 |
D.C. Municipal Regulations (Last Updated: September 13, 2017) |
 |
Title 26. INSURANCE, SECURITIES, AND BANKING |
|
SubTilte 26-C. BANKING AND FINANCIAL INSTITUTONS |
|
Chapter 26-C27. FORECLOSURE MEDIATION |
Section 26-C2726. VIOLATIONS
-
2726.1A lender that initiates a foreclosure through the power of sale provision of a residential mortgage in violation of the Act or this chapter shall be deemed to have failed to participate in the mediation in good faith.
2726.2Any cost incurred by a lender in a foreclosure through the power of sale provision of a residential mortgage in violation of the Act or this chapter shall not be assessed to the borrower(s).
2726.3A lender that fails to attend mediation shall be subject to a penalty assessed by the Commissioner in the amount of five hundred dollars ($500) for each mediation session that the lender fails to attend.
2726.4A lender that fails to send, at least five (5) business days prior to the first mediation session, an electronic version of the documents required in Subsection 2714.1, and bring to a mediation any document that the Act, this chapter, the Mediation Administrator, or Mediator requires, shall be subject to a penalty assessed by the Commissioner in the amount of five hundred dollars ($500) unless the Mediation Administrator determines that good cause is shown.
2726.5A lender that fails to mediate in good faith shall be subject to a penalty in the amount of five hundred dollars ($500) assessed by the Commissioner.
2726.6A lender that breaches a settlement agreement pursuant to Section 539b (e)(4)(a)(i) of the Act shall be subject to a penalty assessed by the Commissioner in the amount of one thousand dollars ($1,000), and shall be required to perform the terms of the settlement agreement.