§ 45-742.01 — Mortgage banker or mortgage loan originator license; emergency orders authorized; grounds; notice; emergency hearing; judicial review; director; additional proceedings

Nebraska § 45-742.01

• Jurisdiction: Nebraska
• Ch. 45: Interest, Loans, and Debt

Text

(1) The director may enter an emergency
order suspending, limiting, or restricting the license of any mortgage banker
or mortgage loan originator without notice or hearing if it appears upon grounds
satisfactory to the director that:
(a) The licensee
has failed to file the report of condition as required by section 45-726 ;
(b) The licensee
has failed to increase its surety bond to the amount required by subsection
(2) of section 45-724 ;
(c) The licensee has failed to provide any report
required by the director as a condition of issuing such person a mortgage
banker or mortgage loan originator license;
(d) The licensee is in such financial condition that
it cannot continue in business safely with its customers;
(e) The licensee
has been indicted, charged with, or found guilty of any act involving fraud,
deception, theft, or breach of trust;
(f) The licensee has had its license suspended or
revoked in any state based upon any act involving fraud, deception, theft,
or breach of trust; or
(g) The licensee has refused to permit an examination
by the director of the licensee's books and affairs pursuant to subsection
(1) or (2) of section 45-741 or has refused or failed to comply with subsection
(5) of section 45-741 .
(2) An emergency order issued under this section becomes
effective when signed by the director. Upon entry of an emergency order, the
director shall promptly notify the affected person that such order has been
entered, the reasons for such order, and the right to request an emergency
hearing.
(3)
A party aggrieved by an emergency order issued by the director under this
section may request an emergency hearing. The request for hearing shall be
filed with the director within ten business days after the date of the emergency
order.
(4)
Upon receipt of a written request for emergency hearing, the director shall
conduct an emergency hearing within ten business days after the date of receipt
of the request for hearing unless the parties agree to a later date or a hearing
officer sets a later date for good cause shown.
(5) A person aggrieved by
an emergency order of the director may obtain judicial review of the order
in the manner prescribed in the Administrative Procedure Act and the rules
and regulations adopted and promulgated by the department.
(6) The director
may obtain an order from the district court of Lancaster County for the enforcement
of the emergency order.
(7) The director may vacate or modify an emergency
order if he or she finds that the conditions which caused its entry have changed
or that it is otherwise in the public interest to do so.
(8) If an emergency
hearing has not been requested pursuant to subsection (3) of this section
and the emergency order remains in effect sixty days after issuance, the director
shall initiate proceedings pursuant to section 45-742 unless the license was
surrendered or expired during the sixty-day time period after issuance of
the emergency order.
(9) An emergency order issued under this section shall
remain in effect until it is vacated, modified, or superseded by an order
of the director, superseded by a voluntary consent or compliance agreement
between the director and the licensee, or until it is terminated by a court
order.

Legislative History

Source: Laws 2012, LB965, § 20. Cross References: Administrative Procedure Act, see section 84-920.