New Jersey § 17:11c-70

§ 17:11c-70.

a. The commissioner's authority with respect to issuing licenses shall include the

following: (1) The commissioner may access, receive and use any information or material required

of an applicant or licensee pursuant to sections 6 through 15 of this act, 1 or any other information or material deemed relevant, to determine whether to issue

or renew a license, or revoke, suspend, or refuse to renew a license. (2) The commissioner may refuse to issue a license if an applicant fails to meet the

requirements for licensure set forth in sections 6 through 15 of P.L.2009, c. 53 ( C.17:11C-56 through 17:11C-65 ), as applicable. (3) The commissioner may revoke, suspend, or refuse to renew, a residential mortgage lender or residential

mortgage broker license, including the license of a qualified individual licensee

or a branch office license, or a mortgage loan originator license, or transitional mortgage loan originator license, or impose a penalty pursuant to this act, if the commissioner finds, after notice

and an opportunity for a hearing in accordance with the “Administrative Procedure

Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ) and any rules adopted thereunder, that any person or holder of the license has: (a) Violated any of the provisions of this act or any order, rule or regulation made

or issued pursuant to this act; (b) Failed at any time to meet the requirements for licensure set forth in sections

6 through 15 of this act, as applicable, or withheld information or made a material

misstatement in the application for the license; (c) Been convicted of an offense involving breach of trust, moral turpitude or fraudulent

or dishonest dealing, including but not limited to the disqualifying criminal activities

stated in paragraph (2) of subsection a. of section 7 of this act, 2 if applicable, or had a final judgment entered against the person in a civil or administrative

action upon grounds of fraud, misrepresentation, deceit, or failure to maintain books,

accounts, records and other documents as required by section 21 of this act; 3 (d) Failed to comply with any reporting requirements set forth pursuant to section

35 of this act; 4 (e) Become insolvent; (f) Demonstrated unworthiness, incompetence, bad faith or dishonesty in the transaction

of business as a licensee; or (g) Engaged in any other conduct which would be deemed by the commissioner to be the

cause for denial, revocation, suspension, or refusal of the license or license renewal. (4) A license of a business licensee may be suspended, revoked, or not renewed if any

officer, director, partner, or owner of the licensee has committed any act which would

be cause for suspending, revoking or not renewing a license if issued to that person

as an individual. (5) If the license issued to a residential mortgage lender or residential mortgage broker

as a qualified individual licensee is revoked or suspended, the affiliated license

issued to the business licensee shall also be revoked or suspended by the commissioner,

unless within the time fixed by the commissioner, in the case of a partnership, the

connection therewith of the offending qualified individual licensee whose license

has been revoked or suspended shall be severed and that individual's interest in the

partnership and share in its activities brought to an end, or in the case of an association,

corporation, or other legal entity, the offending qualified individual licensee whose

license has been revoked or suspended shall be discharged and shall have no further

participation in the legal entity's activities. In the case of an offending qualified individual licensee who is an officer or director

of the corporation or other legal entity, that individual shall be required to fully

divest himself of all stock, bonds or other corporate holdings. b. The commissioner's authority with respect to oversight of licensees, and enforcement

of the activities regulated under this act, shall include the following: (1) The commissioner may access and examine books, accounts, records and other documents

maintained by a licensee pursuant to section 21 of this act. (2) The commissioner may conduct investigations or examinations, which may include

the subpoena of witnesses and documents, pursuant to section 34 of this act. 5 (3) Whenever it appears to the commissioner that any person has engaged, is engaged,

or is about to engage in any practice or transaction prohibited by this act, the commissioner

may issue, in accordance with the “Administrative Procedure Act,” P.L.1968, c. 410

( C.52:14B-1 et seq. ), a cease and desist order if the commissioner determines it necessary. In addition to any other remedy available, the commissioner may also bring a summary

action in a court of competent jurisdiction against a person, and any other person

concerned or in any way participating in or about to participate in a practice or

transaction in violation of this act, to enjoin the person from continuing the practice

or transaction engaged in, or from engaging in the practice or transaction, or doing

any act in furtherance towards engaging in the practice or transaction. (4) The commissioner may impose a civil penalty not exceeding $25,000 on any person

for a violation of this act. Each violation of this act, including any order, rule or regulation made or issued

pursuant to this act, shall constitute a separate offense. Additionally, each violation of this act which constitutes a knowing violation shall

be considered a crime of the third degree. (5) The commissioner may order that any person who has been found to have knowingly

violated any provision of this act, or of the rules and regulations issued pursuant

hereto, and has thereby caused financial harm to consumers, be barred from acting

as a residential mortgage lender, residential mortgage broker, or mortgage loan originator,

or a stockholder, an officer, director, partner or other owner, or an employee of

a licensee, or acting in any other capacity pursuant to this act. Violations of this final order shall be considered a crime of the third degree. (6) The commissioner may order a person found to be in violation of this act to make

restitution to any person aggrieved by the violation. (7) The commissioner may order any other remedial action with respect to a violation

of this act as the commissioner deems necessary. c. The commissioner, in order to fulfill the activities encompassed by the commissioner's

authority set forth in this section, may: (1) Retain attorneys, accountants, or other professionals or specialists as examiners,

auditors, or investigators to conduct, or assist with, any licensing activity, examination,

or investigation; (2) Utilize any public or privately available analytical system, method, or software; (3) Utilize any examination or investigative report prepared by any federal banking

agency or other federal agency, or any state agency including another department,

division, bureau, or office of this State; and (4) Enter into any necessary arrangement with a federal or state agency, the Conference

of State Bank Supervisors or its successor organization, or other organization representing

any federal or state agency, in order to reduce the commissioner's regulatory burden

by sharing resources, including sharing information and materials through the Nationwide

Mortgage Licensing System and Registry in accordance with subsection b. of section

12 of this act, 6 and following standardized or uniform methods or procedures. 1

N.J.S.A. §§ 17:11C-56 to 17:11C-65. 2

N.J.S.A. § 17:11C-57. 3

N.J.S.A. § 17:11C-71. 4

N.J.S.A. § 17:11C-85. 5

N.J.S.A. § 17:11C-84. 6

N.J.S.A. § 17:11C-62.