With respect to the enforcement powers of the commissioner and the department under this division, all of the following apply:
(a)The department may take any action authorized by this law against a covered person or service provider who engages, has engaged, or proposes to engage in unfair, deceptive, or abusive practices with respect to consumer financial products or services.
(b)Relief under this section may include, but is not limited to, any of the following:
(1)Rescission or reformation of contracts.
(2)Refund of moneys or return of real property.
(4)Disgorgement or compensation for unjust enrichment, with any disgorged amounts returned to the affected consumers, to the extent practicable.
(5)Payment of damages or other monetary relief.
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With respect to the enforcement powers of the commissioner and the department under this division, all of the following apply:
(a)
The department may take any action authorized by this law against a covered person or service provider who engages, has engaged, or proposes to engage in unfair, deceptive, or abusive practices with respect to consumer financial products or services.
(b)
Relief under this section may include, but is not limited to, any of the following:
(1)
Rescission or reformation of contracts.
(2)
Refund of moneys or return of real property.
(3)
Restitution.
(4)
Disgorgement or compensation for unjust enrichment, with any disgorged amounts returned to the affected consumers, to the extent practicable.
(5)
Payment of damages or other monetary relief.
(6)
Public notification regarding the violation, including the costs of notification.
(7)
Limits on the activities or functions of the person.
(8)
Monetary penalties, as set forth more fully in paragraph (1) of subdivision (c).
(c)
In any civil or administrative action brought pursuant to this division, the following penalties shall apply:
(1)
Any person that violates, through any act or omission, any provision of this division shall forfeit and pay a penalty pursuant to this subdivision.
(A)
The penalty amounts are as follows:
(i)
For any violation of this division, rule or final order, or condition imposed in writing by the department, a penalty may not exceed the greater of either five thousand dollars ($5,000) for each day during which the violation or failure to pay continues, or two thousand five hundred dollars ($2,500) for each act or omission in violation.
(ii)
Notwithstanding clause (i), for any reckless violation by a person of this division, rule or final order, or condition imposed by the department, a penalty may not exceed the greater of twenty-five thousand dollars ($25,000)
for each day during which the violation continues, or ten thousand dollars ($10,000) for each act or omission in violation.
(iii)
Notwithstanding clause (i) or (ii), for any knowing violation, by a person of this division, rule or final order, or condition imposed by the department, a penalty may not exceed the lesser of 1 percent of the person’s total assets, one million dollars ($1,000,000) for each day during which the violation continues, or twenty-five thousand dollars ($25,000) for each act or omission in violation.
(B)
In determining the amount of any penalty assessed under this division, the department shall take into account mitigating factors and the appropriateness of the penalty with respect to all of the following:
(i)
The amount of financial resources of the person charged.
(ii)
The good faith of the person charged.
(iii)
The gravity of the violation.
(iv)
The severity of the risks to or losses of the consumer, which may take into account the number of products or services sold or provided.
(v)
The history of previous violations.
(vi)
Other matters as justice may require.
(C)
The department may compromise, modify, or remit any penalty that may be assessed or has already been assessed.