D.C. Municipal Regulations (Last Updated: September 13, 2017) |
Title 26. INSURANCE, SECURITIES, AND BANKING |
SubTilte 26-C. BANKING AND FINANCIAL INSTITUTONS |
Chapter 26-C11. MORTGAGE LENDERS, MORTGAGE BROKERS AND MORTGAGE LOAN ORIGINATORS |
Section 26-C1126. ADMINISTRATIVE PENALTIES
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1126.1Any licensee that fails to file an annual report at the time prescribed by section 11 of the Act, shall be assessed a late penalty in the amount of one hundred dollars ($100) per business day following the date the annual report is due until the annual report is filed with the Department.
1126.2Any licensee, or any person required to have a license under the Act, shall be assessed up to the maximum penalties upon a violation of the Act as follows:
(a)Five thousand dollars ($5000) for each occurrence of each violation of the Act if the person committing the violation is licensed by the Department, and the licensee has no more than one (1) violation of the Act during the current license period;
(b)Twenty-five thousand dollars ($25,000) for each occurrence of each violation of the Act if the person committing the violation is not licensed by the Department.
1126.3 The Commissioner, in his or her discretion, may reduce the penalty imposed by section 1126.2 above upon good cause shown, in writing, by the person against whom the penalty would be imposed.