Delaware Administrative Code
Title 5 - Banking
2400 - Mortgage Loan Originators
2401 - Mortgage Loan Originator Licensing
Section 2401-13.0 - Revocation, Suspension, Reprimand and Other Discipline

Universal Citation: 5 DE Admin Code 2401-13.0

Current through Register Vol. 28, No. 3, September 1, 2024

13.1 The Commissioner may revoke, suspend, condition, or refuse to renew any license, or publicly reprimand a licensee under the statute and this regulation upon finding that the licensee:

13.1.1 has violated or failed to comply with any provision of the statute; this regulation; any rule, regulation, order, or supervisory letter promulgated by the Commissioner under the authority of Title 5 of the Delaware Code; or any other law, rule or regulation of this State or the federal government;

13.1.2 has failed at any time to meet the requirements of §§ 6.0 or 10.0; or

13.1.3 has withheld information or made a material misstatement in an initial or renewal application for a license.

13.2 Whenever the Commissioner determines to take any action under this section, the Commissioner shall issue a written order that shall include a statement of the facts upon which the action is based and a notice that the licensee may request a hearing in accordance with Chapter 101 of Title 29 of the Delaware Code.

13.3 Except as provided in § 13.4, an order under this section shall not become effective less than 10 days after its mailing date.

13.4 The Commissioner may issue an order under this section which shall become effective immediately upon issuance whenever in the opinion of the Commissioner, the public health, safety or welfare clearly requires emergency action and the Commissioner's order so states.

13.5 Upon its issuance, the Commissioner shall send a copy of the order to the licensee at that individual's last known mailing address by certified mail, return receipt requested.

13.5.1 If the licensee sends the Commissioner a written request for a hearing within 10 days of the order's mailing date, the Commissioner shall then hold a hearing in accordance with Chapter 101 of Title 29 of the Delaware Code, and except as provided in § 13.4, the order then shall not become effective until the conclusion of the hearing.

13.5.2 At the conclusion of the hearing, the Commissioner may affirm the order as originally issued, or modify, amend or rescind the order.

13.6 No action taken under this section shall in any way impair or otherwise affect either the obligations of any pre-existing lawful contract between the licensee and any person, or the licensee's civil or criminal liability.

13.7 If the expiration or surrender of a license occurs after the Commissioner issues a written order under § 13.2, the Commissioner may proceed as if the expiration or surrender had not occurred.

13.8 The conditions that may be imposed pursuant to this section on a license and on the reinstatement of a suspended license may include the payment of restitution to consumers for fees or other charges that the licensee improperly charged or collected.

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