6.2-1622 - (Effective October 1, 2010) Cease and desist orders.
§ 6.2-1622. (Effective October 1, 2010) Cease and desist orders.
A. If the Commission determines that any mortgage lender or mortgage brokerrequired to be licensed hereunder has violated any provision of this chapteror any regulation adopted pursuant thereto, the Commission may, upon 21 days'notice in writing, order such person to cease and desist from such practicesand to comply with the provisions of this chapter. The notice shall be sentby certified mail to the principal place of business of such mortgage lenderor mortgage broker and shall state the grounds for the contemplated action.
B. Within 14 days of mailing the notice, the person named therein may filewith the clerk of the Commission a written request for a hearing. If ahearing is requested, the Commission shall not issue a cease and desist orderexcept based upon findings made at the hearing. The hearing shall beconducted in accordance with the provisions of Title 12.1. The Commission mayenforce compliance with any such order issued under this section byimposition and collection of such fines and penalties as may be prescribed byCommission regulations.
(1987, c. 596, § 6.1-426; 2010, c. 794.)