TITLE 26

BANKS AND BANKING

CHAPTER 31

IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT

PART 1.

GENERAL PROVISIONS

26-31-114.  REVOCATION OF LICENSE FOR PAYMENT FROM MORTGAGE RECOVERY FUND. (1) The director may summarily revoke a license issued under this chapter if the director is required by court order under section 26-31-112, Idaho Code, to make a payment from the mortgage recovery fund based on a money judgment that includes findings of violations of this chapter by such licensee.

(2) A person whose license has been revoked under subsection (1) of this section is not eligible to be considered for the issuance of a new license under this chapter until the person has repaid in full, plus interest at the current legal rate, the amount paid from the mortgage recovery fund resulting from that person’s violation of this chapter.

(3)  This section does not limit the authority of the director to take disciplinary action against a licensee under this chapter for a violation of this chapter or of rules promulgated or orders issued pursuant to this chapter. The repayment in full to the mortgage recovery fund of all obligations of a licensee under this chapter does not nullify or modify the effect of any other disciplinary proceeding brought under this chapter.

History:

[26-31-114, added 2009, ch. 97, sec. 2, p. 288.]