(a) If, after notice and opportunity for a hearing, the commissioner finds 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:
Terms Used In Tennessee Code 45-13-405
Branch manager: means the individual whose principal office is physically located in, who is in charge of and who is responsible for the business operations of a branch office of a mortgage lender or mortgage loan broker licensed under this chapter. See Tennessee Code 45-13-105
Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-13-105
License: means a license issued to a mortgage lender, mortgage loan broker, mortgage loan servicer or mortgage loan originator under this chapter, as applicable. See Tennessee Code 45-13-105
Licensee: means a person to whom a license has been issued under this chapter, whether a mortgage lender, mortgage loan broker, mortgage loan servicer or mortgage loan originator, as applicable, but "licensee" also applies to any person holding a certificate of registration on July 31, 2009, for so long as the certificate is still valid. See Tennessee Code 45-13-105
Managing principal: means an individual who agrees to be primarily responsible for the operations of a licensed mortgage lender or mortgage loan broker. See Tennessee Code 45-13-105
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Person: means an individual, sole proprietorship, corporation, limited liability company, partnership, trust, association or any other legal entity, however organized. See Tennessee Code 45-13-105
(1) Order the person to cease and desist violating this chapter or any administrative rule issued pursuant to this chapter;(2) Require the refund of any interest, fees or charges collected by the person in violation of this chapter or any administrative rule issued pursuant to this chapter;(3) Order the person to pay the commissioner a civil monetary penalty of not more than ten thousand dollars ($10,000) for each violation of this chapter or administrative rule issued pursuant to this chapter; or(4) Suspend or revoke any license issued under this chapter.(b) For any violation of this chapter, the commissioner may deny an application for licensure or refuse to renew a license issued under this chapter. The commissioner may also, after notice and opportunity for a hearing, suspend or revoke any license issued under this chapter for failure to maintain the requirements for licensure.(c) When a licensee is accused of any act, omission or misconduct that would subject the licensee to disciplinary action, the licensee, with the consent and approval of the commissioner, may surrender the license and all the rights and privileges pertaining to it for a period of time established by the commissioner. A person who surrenders a license shall not be eligible for or submit any application for a license under this chapter for a period of time established by the commissioner.(d) A licensee is subject to disciplinary action if any officer, director, person owning twenty-five percent (25%) or more of the licensee’s outstanding capital, member, partner, managing principal, branch manager, mortgage loan originator, employee or any other person who acts on behalf of the licensee violates this chapter.
