§ 5-21-110 — Administrative enforcement orders

Colorado § 5-21-110

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Colorado Nonbank Mortgage Servicers Act

Text

(1) After notice and hearing,
the administrator may order a mortgage servicer or a person acting in the mortgage
servicer's behalf to cease and desist from engaging in violations of this article 21 or
any rule or order lawfully made pursuant to this article 21. The order issued by the
administrator may also require the mortgage servicer or person to make refunds to
individuals of overcharges or other damages suffered by the borrower under this
article 21 and a civil penalty in the amounts stated in 12 U.S.C. sec. 5565 (c)(2), all or
part of which may be specifically designated for consumer and creditor educational
purposes. When seeking civil penalties, the administrator shall consider the
mitigating factors in 12 U.S.C. sec. 5565 (c)(3).

(2) A mortgage servicer aggrieved by an order of the administrator may
obtain judicial review of the order in the Colorado court of appeals. The
administrator may obtain an order of the court for enforcement of the
administrator's order in the district court under section 24-4-106. All proceedings
under this section are governed by sections 24-4-105 and 24-4-106.

Legislative History

Source: L. 2021: Entire article added, (HB 21-1282), ch. 482, p. 3442, � 1, effective January 1, 2022.