12 USC 5113 - Enforcement by the Bureau

U.S Code last checked for updates: Nov 22, 2024

§ 5113.

Enforcement by the Bureau

(a)

Summons authority

The Director may—

(1)

examine any books, papers, records, or other data of any loan originator operating in any State which is subject to a licensing system established by the Director under section 5107 of this title; and

(2)

summon any loan originator referred to in paragraph (1) or any person having possession, custody, or care of the reports and records relating to such loan originator, to appear before the Director or any delegate of the Director 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 this chapter.

(b)

Examination authority

(1)

In general

(2)

Power to examine

(3)

Report of examination

(4)

Administration of oaths and affirmations; evidence

(5)

Assessments

(c)

Cease and desist proceeding

(1)

Authority of Director

(2)

Hearing

(3)

Temporary order

(4)

Review of temporary orders

(A)

Review by Director

(B)

Judicial review

Within—

(i)

10 days after the date the respondent was served with a temporary cease and desist order entered with a prior hearing before the Director; or

(ii)

10 days after the Director renders a decision on an application and hearing under paragraph (1), with respect to any temporary cease and desist order entered without a prior hearing before the Director,

the respondent may apply to the United States district court for the district in which the respondent resides or has its principal place of business, or for the District of Columbia, for an order setting aside, limiting, or suspending the effectiveness or enforcement of the order, and the court shall have jurisdiction to enter such an order. A respondent served with a temporary cease and desist order entered without a prior hearing before the Director may not apply to the court except after hearing and decision by the Director on the respondent’s application under subparagraph (A).

(C)

No automatic stay of temporary order

(5)

Authority of the Director to prohibit persons from serving as loan originators

(d)

Authority of the Director to assess money penalties

(1)

In general

(2)

Maximum amount of penalty

(Pub. L. 110–289, div. A, title V, § 1514, July 30, 2008, 122 Stat. 2821; Pub. L. 111–203, title X, § 1100(3), (9), July 21, 2010, 124 Stat. 2106, 2107.)

cite as: 12 USC 5113