§ 7816 — Penalties and civil remedies

§ 7816. Penalties and civil remedies. (a)(1) If, after notice and\nhearing, the superintendent determines that any information required by\nsubsection (a) or (c) of section seven thousand eight hundred eleven of\nthis article knowingly was not provided or knowingly was delayed in\nbeing provided by the life settlement broker to the material detriment\nof the owner, then the superintendent, in addition to any other penalty\nprescribed by law, may require the life settlement broker to pay to the\npeople of this state an amount not to exceed the compensation due or\nprovided to the life settlement broker.\n (2) If, after notice and hearing, the superintendent determines that\nany information required by subsection (a) of section seven thousand\neight hundred eleven of this article knowingly was not provided or\nknowingly was delayed in being provided by the life settlement provider\nto the material detriment of the owner, then the superintendent, in\naddition to any other penalty prescribed by law, may require the life\nsettlement provider to pay to the people of this state an amount not to\nexceed forty-five thousand dollars.\n (b) If, after notice and hearing, the superintendent determines any\nperson knowingly violated subsection (c) of section seven thousand eight\nhundred fifteen of this article, then the superintendent, in addition to\nany other penalty prescribed by law, may require the person to pay to\nthe people of this state an amount not to exceed one hundred thousand\ndollars.\n (c) If, after notice and hearing, the superintendent determines that\nany person knowingly violated section seven thousand eight hundred ten\nof this article, then the superintendent, in addition to any other\npenalty prescribed by law, may require the person to pay the insured or\nowner an amount not to exceed twenty thousand dollars.\n (d)(1) If, after notice and hearing, the superintendent determines\nthat any person knowingly and willfully acted as a life settlement\nprovider without a license in violation of subsection (a) of section\nseven thousand eight hundred three of this article, then the\nsuperintendent may impose a civil penalty payable to the people of this\nstate not to exceed one hundred thousand dollars for each policy settled\nin violation thereof.\n (2) If, after notice and hearing, the superintendent determines that\nany person knowingly and willfully acted as a life settlement broker\nwithout a license in violation of subsection (a) of section two thousand\none hundred thirty-seven of this chapter, then the superintendent may\nimpose a civil penalty payable to the people of this state not to exceed\nfifty thousand dollars for each policy settled in violation thereof.\n (3) If, after notice and hearing, the superintendent determines that\nany person knowingly and willfully acted as a life settlement\nintermediary without a registration in violation of subsection (a) of\nsection seven thousand eight hundred four of this article, then the\nsuperintendent may impose a civil penalty payable to the people of this\nstate not to exceed fifty thousand dollars for each transaction.\n (e) Any person who has been injured by reason of a violation of\nsubsection (a), (b) or (c) of this section may bring an action to\nrecover damages suffered by reason of such violation. In any action\nbrought under this section, the court may award reasonable attorney's\nfees to a prevailing plaintiff.\n (f) Nothing provided in this article shall limit or restrict any\ncommon law, contractual or other right of action.\n