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2021 Colorado Code
Title 5 - Consumer Credit Code
Article 21 - Colorado Nonbank Mortgage Servicers Act (Effective January 1, 2022)
§ 5-21-110. Administrative Enforcement Orders
Universal Citation: CO Code § 5-21-110 (2021)
- [ ] After notice and hearing, the administrator may order a mortgage servicer or a person acting in the mortgage servicer's behalf to cease and desist from engaging in violations of this article 21 or any rule or order lawfully made pursuant to this article 21. The order issued by the administrator may also require the mortgage servicer or person to make refunds to individuals of overcharges or other damages suffered by the borrower under this article 21 and a civil penalty in the amounts stated in 12 U.S.C. sec. 5565 (c)(2), all or part of which may be specifically designated for consumer and creditor educational purposes. When seeking civil penalties, the administrator shall consider the mitigating factors in 12 U.S.C. sec. 5565 (c)(3).
- A mortgage servicer aggrieved by an order of the administrator may obtain judicial review of the order in the Colorado court of appeals. The administrator may obtain an order of the court for enforcement of the administrator's order in the district court under section 24-4-106. All proceedings under this section are governed by sections 24-4-105 and 24-4-106.
History. Source: L. 2021: Entire article added, (HB 21-1282), ch. 482, p. 3442, § 1, effective January 1, 2022.
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