North Dakota § 26.1-57-08 Enforcement - Penalty

North Dakota Statutes

§ 26.1-57-08 — Enforcement - Penalty

North Dakota § 26.1-57-08

Title 26.1Insurance

Ch. 26.1-57Guaranteed Asset Protection Waivers

This text of North Dakota § 26.1-57-08 (Enforcement - Penalty) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-57-08 (2026).

Text

1.The commissioner may take action as necessary or appropriate to enforce this chapter and to protect guaranteed asset protection waiver holders in this state.

2.After proper notice and opportunity for hearing, the commissioner may:

a.Order the creditor, administrator, or any other person not in compliance with this chapter to cease and desist from further guaranteed asset protection waiver-related operations that are in violation of this chapter.

b.Impose a penalty of not more than five hundred dollars per violation and no more than ten thousand dollars in the aggregate for all violations of a similar nature. For purposes of this chapter, violations are of a similar nature if the violation consists of the same or similar course of conduct, action, or practice, regardless of the number

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1. The commissioner may take action as necessary or appropriate to enforce this chapter
and to protect guaranteed asset protection waiver holders in this state.
2. After proper notice and opportunity for hearing, the commissioner may:
a. Order the creditor, administrator, or any other person not in compliance with this
chapter to cease and desist from further guaranteed asset protection
waiver-related operations that are in violation of this chapter.
b. Impose a penalty of not more than five hundred dollars per violation and no more
than ten thousand dollars in the aggregate for all violations of a similar nature.
For purposes of this chapter, violations are of a similar nature if the violation
consists of the same or similar course of conduct, action, or practice, regardless
of the number of times the conduct or practice determined to be a violation of the
chapter occurred.
c. Order the creditor, administrator, or any other person not in compliance with this
chapter to pay restitution of the guaranteed asset protection waiver purchase
price.