Tenn. Comp. R. & Regs. 0180-24-.07 - ENFORCEMENT

(1) Upon finding probable cause to believe that an authorized lender or any other person, firm, or corporation is in violation of this chapter, or of any law or any rule or regulation of this state, the United States or an agency of the state or the United States, the commissioner shall, after affording reasonable notice and opportunity to be heard to the lender, order the lender to cease and desist from the violation.

(2) If a lender fails to comply with or appeal the commissioner's cease and desist order, the lender is subject to a civil penalty of one thousand dollars ($1,000) for each violation that is the subject of the cease and desist order. The penalty imposed under this section is in addition to and not in lieu of penalties available under any other provision of law applicable to a reverse mortgage lender.

(3) Upon a finding that a reverse mortgage lender has violated this chapter, the commissioner may revoke, temporarily or permanently, the authority of the lender to make reverse mortgage loans.

Notes

Tenn. Comp. R. & Regs. 0180-24-.07

Original rule filed January 31, 1994; effective May 31, 1994.

Authority: T.C.A. § 47-30-116.