2019 US Virgin Islands Code
Title 9 - Banking
Chapter 20 - Mortgage Loans
Subchapter II - S.A.F.E. Mortgage Licensing Act
§ 388. Enforcement authorities, violations and penalties

(a) In order to ensure the effective supervision and enforcement of this subchapter, the Banking Board or its designated agent may:

• (1) Deny, suspend, revoke, condition or decline to renew a license for a violation of this subchapter, rules or regulations issued under this subchapter or order or directive entered under this subchapter.

• (2) Deny, suspend, revoke, condition or decline to renew a license if an applicant or licensee fails at any time to meet the requirements of section 385(c) or section 386, or withholds information or makes a material misstatement in an application for a license or renewal of a license.

• (3) Order restitution against persons subject to this subchapter for violations of this subchapter.

• (4) Impose fines on persons subject to this subchapter pursuant to subsection (c) of this section.

• (5) Issue orders or directives under this subchapter as follows:

  • (A) Order or direct persons subject to this subchapter to cease and desist from conducting business, including immediate temporary orders to cease and desist.

  • (B) Order or direct persons subject to this subchapter to cease any harmful activities or violations of this subchapter, including immediate temporary orders to cease and desist.

  • (C) Enter immediate temporary orders to cease business under a license if the Banking Board or its designated agent determines that such license was erroneously granted or the licensee is currently in violation of this subchapter;

  • (D) Order or direct such other affirmative action as the Banking Board deems necessary.

(b) The Banking Board or its designated agent may impose a civil penalty on a mortgage loan originator or person subject to this subchapter, if the Banking Board or its designated agent finds, on the record after notice and opportunity for hearing, that such mortgage loan originator or person subject to this subchapter has violated or failed to comply with any requirement of this subchapter or any regulation prescribed by the Banking Board or its designated agent under this subchapter or order issued under authority of this subchapter.

(c) The maximum amount of penalty for each act or omission described in subsection (2) of this section shall be $1,000.

(d) Each violation or failure to comply with any directive or order of the Banking Board or its designated agent is a separate and distinct violation or failure.