§ 5-20-115 — Assurance of discontinuance

If it is claimed that a person has
violated this part 1, the administrator may accept an assurance in writing that the
person will not engage in the conduct in the future. The assurance may also require
the person to make refunds to persons of unlawful charges under this part 1, pay a
penalty authorized in section 5-20-114 (1), all or part of which may be specifically
designated for consumer and creditor educational purposes, and reimburse the
administrator for the administrator's reasonable costs incurred in investigating the
conduct. If a person giving an assurance of discontinuance fails to comply with its
terms, the assurance is evidence that prior to the assurance the person engaged in
the conduct described in the assurance.

Legislative History

Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1871, � 2, effective August 2. L. 2021: Entire section amended, (SB 21-057), ch. 378, p. 2533, � 13, effective June 29.