(a) The commissioner is granted the power to interpret this chapter and to enact reasonable substantive and procedural rules as are necessary and proper for the administration, enforcement and interpretation of this chapter.
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
High-cost home loan: means a home loan in which the terms of the loan meet or exceed the rate threshold or the total points and fees threshold. See Tennessee Code 45-20-102
Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Person: means any individual, corporation, partnership, trust, or any other business unit or legal entity, as the context may require. See Tennessee Code 45-20-102
Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
Subpoena: A command to a witness to appear and give testimony.
Testimony: Evidence presented orally by witnesses during trials or before grand juries.
Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(b)(1) For the purpose of discovering violations of this chapter or securing information lawfully required under this chapter, the commissioner may conduct examinations and investigations of the business and the books, accounts, records and files used in the business of each person subject to the regulatory jurisdiction of the commissioner, or of each person that the commissioner reasonably suspects to be subject to the regulatory jurisdiction of the commissioner. For purposes of defraying the examination and investigation expenses incurred by the commissioner in the enforcement of this chapter, the commissioner shall recover the actual costs for the examination and investigation from the person.(2) The commissioner has the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths and examine any person under oath in connection with the enforcement of this chapter.(3) If, after notice and opportunity for a hearing, the commissioner determines that a person has violated this chapter, or any administrative rule issued pursuant to this chapter, the commissioner may take any or all of the following actions:
(A) Order the person to cease and desist violating this chapter or any administrative rules issued pursuant to this chapter;(B) Order a person to make restitution for actual damages to borrowers;(C) Impose a civil penalty of up to ten thousand dollars ($10,000) for each violation;(D) Suspend, revoke, or refuse to renew any license or registration issued by the commissioner;(E) Censure, suspend or bar an individual responsible for a violation of this chapter, or any administrative rule issued pursuant to this chapter, from any position of management, control, employment or other capacity related to activities regulated by the commissioner;(F) Pending completion of an investigation or any formal proceeding instituted pursuant to this chapter, if the commissioner finds that the interests of the public require immediate action to prevent undue harm to borrowers, enter an emergency order to be effective immediately and until entry of a final order. The emergency order may include: a temporary suspension of the lender‘s authority to make high-cost home loans under this chapter, a temporary cease and desist order, a temporary prohibition against a lender transacting high-cost home loan business in this state, or another order relating to high-cost home loans that the commissioner may deem necessary to prevent undue harm to borrowers pending completion of an investigation or formal proceeding. In cases requiring immediate action, the commissioner shall promptly afford a subsequent hearing upon application to rescind the action taken; or(G) Impose other conditions that the commissioner deems appropriate.(c) In the event a person does not comply with an order or subpoena for documents or testimony issued pursuant to this chapter, the commissioner may petition a chancery court having jurisdiction to seek injunctive relief to compel compliance with the order. The power is conferred and the duty is imposed upon the several chancery courts, in all proper cases, to award injunctive relief; provided, that the order issued by the commissioner shall not be reviewable in a proceeding initiated under this subsection (c).(d) The commissioner may bring an action in the chancery court of Davidson County to enjoin any act or practice in or from this state that constitutes a violation of this chapter, or any administrative rule issued pursuant to this chapter. The court may not require the commissioner to post a bond in bringing the action. Upon a proper showing by the commissioner, the court shall grant a permanent or temporary injunction, restraining order, writ of mandamus, disgorgement, or other proper equitable relief, including the recovery by the commissioner of costs and attorney’s fees.(e) This section shall not limit the authority of the attorney general and reporter from instituting or maintaining any action within the scope of the attorney general and reporter’s authority with respect to practices prohibited under this chapter.
