§ 10-11-126 — Affiliated business arrangements - enforcement - penalties

Colorado § 10-11-126

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Title Insurance

Text

(1)
The commissioner shall have the same remedies available to him or her as those
available to the administrator of the department of housing and urban development
in the federal Real Estate Settlement Procedures Act of 1974, as amended, 12
U.S.C. sec. 2607.

(2) In addition to any other remedies available to the commissioner pursuant
to this title, after notice and a hearing pursuant to section 24-4-105, C.R.S., the
commissioner may assess a penalty for a violation of this article or a rule
promulgated under this article. The penalty shall be the amount of remuneration
improperly paid and shall be paid to the person aggrieved by the violation or
apportioned among multiple aggrieved persons as determined by the
commissioner.

(3) No person shall be liable for a violation of section 10-11-124 if such person
proves by a preponderance of the evidence that such violation was not intentional
and resulted from a bona fide error notwithstanding maintenance of procedures
that are reasonably adopted to avoid such error.

Legislative History

Source: L. 2006: Entire section added, p. 268, � 2, effective July 1. L. 2007: (1) amended, p. 2020, � 11, effective June 1.