Page:United States Statutes at Large Volume 122.djvu/2844

 12 2 STA T . 2 8 21 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 SEC.15 1 4 .E NFOR CE M EN TU N D ER H UD BA C K U PLI CENSIN G S Y STEM. (a)SUM M ONSA U TH O RI T Y.—The Se cr e t ar ym ay— ( 1 )e x am in e any bo o ks,p apers, recor d s, or other data o f any l oan ori g inator operating in any State w hich is s u b j ect to a licensing system established by the Secretary under section 1 508; and ( 2 ) summon any loan originator referred to in paragraph (1) or any person ha v ing possession, custody, or care of the reports and records relating to such loan originator, to appear before the Secretary or any delegate of the Secretary 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 re q uirements of this title. (b) EXA MINATION AUTHORITY.— (1) I N GE NERA L .—If the Secretary establishes a licensing system under section 1508 for any State, the Secretary shall appoint examiners for the purposes of administering such sec - tion. (2) P O W ER TO EXAMINE.—Any examiner appointed under paragraph (1) shall have power, on behalf of the Secretary, to make any examination of any loan originator operating in any State which is subject to a licensing system established by the Secretary under section 1508 whenever the Secretary determines an examination of any loan originator is necessary to determine the compliance by the originator with this title. ( 3 ) R E P ORT O F EXAMINATION.—Each examiner appointed under paragraph (1) shall make a full and detailed report of examination of any loan originator examined to the Secretary. ( 4 )A D MINISTRATION OF OATHS AND AFFIRMATIONS; E V I- DEN C E.—In connection with examinations of loan originators operating in any State which is subject to a licensing system established by the Secretary under section 1508, or with other types of investigations to determine compliance with applicable law and regulations, the Secretary and examiners appointed by the Secretary may 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. (5) ASSESSMENTS.—The cost of conducting any examination of any loan originator operating in any State which is subject to a licensing system established by the Secretary under section 1508 shall be assessed by the Secretary against the loan origi- nator to meet the Secretary ’ s expenses in carrying out such examination. (c) C EASE AND D ESIST PROCEEDING.— (1) AUTHORITY OF SECRETARY.—If the Secretary finds, after notice and opportunity for hearing, that any person is violating, has violated, or is about to violate any provision of this title, or any regulation thereunder, with respect to a State which is subject to a licensing system established by the Secretary under section 1508, the Secretary may publish such findings and enter an order requiring such person, and any other person that is, was, or would be a cause of the violation, 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 12USC5 11 3.

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