2020 Colorado Revised Statutes
Title 10 - Insurance
Article 11. Title Insurance
Section 10-11-126. Affiliated business arrangements - enforcement - penalties.
(1) The commissioner shall have the same remedies available to him or her as those available to the administrator of the department of housing and urban development in the federal "Real Estate Settlement Procedures Act of 1974", as amended, 12 U.S.C. sec. 2607.
In addition to any other remedies available to the commissioner pursuant to this title,after notice and a hearing pursuant to section 24-4-105, C.R.S., the commissioner may assess a penalty for a violation of this article or a rule promulgated under this article. The penalty shall be the amount of remuneration improperly paid and shall be paid to the person aggrieved by the violation or apportioned among multiple aggrieved persons as determined by the commissioner.
No person shall be liable for a violation of section 10-11-124 if such person provesby a preponderance of the evidence that such violation was not intentional and resulted from a bona fide error notwithstanding maintenance of procedures that are reasonably adopted to avoid such error.
Source: L. 2006: Entire section added, p. 268, § 2, effective July 1. L. 2007: (1) amended, p. 2020, § 11, effective June 1.
