Oklahoma § 15-141.29 - Final order - Cease and desist order

§ 15-141.29. Final order - Cease and desist order

A. After the hearing, the Insurance Commissioner shall enter a

final order. If it is determined that the person charged has

engaged in an unfair or deceptive act or practice or the unlawful

transaction of service warranty business, the Commissioner also

shall issue an order requiring the violator to cease and desist from

engaging in such method of competition, act, or practice or the

unlawful transaction of service warranty business. Further, the

Commissioner may, at his or her discretion, order one or both of the

following penalties:

1. The suspension or revocation of the license of such person,

or eligibility for any license, if the person knew, or reasonably

should have known, he or she was in violation of the Service

Warranty Act; or

2. If it is determined that the person charged has provided or

offered to provide service warranties without proper licensure, the

imposition of an administrative penalty not to exceed One Thousand

Dollars ($1,000.00) for each service warranty contract offered or

effectuated.

B. Any person subject to an order of the Insurance Commissioner

under this section may obtain a review of such order by filing an

appeal in accordance with the provisions of the Administrative

Procedures Act.

C. Any person who violates a cease and desist order while such

order is in effect, after notice and hearing, is subject, at the

discretion of the Commissioner, to one or both of the following

penalties:

1. A monetary penalty of not more than Fifty Thousand Dollars

($50,000.00) as to all matters determined in such hearing; and

Oklahoma Statutes - Title 15. Contracts

2. The suspension or revocation of such person's license or

eligibility to hold a license.

Added by Laws 2012, c. 150, § 29, eff. Nov. 1, 2012.