W. Va. Code R. § 106-19-13

Current through Register Vol. XLI, No. 36, September 6, 2024

Section 106-19-13 - Administrative Penalties and Hearings

13.1. Disciplinary Action. -- Any person may be subject to disciplinary action as may be determined to be appropriate by the Commissioner of Banking or the West Virginia Board of Banking and Financial Institutions for violations of this rule or the reverse mortgage laws as provided in W. Va. Code '47-24-8(a). The penalties may include civil money penalties where imposed by a court or otherwise agreed to by the parties. It shall be a violation of this rule to engage in a pattern of conduct that demonstrates the lender's gross incompetence or dishonesty. Such conduct includes, but is not limited to, a pattern of unjustified late payments, the failure to provide proper disclosures, the receipt of unauthorized fees, the failure to maintain the required line of credit, any violation of the procedures set forth in this rule, and the failure to perform all required duties in an honest, fair and reasonable manner.

13.2. Administrative Hearing. B Prior to the Commissioner of Banking revoking a lender's license, charter or approval to make reverse mortgage loans pursuant to section 4 of this rule, he or she shall hold an administrative hearing. Revocation may also be ordered after an administrative hearing by the West Virginia Board of Banking and Financial Institutions.