Texas Finance Code

§ 156.302 — ADMINISTRATIVE PENALTY

FI § 156.302Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 156. RESIDENTIAL MORTGAGE LOAN COMPANIES · Art. D. LICENSE REVOCATION AND SUSPENSION AND OTHER ACTIONS AGAINST LICENSE HOLDER

Statute text

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(a)The commissioner, after notice and opportunity for hearing, may impose an administrative penalty on a person licensed under this chapter who violates this chapter or a rule or order adopted under this chapter.

(b)The amount of the penalty may not exceed $25,000 for each violation. The amount shall be based on:

(1)the seriousness of the violation, including the nature, circumstances, extent, and gravity of the violation;

(2)the economic harm to property caused by the violation;

(3)the history of previous violations;

(4)the amount necessary to deter a future violation;

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 16, eff. September 1, 2009. Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 31, eff. September 1, 2011.