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SF 2929

as introduced - 88th Legislature (2013 - 2014) Posted on 04/01/2014 09:18am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to legislative enactments; correcting miscellaneous oversights,
inconsistencies, ambiguities, unintended results, and technical errors; amending
Minnesota Statutes 2012, section 58A.12.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, section 58A.12, is amended to read:


58A.12 ENFORCEMENT AUTHORITIES, VIOLATIONS, AND PENALTIES.

(a) In order to ensure the effective supervision and enforcement of this chapter, the
commissioner may, pursuant to chapter 14:

(1) deny, suspend, revoke, condition, or decline to renew a license for a violation of
this chapter, rules issued under this chapter, or order or directive entered under this chapter;

(2) deny, suspend, revoke, condition, or decline to renew a license if an applicant
or licensee fails at anytime to meet the requirements of section 58A.05 or 58A.08, or
withholds information or makes a material misstatement in an application for a license
or renewal of a license;

(3) order restitution against persons subject to this chapter for violations of this
chapter;

(4) impose fines on persons subject to this chapter pursuant to paragraphs (b)
to (d); and

(5) issue orders or directives under this chapter as follows:

(i) order or direct persons subject to this chapter to cease and desist from conducting
business, including immediate temporary orders to cease and desist;

(ii) order or direct persons subject to this chapter to cease any harmful activities or
violations of this chapter, including immediate temporary orders to cease and desist;

(iii) enter immediate temporary orders to cease business under a license deleted text begin or interim
license issued pursuant to the authority granted under section 58A.03, subdivision 4,
deleted text end if
the commissioner determines that the license was erroneously granted or the licensee is
currently in violation of this chapter; and

(iv) order or direct other affirmative action the commissioner considers necessary.

(b) The commissioner may impose a civil penalty on a mortgage loan originator or
person subject to this chapter if the commissioner finds, on the record after notice and
opportunity for hearing, that the mortgage loan originator or person subject to this chapter
has violated or failed to comply with any requirement of this chapter or any rule prescribed
by the commissioner under this chapter or order issued under authority of this chapter.

(c) The maximum amount of penalty for each act or omission described in paragraph
(b) is $25,000.

(d) Each violation or failure to comply with any directive or order of the
commissioner is a separate and distinct violation or failure.

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Unless otherwise provided, each section of this act takes effect at the time the
provision being corrected takes effect.
new text end