii) pay the required fee for renewal of the license, the department mayissue a notice of expiration of the license to the licensee in lieu of revocationproceedings.(b) The director may adopt by rule, regulation, or order proceduresfor the reinstatement of licenses for which a notice of expiration was issuedin accordance with subdivision (a) of this subsection. Such procedures shallbe consistent with standards established by the Nationwide Mortgage LicensingSystem and Registry. The fee for reinstatement shall be the same fee as thefee for the initial license application.(c) If a licensee fails to maintain a surety bond as required by section 45-724, the department may issue a notice of cancellation of the license inlieu of revocation proceedings.(5) Revocation, suspension, surrender, cancellation, or expiration ofa license shall not impair or affect the obligation of a preexisting lawfulcontract between the licensee and any person, including a borrower.(6) Revocation, suspension, cancellation, or expiration of a licenseshall not affect civil or criminal liability for acts committed before therevocation, suspension, cancellation, or expiration or liability for any fineswhich may be levied against the licensee or any of its officers, directors,shareholders, partners, or members pursuant to section 45-743 for acts committedbefore the revocation, suspension, cancellation, or expiration. SourceLaws 1989, LB 272, § 10; Laws 1997, LB 137, § 23; Laws 1999, LB 396, § 33; Laws 2003, LB 218, § 5; Laws 2005, LB 533, § 54; Laws 2006, LB 876, § 30; R.S.Supp.,2008, § 45-707; Laws 2009, LB328, § 27; Laws 2010, LB892, § 16. Cross ReferencesAdministrative Procedure Act, see section 84-920.

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State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-742

45-742. License; suspension or revocation;administrative fine; procedure; surrender; cancellation; expiration; effect;reinstatement.(1) The director may, following a hearingunder the Administrative Procedure Act and the rules and regulations adoptedand promulgated under the act, suspend or revoke any license issued underthe Residential Mortgage Licensing Act. The director may also impose an administrativefine for each separate violation of the act if the director finds:(a) The licensee has materially violated or demonstrated a continuingpattern of violating the act, rules and regulations adopted and promulgatedunder the act, any order, including a cease and desist order, issued underthe act, or any other state or federal law applicable to the conduct of itsbusiness;(b) A fact or condition exists which, if it had existed at the timeof the original application for the license, would have warranted the directorto deny the application;(c) The licensee has violated a voluntary consent or compliance agreementwhich had been entered into with the director;(d) The licensee has made or caused to be made, in any document filedwith the director or in any proceeding under the act, any statement whichwas, at the time and in light of the circumstances under which it was made,false or misleading in any material respect or suppressed or withheld fromthe director any information which, if submitted by the licensee, would haveresulted in denial of the license application;(e) The licensee has refused to permit an examination by the directorof the licensee's books and affairs pursuant to subsection (1) or (2) of section 45-741 or has refused or failed to comply with subsection (5) of section 45-741after written notice of the violation by the director. Each day the licenseecontinues in violation of this subdivision after such written notice constitutesa separate violation;(f) The licensee has failed to maintain records as required by subdivision(8) of section 45-737 or as otherwise required following written notice ofthe violation by the director. Each day the licensee continues in violationof this subdivision after such written notice constitutes a separate violation;(g) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent, if such individual has been convicted of, pleaded guilty to, or wasfound guilty after a plea of nolo contendere to (i) a misdemeanor under anystate or federal law which involves dishonesty or fraud or which involvesany aspect of the mortgage banking business, depository institution business,or installment loan company business or (ii) any felony under state or federallaw;(h) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent, if such individual (i) has had a mortgage loan originatorlicense revoked in any state, unless such revocation was subsequently vacated,(ii) has a mortgage loan originator license which has been suspended by thedirector, or (iii) while previously associated in any other capacitywith another licensee, was the subject of a complaint under the act and thecomplaint was not resolved at the time the individual became employed by,or began acting as an agent for, the licensee and the licensee with reasonablediligence could have discovered the existence of such complaint;(i) The licensee knowingly has employed any individual or knowinglyhas maintained a contractual relationship with any individual acting as anagent if such individual is conducting activities requiring a mortgage loanoriginator license in this state without first obtaining such license;(j) The licensee has violated the written restrictions or conditionsunder which the license was issued;(k) The licensee, or if the licensee is a business entity, one of theofficers, directors, shareholders, partners, and members, was convicted of,pleaded guilty to, or was found guilty after a plea of nolo contendere to(i) a misdemeanor under any state or federal law which involves dishonestyor fraud or which involves any aspect of the mortgage banking business, depositoryinstitution business, or installment loan company business or (ii) any felonyunder state or federal law;(l) The licensee has had a similar license revoked in any other jurisdiction;or(m) The licensee has failed to reasonably supervise any officer, employee,or agent to assure his or her compliance with the act or with any state orfederal law applicable to the mortgage banking business.(2) Except as provided in this section, a license shall not be revokedor suspended except after notice and a hearing in accordance with the AdministrativeProcedure Act and the rules and regulations adopted and promulgated underthe act.(3) A licensee may voluntarily surrender a license by delivering tothe director written notice of the surrender, but a surrender shall not affectcivil or criminal liability for acts committed before the surrender or liabilityfor any fines which may be levied against the licensee or any of its officers,directors, shareholders, partners, or members pursuant to section 45-743 foracts committed before the surrender. Thedirector's approval of such license surrender shall not be required unlessthe director has commenced an examination or investigation pursuant to section 45-741 or has commenced a proceeding to revoke or suspend the licensee's licenseor impose an administrative fine pursuant to this section.(4)(a) If a licensee fails to (i) renew its license as required by section 45-706 and does not voluntarily surrender the license pursuant to this sectionor (ii) pay the required fee for renewal of the license, the department mayissue a notice of expiration of the license to the licensee in lieu of revocationproceedings.(b) The director may adopt by rule, regulation, or order proceduresfor the reinstatement of licenses for which a notice of expiration was issuedin accordance with subdivision (a) of this subsection. Such procedures shallbe consistent with standards established by the Nationwide Mortgage LicensingSystem and Registry. The fee for reinstatement shall be the same fee as thefee for the initial license application.(c) If a licensee fails to maintain a surety bond as required by section 45-724, the department may issue a notice of cancellation of the license inlieu of revocation proceedings.(5) Revocation, suspension, surrender, cancellation, or expiration ofa license shall not impair or affect the obligation of a preexisting lawfulcontract between the licensee and any person, including a borrower.(6) Revocation, suspension, cancellation, or expiration of a licenseshall not affect civil or criminal liability for acts committed before therevocation, suspension, cancellation, or expiration or liability for any fineswhich may be levied against the licensee or any of its officers, directors,shareholders, partners, or members pursuant to section 45-743 for acts committedbefore the revocation, suspension, cancellation, or expiration. SourceLaws 1989, LB 272, § 10; Laws 1997, LB 137, § 23; Laws 1999, LB 396, § 33; Laws 2003, LB 218, § 5; Laws 2005, LB 533, § 54; Laws 2006, LB 876, § 30; R.S.Supp.,2008, § 45-707; Laws 2009, LB328, § 27; Laws 2010, LB892, § 16. Cross ReferencesAdministrative Procedure Act, see section 84-920.

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