§ 55-525.31. (Effective October 1, 2010) Penalties and liabilities.
A. If the appropriate licensing authority determines that the settlementagent licensed by it or any of its other licensees has violated this chapter,or any regulation or order adopted thereunder, after notice and opportunityto be heard, the appropriate licensing authority may do one or more of thefollowing:
1. Impose a penalty not exceeding $5,000 for each violation;
2. Revoke or suspend the applicable licenses;
3. Issue a restraining order requiring such person to cease and desist fromengaging in such act or practice; or
4. Require restitution to be made by the person violating this chapter in theamount of any actual, direct financial loss.
B. The appropriate licensing authority may terminate administratively theregistration of any settlement agent if the settlement agent (i) no longerholds a license, (ii) fails to renew its registration, or (iii) fails tocomply with the financial responsibility requirements set forth in §55-525.20.
C. In addition to the authority given in subsection A, and pursuant to §12.1-13, the Commission, after determining that any person who does not holda license from the appropriate licensing authority has violated this chapteror any regulation or order adopted thereunder, may do one or more of thefollowing:
1. Impose a penalty not exceeding $5,000 for each violation;
2. Issue a temporary or permanent injunction, or restraining order requiringsuch person to cease and desist from engaging in such act or practice; or
3. Require restitution to be made by the person violating this chapter in theamount of any actual, direct financial loss.
D. Nothing in this section shall affect the right of the appropriatelicensing authority to impose any other penalties provided by law orregulation. Notwithstanding any provision contained in this section to thecontrary, as to that portion of any complaint by a party to the real estatetransaction arising under this chapter or any regulation or order adoptedthereunder relating to the unauthorized practice of law, the Virginia StateBar, after complying with applicable law and regulation relating tounauthorized practice of law complaints and concluding the activity was notauthorized by statute or regulation, may refer that portion of such complaintto the Attorney General or an Attorney for the Commonwealth. The AttorneyGeneral or Attorney for the Commonwealth may, in addition to any other powersconferred on him by law, seek the issuance of a temporary or permanentinjunction or restraining order against any person so violating this chapteror any regulation or order adopted thereunder.
E. A final order of the licensing authority imposing a penalty or orderingrestitution may be recorded, enforced, and satisfied as orders or decrees ofa circuit court upon certification of such order by the licensing authority.
(1997, c. 716, § 6.1-2.27; 2000, c. 549; 2004, c. 597; 2009, c. 256; 2010, c.794.)
§ 55-525.31. (Effective October 1, 2010) Penalties and liabilities.
A. If the appropriate licensing authority determines that the settlementagent licensed by it or any of its other licensees has violated this chapter,or any regulation or order adopted thereunder, after notice and opportunityto be heard, the appropriate licensing authority may do one or more of thefollowing:
1. Impose a penalty not exceeding $5,000 for each violation;
2. Revoke or suspend the applicable licenses;
3. Issue a restraining order requiring such person to cease and desist fromengaging in such act or practice; or
4. Require restitution to be made by the person violating this chapter in theamount of any actual, direct financial loss.
B. The appropriate licensing authority may terminate administratively theregistration of any settlement agent if the settlement agent (i) no longerholds a license, (ii) fails to renew its registration, or (iii) fails tocomply with the financial responsibility requirements set forth in §55-525.20.
C. In addition to the authority given in subsection A, and pursuant to §12.1-13, the Commission, after determining that any person who does not holda license from the appropriate licensing authority has violated this chapteror any regulation or order adopted thereunder, may do one or more of thefollowing:
1. Impose a penalty not exceeding $5,000 for each violation;
2. Issue a temporary or permanent injunction, or restraining order requiringsuch person to cease and desist from engaging in such act or practice; or
3. Require restitution to be made by the person violating this chapter in theamount of any actual, direct financial loss.
D. Nothing in this section shall affect the right of the appropriatelicensing authority to impose any other penalties provided by law orregulation. Notwithstanding any provision contained in this section to thecontrary, as to that portion of any complaint by a party to the real estatetransaction arising under this chapter or any regulation or order adoptedthereunder relating to the unauthorized practice of law, the Virginia StateBar, after complying with applicable law and regulation relating tounauthorized practice of law complaints and concluding the activity was notauthorized by statute or regulation, may refer that portion of such complaintto the Attorney General or an Attorney for the Commonwealth. The AttorneyGeneral or Attorney for the Commonwealth may, in addition to any other powersconferred on him by law, seek the issuance of a temporary or permanentinjunction or restraining order against any person so violating this chapteror any regulation or order adopted thereunder.
E. A final order of the licensing authority imposing a penalty or orderingrestitution may be recorded, enforced, and satisfied as orders or decrees ofa circuit court upon certification of such order by the licensing authority.
(1997, c. 716, § 6.1-2.27; 2000, c. 549; 2004, c. 597; 2009, c. 256; 2010, c.794.)
§ 55-525.31. (Effective October 1, 2010) Penalties and liabilities.
A. If the appropriate licensing authority determines that the settlementagent licensed by it or any of its other licensees has violated this chapter,or any regulation or order adopted thereunder, after notice and opportunityto be heard, the appropriate licensing authority may do one or more of thefollowing:
1. Impose a penalty not exceeding $5,000 for each violation;
2. Revoke or suspend the applicable licenses;
3. Issue a restraining order requiring such person to cease and desist fromengaging in such act or practice; or
4. Require restitution to be made by the person violating this chapter in theamount of any actual, direct financial loss.
B. The appropriate licensing authority may terminate administratively theregistration of any settlement agent if the settlement agent (i) no longerholds a license, (ii) fails to renew its registration, or (iii) fails tocomply with the financial responsibility requirements set forth in §55-525.20.
C. In addition to the authority given in subsection A, and pursuant to §12.1-13, the Commission, after determining that any person who does not holda license from the appropriate licensing authority has violated this chapteror any regulation or order adopted thereunder, may do one or more of thefollowing:
1. Impose a penalty not exceeding $5,000 for each violation;
2. Issue a temporary or permanent injunction, or restraining order requiringsuch person to cease and desist from engaging in such act or practice; or
3. Require restitution to be made by the person violating this chapter in theamount of any actual, direct financial loss.
D. Nothing in this section shall affect the right of the appropriatelicensing authority to impose any other penalties provided by law orregulation. Notwithstanding any provision contained in this section to thecontrary, as to that portion of any complaint by a party to the real estatetransaction arising under this chapter or any regulation or order adoptedthereunder relating to the unauthorized practice of law, the Virginia StateBar, after complying with applicable law and regulation relating tounauthorized practice of law complaints and concluding the activity was notauthorized by statute or regulation, may refer that portion of such complaintto the Attorney General or an Attorney for the Commonwealth. The AttorneyGeneral or Attorney for the Commonwealth may, in addition to any other powersconferred on him by law, seek the issuance of a temporary or permanentinjunction or restraining order against any person so violating this chapteror any regulation or order adopted thereunder.
E. A final order of the licensing authority imposing a penalty or orderingrestitution may be recorded, enforced, and satisfied as orders or decrees ofa circuit court upon certification of such order by the licensing authority.
(1997, c. 716, § 6.1-2.27; 2000, c. 549; 2004, c. 597; 2009, c. 256; 2010, c.794.)
