State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-251

§53‑251.  Cease and desist; revocation of registration; penalties.

(a)        Cease and DesistOrder. Upon the finding that any action of a registrant may be in violation ofthis Article or that the registrant has engaged in an unfair or deceptive actor practice, the Commissioner shall give reasonable notice to the registrant ofthe suspected violation or unfair or deceptive act or practice, and anopportunity for the registrant to be heard. If, following the hearing, theCommissioner finds that an action of the registrant is in violation of thisArticle or that the registrant has engaged in an unfair or deceptive act orpractice, the Commissioner shall order the registrant to cease and desist fromthe action.

If the registrant fails toappeal a cease and desist order of the Commissioner in accordance with G.S. 53‑252and continues to engage in an action in violation of the Commissioner's orderto cease and desist from the action, the registrant shall be subject to apenalty of one thousand dollars ($1,000) for each action it takes in violationof the Commissioner's order.

The clear proceeds ofpenalties provided for in this subsection shall be remitted to the CivilPenalty and Forfeiture Fund in accordance with G.S. 115C‑457.2.

(b)        Revocation ofRegistration. After notice and hearing, and upon the finding that a registranthas (i) engaged in a course of conduct that is in violation of this Article or(ii) continued to engage in an action in violation of a cease and desist orderof the Commissioner that has not been stayed upon application of theregistrant, the Commissioner may revoke the registration of the registranttemporarily or permanently in the discretion of the Commissioner.

(c)        Civil Penalties.Except in the case of a refund anticipation loan that is not approved by thecreditor, a facilitator who fails to deliver to the debtor the proceeds of arefund anticipation loan within 48 hours after the time period promised by thefacilitator when the debtor applied for the loan shall pay to the debtor anamount equal to the refund anticipation loan fee. A facilitator who engages inan activity prohibited under G.S. 53‑250 in connection with a refundanticipation loan is liable to the debtor for damages of three times the amountof the refund anticipation loan fee or other unauthorized charge plus areasonable attorney's fee. (1989 (Reg. Sess., 1990), c. 881, s. 2; 1998‑215,s. 35.)