17:16F-41 Suspension, revocation, failure to renew license.

15. a. The commissioner may suspend, revoke or refuse to renew any mortgage servicer license or take any other action for any reason which would be sufficient grounds for the commissioner to deny an application for the license under section 4 of this act, or if the commissioner finds that the licensee, any control person of the licensee, the qualified individual or any branch manager with supervisory authority, trustee, employee or agent of the licensee has done any of the following:

(1) made any material misstatement in the application;

(2) committed any fraud or misrepresentation or misappropriated funds;

(3) become insolvent;

(4) violated any of the provisions of this act or of any regulations adopted pursuant thereto, or any other law or regulation applicable to the conduct of its business; or

(5) failed to perform any agreement with a mortgagee or a mortgagor.

b. Whenever it appears to the commissioner that any person has violated, is violating, or is about to violate any of the provisions of this act or of any regulations adopted pursuant thereto, or any licensee has failed to perform any agreement with a mortgagee or mortgagor, committed any fraud, made any misrepresentation or misappropriated funds, the commissioner may:

(1) issue an order directing a person or licensee to cease and desist from engaging in any act or practice that is in violation of this act;

(2) issue an order directing a person or licensee to perform corrective actions; and

(3) bring an action in any court of competent jurisdiction to enjoin the acts or practices and to enforce compliance with any provision of this act.

L.2019, c.65, s.15.