§ 24-4.4-2-404.4 — Final order; penalties; time for issuance; consent presumed upon failure to appear

Indiana § 24-4.4-2-404.4

• Jurisdiction: Indiana
• Art. 4.4: FIRST LIEN MORTGAGE LENDING
• Ch. 2: Miscellaneous

Text

4. (1) If, after a hearing described in
section 404.2(2) of this chapter, the department finds that the
conditions specified in section 404.1 of this chapter have been
established, the department may issue a final order. If a hearing is not
requested within the time specified in section 404.2(2) of this chapter,
the director may issue a final order on the basis of the facts set forth in
the written notice served under section 404.1(1) of this chapter.
(2) Unless the director has entered into a consent agreement
described in section 404.3 of this chapter, a final order must include
separately stated findings of fact and conclusions of law for all aspects
of the order.
(3) In a final order under this section, the department or the director,
as appropriate, may order one (1) or more of the following with respect
to an officer, a director, or a manager of a creditor:
(a) The removal of the officer, director, or manager from the
person's office, position, or employment.
(b) A prohibition against any participation by the officer, director,
or manager in the conduct of the affairs of any creditor.
(c) If the subject of the order is an officer or a director of a
creditor, and subject to section 404.6 of this chapter, the
imposition of a civil penalty not to exceed fifteen thousand dollars
($15,000) for each practice, violation, or act that:
(i) is described in section 404.1 of this chapter; and
(ii) is found to exist by the department or the director.
(4) A final order shall be issued in writing not later than ninety (90)
days after conclusion of a hearing held under section 404.2(2) of this
chapter, unless this period is waived or extended with the written
consent of all parties or for good cause shown.
(5) If the officer, director, or manager does not appear individually
or by an authorized representative at a hearing held under section
404.2(2) of this chapter, the officer, director, or manager is considered
to have consented to the issuance of a final order.
(6) The remedies provided in this chapter are in addition to other
remedies contained in this article.

Legislative History

As added by P.L.35-2010, SEC.22. Amended by P.L.176-2019, SEC.8.