a) The
Department may assess fines on any licensee or unlicensed person or entity that
violates, through any act or omission, any provision of the Act or this Part,
and shall determine the amount of the fine pursuant to this Section:
1) Fine Schedule:
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Tier
|
Conduct
|
Fine Amount
|
|
Tier 1
|
For each identified act or omission related to
information disclosure, information reporting, advertising, document
maintenance, or other similar statutory and regulatory requirements.
|
A fine not to exceed $1,000 per violation except as
provided for in Tier 3.
|
|
Tier 2
|
For each identified act or omission related to the
terms of a loan, additional fees, costs, or charges, ancillary products,
security interests, underwriting, servicing, collection or any other act or
omission not expressly covered by Tiers 1 or 3.
|
A fine not to exceed $5,000 per violation except as
provided for in Tier 3.
|
|
Tier 3
|
Any action or omission that is an intentional or
reckless violation of the Act regardless of type.
|
A fine not to exceed $10,000 per violation.
|
2) In
determining the amount of any fine assessed under subsection (a)(1), the
Department will take into account the totality of the circumstances, including,
but not limited to:
A) Proactive consumer
remediation provided by the licensee or unlicensed person or entity to address
harm caused by the act or omission;
B) Frequency or pervasiveness of the act or
omission;
C) Adequacy of compliance
policies, procedures, and practices to avoid recurrence of the act or omission
and/or agreement to alter compliance policies, procedures, and practices to
avoid recurrence of the act or omission in the future;
D) History of compliant or non-compliant
behavior, including past legal violations;
E) Cooperation with the Department in its
regulatory and examination activities; and
F) Any other remedial measures the licensee
or unlicensed person or entity has undertaken or has agreed to undertake in the
future.
b)
Nothing in this Section shall be construed as limiting the Department's
investigative powers or remedies under the Act, including, but not limited to,
fines, suspension or revocation under Section 9 of the Act, cease and desist
orders under Section 20.5 of the Act, and injunctive relief under Section 24.5
of the Act.
c) In accordance with
Section 1 of the Act, the Department will follow the procedures established
under Section 9 of the Act for unlicensed violators of the Act and this
Part.
