Oklahoma § 15-141.19 - Administrative penalties

§ 15-141.19. Administrative penalties

A. If, pursuant to procedures provided in the Service Warranty

Act, it is found that one or more grounds exist for the suspension,

revocation, or refusal to renew or continue any registration issued

under the Service Warranty Act, on a first offense and except when

such suspension, revocation, or refusal is mandatory, an order may

be entered imposing upon the registrant, in lieu of such suspension,

Oklahoma Statutes - Title 15. Contracts

revocation, or refusal, an administrative penalty for each violation

in the amount of One Hundred Dollars ($100.00), or in the event of

willful misconduct or willful violation on the part of the

registrant, an administrative fine not to exceed One Thousand

Dollars ($1,000.00) for each violation. The administrative penalty

may be augmented by an amount equal to any commissions received by

or accruing to the credit of the registrant in connection with any

transaction to which the grounds for suspension, revocation, or

refusal are related. An administrative penalty imposed under this

section shall not exceed Five Thousand Dollars ($5,000.00) in the

aggregate for all nonwillful violations of a similar nature or One

Hundred Fifty Thousand Dollars ($150,000.00) in the aggregate for

all willful violations of a similar nature. For purposes of this

section, violations shall be of a similar nature if the violation

occurs within a single license or filing year and consists of the

same or similar course of conduct, action, or practice, irrespective

of the number of times the act, conduct, or practice which is

determined to be a violation of this act occurred.

B. The order may allow the registrant a reasonable period, not

to exceed thirty (30) days, within which to pay to the Insurance

Commissioner the amount of the penalty so imposed. If the

registrant fails to pay the penalty in its entirety to the

Commissioner within the period allowed, the registration of the

registrant shall stand suspended or revoked or renewal or

continuation may be refused, as the case may be, upon expiration of

such period and without any further proceedings.

Added by Laws 2012, c. 150, § 19, eff. Nov. 1, 2012.