Section 443.891

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 28 Aug 2008, 2 histories, see footnote   (history) 

  443.891.  Charge in support of removal or prohibition notice issued on certain findings of conduct. — 1. Upon making any one or more of the following preliminary findings, the director may issue a notice of charges in support of an order of removal and prohibition, which order may remove and prohibit a named person or entity from participating in loan brokering, mortgage brokering or mortgage brokerage service for any loan secured by real estate whether in the affairs of an exempt entity or in the affairs of one or more licensees under sections 443.800 to 443.893, or in the affairs of any financial institution under the jurisdiction of the director. An order of removal or of prohibition may be permanent or for a specific term and may impose additional conditions including requiring restitution and imposition of a civil penalty not exceeding five thousand dollars per occurrence. The findings required by this section may be any one or more of the following:

  (1) A finding that the person or entity subject to the order has been convicted of a crime involving material financial loss to a licensee, a federally insured depository institution, a government-sponsored enterprise, a Federal Home Loan Bank, a Federal Reserve Bank or any other person;

  (2) A finding that the person or entity subject to the order has, in connection with the application for or procurement of a loan secured by real estate, made any material misstatement, misrepresentation, or omission. As used in this section, "material" means important information about which the board should be informed and which may influence a licensing or lending decision;

  (3) A finding that the person subject to the order has pleaded guilty to, entered a plea of nolo contendere to, or been found guilty of mortgage fraud as defined in section 570.310, RSMo.

  2. If a hearing is requested, the director or his or her designee shall conduct a hearing under chapter 536, RSMo.

  3. If the respondent defaults, consents to an order of removal and prohibition, or if upon the record the director finds the grounds specified supporting a removal and prohibition are established, the director may issue such an order including conditions for restitution or for a civil penalty not to exceed five thousand dollars per occurrence to be effective thirty days after service and to remain in effect and enforceable except to the extent it is stayed, modified, terminated or set aside by action of the director or a reviewing court.

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(L. 1994 S.B. 718 § 33, A.L. 1995 H.B. 63, et al., A.L. 2008 H.B. 2188)