Other minimum requirements for state licensing systems.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) To examine any books, papers, records, or other data of any loan originator operating in the state; (2) To summon any loan originator operating in the state, or any person having possession, custody, or care of the reports and records relating to such a loan originator, to appear before the supervisory authority at a time and place named in the summons and to produce such books, papers, records, or other data, and to give testimony, under oath, as may be relevant or material to an investigation of such loan originator for compliance with the requirements of the S.A.F.E. Act; (3) To administer oaths and affirmations and examine and take and preserve testimony under oath as to any matter in respect to the affairs of any such loan originator; (4) To enter an order requiring any individual or person that is, was, or would be a cause of a violation of the S.A.F.E. Act as implemented by the state, due to an act or omission the person knew or should have known would contribute to such violation, to cease and desist from committing or causing such violation and any future violation of the same requirement; (5) To suspend, terminate, and refuse renewal of a loan originator license for violation of state or Federal law; and (6) To impose civil money penalties for individuals acting as loan originators, or representing themselves to the public as loan originators, in the state without a valid license or registration. (c) A supervisory authority must have established processe

official document · source cfr-2024 · id 12:§ 1008.111