Page:United States Statutes at Large Volume 122.djvu/2846

 12 2 STA T . 2 8 2 3PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 ther e spond ent may app l ytothe U n i ted S tates distri c t co u rt f or the district in w hich the respondent resides or has its principal place of b usiness , or for the D istrict of C olumbia, for an order settin g aside, limiting, or sus - pending the effecti v eness or enforcement of the order, and the court shall have j urisdiction to enter such an order .A respondent served with a temporary cease and desist order entered without a prior hearing before the Secretary may not apply to the court e x cept after hearing and decision by the Secretary on the respondent ’ s application under subparagraph ( A ) . (C) NOAUT O M AT ICS TA Y O F T E M P O R ARY OR D ER. —T he commencement of proceedings under subparagraph ( B ) shall not, unless specifically ordered by the court, operate as a stay of the Secretary’s order. ( 5 ) AUT H ORITY OF THE SECRETARY TO PROHI B IT PERSO N S FROM SER V IN G AS L OAN ORIGINATORS.— I n any cease and desist proceeding under paragraph ( 1 ), the Secretary may issue an order to prohibit, conditionally or unconditionally, and perma- nently or for such period of time as the Secretary shall deter- mine, any person who has violated this title or regulations thereunder, from acting as a loan originator if the conduct of that person demonstrates unfitness to serve as a loan origi- nator. (d) AUTHORITY OF THE SECRETARY TO ASSESS M ONEY P EN- ALTIES.— (1) IN GENERAL.—The Secretary may impose a civil penalty on a loan originator operating in any State which is subject to a licensing system established by the Secretary under section 15 08, if the Secretary finds, on the record after notice and opportunity for hearing, that such loan originator has violated or failed to comply with any re q uirement of this title or any regulation prescribed by the Secretary under this title or order issued under subsection (c). ( 2 )MA X IMUM AMOUNT OF PENALTY.—The maximum amount of penalty for each act or omission described in paragraph (1) shall be $ 25,000. SEC.15 15. S TA TEE X A MIN ATI O NA U T H O R IT Y . In addition to any authority allowed under State law a State licensing agency shall have the authority to conduct investigations and examinations as follows

(1) F or the purposes of investigating violations or com- plaints arising under this title, or for the purposes of examina- tion, the State licensing agency may review, investigate, or examine any loan originator licensed or required to be licensed under this title, as often as necessary in order to carry out the purposes of this title. (2) E ach such loan originator shall ma k e available upon request to the State licensing agency the books and records relating to the operations of such originator. The State licensing agency may have access to such books and records and inter- view the officers, principals, loan originators, employees, inde- pendent contractors, agents, and customers of the licensee con- cerning their business. ( 3 ) The authority of this section shall remain in effect, whether such a loan originator acts or claims to act under Records.12USC5 11 4 . N o tif ic a tio n . H earin g s.

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