State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-271

§53‑271.  Commissioner's authority to enforce; penalties.

(a)        The Commissionershall adopt rules necessary to implement and enforce the provisions of thisArticle.  Upon finding probable cause to believe that an authorized lender isin violation of this Article, or of any law or any rule or regulation of thisState, the United States, or an agency of the State or the United States, theCommissioner shall, after affording reasonable notice and opportunity to beheard to the lender, order the lender to cease and desist from the violation.

(b)        If a lender failsto comply with or appeal the Commissioner's cease and desist order, the lendershall be subject to a civil penalty of one thousand dollars ($1,000) for eachviolation that is the subject of the cease and desist order. The penaltyimposed under this section shall be in addition to and not in lieu of penaltiesavailable under any other provision of law applicable to a reverse mortgagelender.

(c)        Upon a finding thata reverse mortgage lender has violated this Article, the Commissioner mayrevoke, temporarily or permanently, the authority of the lender to make reversemortgage loans.

(d)        A person damaged bya lender's actions may file an action in civil court to recover actual andpunitive damages.  Attorneys' fees shall be awarded to a prevailing borrower. Nothing in this Article shall limit any statutory or common law right of aperson to bring an action in court for any act, nor shall this Article limitthe right of the State to punish a person for the violation of any law. (1991,c. 546, s. 1; 1995, c. 115, s. 1.)