§ 23-2.5-11-3 — Investigation; orders; penalties

Indiana § 23-2.5-11-3

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2.5: LOAN BROKERS
• Ch. 11: Violations and Civil Enforcement

Text

(a) If the commissioner determines that a
person has engaged in or is about to engage in an act or a practice that
violates this article or a rule or an order under this article, the
commissioner may investigate and issue:
(1) with a prior hearing if there exists no substantial threat of
immediate irreparable harm; or
(2) without a prior hearing if there exists a substantial threat of
immediate irreparable harm;
orders and notices determined by the commissioner to be in the public
interest, including cease and desist orders, orders to show cause, and
notices.
(b) After notice and hearing, the commissioner may enter an order
of rescission, restitution, or disgorgement, including interest at the rate
of eight percent (8%) per year, directed to a person who the
commissioner determines has violated this article or a rule or an order
under this article.
(c) If the commissioner determines, after a hearing, that a person has
violated this article or a rule or an order under this article, the
commissioner may, in addition to other remedies, impose a civil
penalty on the person in an amount not to exceed ten thousand dollars
($10,000) for each violation.
(d) Upon the commissioner's issuance under subsection (a) of an
order or notice without a prior hearing, the commissioner shall
promptly notify:
(1) the respondent; and
(2) if the subject of the order or notice is a mortgage loan
originator or a manager, the loan broker for whom the mortgage
loan originator or manager is employed;
of the issuance of the order or notice.
(e) The notification required by subsection (d) must include the
following:
(1) Notice that the order or notice has been issued.
(2) Notice of the reasons the order or notice has been issued.
(3) Notice that upon the commissioner's receipt of a written
request from the person against which the order or notice is
issued, the matter will be set for a hearing to commence not later
than:
(A) fifteen (15) business days after the commissioner's receipt
of the request if the original order or notice issued by the
commissioner was a summary suspension, summary revocation,
or denial of a license; and
(B) forty-five (45) business days after the commissioner's
receipt of the request for any other order or notice, unless the
respondent consents to a later date.
(f) If a hearing:
(1) is not requested under subsection (e); and
(2) is not ordered by the commissioner;
an order or notice issued under this section remains in effect until the
order or notice is modified or vacated by the commissioner.
(g) If a hearing is requested under subsection (e) or ordered by the
commissioner, the commissioner, after notice of an opportunity for
hearing, may modify or vacate the order or notice or extend the order
or notice until final determination.

Legislative History

As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.30.