Kentucky Statutes 286.12-140 – Civil penalties and other remedies
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(1) (a) In addition to any other remedies, penalties, or damages available under common law or statute, the commissioner may impose a civil penalty based on the following:
1. Repeat violations of this subtitle, any administrative regulation promulgated under this subtitle, or any order issued by the commissioner under this subtitle; or
2. A pattern or practice of a licensee that results in a violation of this subtitle, any administrative regulation promulgated under this subtitle, or any order issued by the commissioner under this subtitle.
(b) A civil penalty imposed under this subsection shall be not less than one thousand dollars ($1,000) and not more than twenty-five thousand dollars ($25,000) per violation per day for each day that the violation is outstanding.
(2) In addition to any civil penalty imposed under subsection (1) of this section, the commissioner may:
(a) Assess costs and expenses for the examination, investigation, and prosecution of the matter, including reasonable attorney fees and costs; and
(b) When a violation applicable to borrowers with a disability, military borrowers, older borrowers, or borrowers working in public service results in financial harm, impose a civil penalty not to exceed twenty thousand dollars ($20,000) per violation per day for each day the violation is outstanding.
(3) The commissioner may order restitution, refund, recovery of expenses, or direct other affirmative action as the commissioner deems necessary against any person who violates any order issued by the commissioner or any provision of, or administrative regulation promulgated under, this subtitle.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 88, sec. 17, effective July 14, 2022.
1. Repeat violations of this subtitle, any administrative regulation promulgated under this subtitle, or any order issued by the commissioner under this subtitle; or
Terms Used In Kentucky Statutes 286.12-140
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Licensee: means a person licensed as a student education loan servicer under this subtitle. See Kentucky Statutes 286.12-010
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Statute: A law passed by a legislature.
2. A pattern or practice of a licensee that results in a violation of this subtitle, any administrative regulation promulgated under this subtitle, or any order issued by the commissioner under this subtitle.
(b) A civil penalty imposed under this subsection shall be not less than one thousand dollars ($1,000) and not more than twenty-five thousand dollars ($25,000) per violation per day for each day that the violation is outstanding.
(2) In addition to any civil penalty imposed under subsection (1) of this section, the commissioner may:
(a) Assess costs and expenses for the examination, investigation, and prosecution of the matter, including reasonable attorney fees and costs; and
(b) When a violation applicable to borrowers with a disability, military borrowers, older borrowers, or borrowers working in public service results in financial harm, impose a civil penalty not to exceed twenty thousand dollars ($20,000) per violation per day for each day the violation is outstanding.
(3) The commissioner may order restitution, refund, recovery of expenses, or direct other affirmative action as the commissioner deems necessary against any person who violates any order issued by the commissioner or any provision of, or administrative regulation promulgated under, this subtitle.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 88, sec. 17, effective July 14, 2022.