Texas Finance Code

§ 157.023 — ADMINISTRATIVE PENALTY

FI § 157.023Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 157. MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS · Art. E. ENFORCEMENT

Statute text

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(a)The commissioner, after notice and opportunity for a hearing, may impose an administrative penalty on an individual who is licensed or required to be licensed under this chapter as a residential mortgage loan originator and who violates this chapter, Chapter 156, or a rule or order adopted under this chapter or Chapter 156.

(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 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 57, eff. September 1, 2011. Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 74, eff. September 1, 2013.