§ 32-9-208 — Authority Of Department Regarding Servicers

32-9-208 . Authority of department regarding servicers. (1) If risk is determined by a formal review of a specific covered institution to be extremely high, the department may order or direct the institution to satisfy additional conditions necessary to ensure that the institution will continue to operate in a safe and sound manner and be able to continue to service loans in compliance with state and federal law and regulation.
(2) If risk is determined by a formal review of a specific covered institution or institutions to be extremely low, the department may provide notice to the institution or institutions that all or part of this part is not applicable to those covered institutions.
(3) Whenever economic, environmental, or societal events are determined to be of such severity to warrant a temporary suspension of all or certain sections of this part, the department may provide public notice by proclamation of a temporary suspension.

Legislative History

En. Sec. 5, Ch. 4, L. 2023.