(a) The Commissionermay, by order, deny, suspend, revoke, or refuse to issue or renew a license ofa licensee or applicant under this Article, or may restrict or limit the mannerin which a licensee, applicant, or any person who owns an interest in orparticipates in the business of a licensee engages in the mortgage business, ifthe Commissioner finds both of the following:
(1) That the order is inthe public interest; and
(2) That any of thefollowing circumstances apply to the applicant, licensee, or any partner,member, manager, officer, director, loan officer, limited loan officer,qualifying individual, or any person occupying a similar status or performingsimilar functions or any person directly or indirectly controlling theapplicant or licensee. The person:
a. Has filed anapplication for licensure, report, or other document to the Commissioner that,as of its effective date or as of any date after filing, contained anystatement that, in light of the circumstances under which it was made, is falseor misleading with respect to any material fact;
b. Has violated orfailed to comply with any provision of this Article, rule adopted by theCommissioner, or order of the Commissioner;
c. Is permanently ortemporarily enjoined by any court of competent jurisdiction from engaging in orcontinuing any conduct or practice involving any aspect of the mortgagebusiness;
d. Is the subject of anorder of the Commissioner denying or suspending that person's license as amortgage loan originator, mortgage broker, mortgage lender, or mortgageservicer;
e. Is the subject of anorder entered within the past five years by the authority of any state withjurisdiction over that state's mortgage brokerage, mortgage lending, ormortgage servicing industry denying that person's license as a mortgage loanoriginator, mortgage broker, mortgage lender, or mortgage servicer;
f. Fails at any timeto meet the requirements of G.S. 53‑244.060, 53‑244.070, 53‑244.080,53‑244.090, 53‑244.100, 53‑244.103, or 53‑244.104;
g. Controls or hascontrolled any mortgage broker, mortgage lender, or mortgage servicer who hasbeen subject to an order or injunction described in sub‑subdivision c.,d., or e. of this subdivision;
h. Has been thequalifying individual, branch manager, or mortgage loan originator of alicensee who had knowledge of or reasonably should have had knowledge of, orparticipated in, any activity that resulted in the entry of an order under thisArticle suspending or withdrawing the license of a licensee;
i. Has failed torespond to inquiries from the Commissioner or the Commissioner's designeeregarding any complaints filed against the licensee which allege or appear toinvolve violation of this Article or any law or rule affecting the mortgagelending business; or
j. Has failed torespond to and cooperate fully with notices from the Commissioner or theCommissioner's designee relating to the scheduling and conducting of anexamination or investigation under this Article.
(b) In the event the Commissionerhas reason to believe that a licensee, individual, or person subject to thisArticle may have violated or failed to comply with any provision of thisArticle, the Commissioner may:
(1) Summarily order thelicensee, individual, or person to cease and desist from any harmful activitiesor violations of this Article; or
(2) Summarily suspendthe license of the licensee under this Article.
These summary powers are inaddition to the summary suspension procedures authorized by G.S. 150B‑3(c). (2009‑374,s. 2.)
(a) The Commissionermay, by order, deny, suspend, revoke, or refuse to issue or renew a license ofa licensee or applicant under this Article, or may restrict or limit the mannerin which a licensee, applicant, or any person who owns an interest in orparticipates in the business of a licensee engages in the mortgage business, ifthe Commissioner finds both of the following:
(1) That the order is inthe public interest; and
(2) That any of thefollowing circumstances apply to the applicant, licensee, or any partner,member, manager, officer, director, loan officer, limited loan officer,qualifying individual, or any person occupying a similar status or performingsimilar functions or any person directly or indirectly controlling theapplicant or licensee. The person:
a. Has filed anapplication for licensure, report, or other document to the Commissioner that,as of its effective date or as of any date after filing, contained anystatement that, in light of the circumstances under which it was made, is falseor misleading with respect to any material fact;
b. Has violated orfailed to comply with any provision of this Article, rule adopted by theCommissioner, or order of the Commissioner;
c. Is permanently ortemporarily enjoined by any court of competent jurisdiction from engaging in orcontinuing any conduct or practice involving any aspect of the mortgagebusiness;
d. Is the subject of anorder of the Commissioner denying or suspending that person's license as amortgage loan originator, mortgage broker, mortgage lender, or mortgageservicer;
e. Is the subject of anorder entered within the past five years by the authority of any state withjurisdiction over that state's mortgage brokerage, mortgage lending, ormortgage servicing industry denying that person's license as a mortgage loanoriginator, mortgage broker, mortgage lender, or mortgage servicer;
f. Fails at any timeto meet the requirements of G.S. 53‑244.060, 53‑244.070, 53‑244.080,53‑244.090, 53‑244.100, 53‑244.103, or 53‑244.104;
g. Controls or hascontrolled any mortgage broker, mortgage lender, or mortgage servicer who hasbeen subject to an order or injunction described in sub‑subdivision c.,d., or e. of this subdivision;
h. Has been thequalifying individual, branch manager, or mortgage loan originator of alicensee who had knowledge of or reasonably should have had knowledge of, orparticipated in, any activity that resulted in the entry of an order under thisArticle suspending or withdrawing the license of a licensee;
i. Has failed torespond to inquiries from the Commissioner or the Commissioner's designeeregarding any complaints filed against the licensee which allege or appear toinvolve violation of this Article or any law or rule affecting the mortgagelending business; or
j. Has failed torespond to and cooperate fully with notices from the Commissioner or theCommissioner's designee relating to the scheduling and conducting of anexamination or investigation under this Article.
(b) In the event the Commissionerhas reason to believe that a licensee, individual, or person subject to thisArticle may have violated or failed to comply with any provision of thisArticle, the Commissioner may:
(1) Summarily order thelicensee, individual, or person to cease and desist from any harmful activitiesor violations of this Article; or
(2) Summarily suspendthe license of the licensee under this Article.
These summary powers are inaddition to the summary suspension procedures authorized by G.S. 150B‑3(c). (2009‑374,s. 2.)
(a) The Commissionermay, by order, deny, suspend, revoke, or refuse to issue or renew a license ofa licensee or applicant under this Article, or may restrict or limit the mannerin which a licensee, applicant, or any person who owns an interest in orparticipates in the business of a licensee engages in the mortgage business, ifthe Commissioner finds both of the following:
(1) That the order is inthe public interest; and
(2) That any of thefollowing circumstances apply to the applicant, licensee, or any partner,member, manager, officer, director, loan officer, limited loan officer,qualifying individual, or any person occupying a similar status or performingsimilar functions or any person directly or indirectly controlling theapplicant or licensee. The person:
a. Has filed anapplication for licensure, report, or other document to the Commissioner that,as of its effective date or as of any date after filing, contained anystatement that, in light of the circumstances under which it was made, is falseor misleading with respect to any material fact;
b. Has violated orfailed to comply with any provision of this Article, rule adopted by theCommissioner, or order of the Commissioner;
c. Is permanently ortemporarily enjoined by any court of competent jurisdiction from engaging in orcontinuing any conduct or practice involving any aspect of the mortgagebusiness;
d. Is the subject of anorder of the Commissioner denying or suspending that person's license as amortgage loan originator, mortgage broker, mortgage lender, or mortgageservicer;
e. Is the subject of anorder entered within the past five years by the authority of any state withjurisdiction over that state's mortgage brokerage, mortgage lending, ormortgage servicing industry denying that person's license as a mortgage loanoriginator, mortgage broker, mortgage lender, or mortgage servicer;
f. Fails at any timeto meet the requirements of G.S. 53‑244.060, 53‑244.070, 53‑244.080,53‑244.090, 53‑244.100, 53‑244.103, or 53‑244.104;
g. Controls or hascontrolled any mortgage broker, mortgage lender, or mortgage servicer who hasbeen subject to an order or injunction described in sub‑subdivision c.,d., or e. of this subdivision;
h. Has been thequalifying individual, branch manager, or mortgage loan originator of alicensee who had knowledge of or reasonably should have had knowledge of, orparticipated in, any activity that resulted in the entry of an order under thisArticle suspending or withdrawing the license of a licensee;
i. Has failed torespond to inquiries from the Commissioner or the Commissioner's designeeregarding any complaints filed against the licensee which allege or appear toinvolve violation of this Article or any law or rule affecting the mortgagelending business; or
j. Has failed torespond to and cooperate fully with notices from the Commissioner or theCommissioner's designee relating to the scheduling and conducting of anexamination or investigation under this Article.
(b) In the event the Commissionerhas reason to believe that a licensee, individual, or person subject to thisArticle may have violated or failed to comply with any provision of thisArticle, the Commissioner may:
(1) Summarily order thelicensee, individual, or person to cease and desist from any harmful activitiesor violations of this Article; or
(2) Summarily suspendthe license of the licensee under this Article.
These summary powers are inaddition to the summary suspension procedures authorized by G.S. 150B‑3(c). (2009‑374,s. 2.)
