224.77(1m)(a)(a) The division may assess against a person who is registered under this chapter a forfeiture of not more than $1,000 for each violation enumerated under
sub. (1) (a) to
(o) or
(r).
224.77(1m)(b)
(b) A person may contest an assessment of forfeiture under
par. (a) by sending, within 10 days after receipt of notice of the assessment under
par. (a), a written request for hearing under
s. 227.44 to the division of hearings and appeals created under
s. 15.103 (1). The administrator of the division of hearings and appeals may designate a hearing examiner to preside over the case and recommend a decision to the administrator under
s. 227.46. The decision of the administrator of the division of hearings and appeals shall be the final administrative decision. The division of hearings and appeals shall commence the hearing within 30 days after receipt of the request for hearing and shall issue a final decision within 15 days after the close of the hearing. Proceedings before the division of hearings and appeals are governed by
ch. 227. In any petition for judicial review of a decision by the division of hearings and appeals, the party, other than the petitioner, who was in the proceeding before the division of hearings and appeals shall be the named respondent.
224.77(1m)(c)
(c) All forfeitures shall be paid to the division of banking within 10 days after receipt of notice of assessment or, if the forfeiture is contested under
par. (b), within 10 days after receipt of the final decision after exhaustion of administrative review. The division of banking shall remit all forfeitures paid to the state treasurer for deposit in the school fund.
224.77(1m)(d)
(d) The attorney general may bring an action in the name of the state to collect any forfeiture imposed under this subsection if the forfeiture has not been paid following the exhaustion of all administrative and judicial reviews. The only issue to be contested in any such action shall be whether the forfeiture has been paid.
224.77(2)
(2) Conduct of officers, directors and others. The division may revoke, suspend or limit a certificate of registration issued under this subchapter or reprimand a mortgage banker or mortgage broker registered under this subchapter, if a director, officer, trustee, partner or member of the mortgage banker or mortgage broker or a person who has a financial interest in or is in any way connected with the operation of the mortgage banker's or mortgage broker's business is guilty of an act or omission which would be cause for refusing to issue a certificate of registration to that individual.
224.77(3)(a)(a)
Orders to prevent or correct actions. The division may issue general and special orders necessary to prevent or correct actions by a mortgage banker, loan originator or mortgage broker that constitute cause under this section for revoking, suspending or limiting a certificate of registration.
224.77(3)(b)
(b)
Types of special orders. Special orders may direct a mortgage banker, loan originator or mortgage broker to cease and desist from engaging in a particular activity or may direct the mortgage banker, loan originator or mortgage broker to refund or remit to a loan applicant or borrower amounts that the mortgage banker, loan originator or mortgage broker got from actions which constitute cause under this section for revoking, suspending or limiting a certificate of registration.
224.77(3)(c)
(c)
Judicial review. Orders of the division are subject to review as provided in
ch. 227.
224.77(3m)
(3m) Hearing rights for registration denial, revocation or suspension. A person whose certificate of registration has been denied, revoked or suspended under this section may request a hearing under
s. 227.44 within 30 days after the date of denial, revocation or suspension of the certificate of registration. The division may appoint a hearing examiner under
s. 227.46 to conduct the hearing.
224.77(4)
(4) Period of disciplinary action; ineligibility for registration. 224.77(4)(a)(a)
Period. Except as provided in
par. (b), the division shall determine in each case the period that a revocation, suspension or limitation of a certificate of registration is effective.
224.77(4)(b)1.1. Except as provided in
subd. 2., if the division denies or revokes a certificate of registration under
sub. (1), the person is not eligible for a certificate of registration until the expiration of a period determined in each case by the division.
224.77(4)(b)2.
2. If the division revokes a certificate of registration under
sub. (1) (p) or
(q), the person is not eligible for a certificate of registration until 5 years after the effective date of the revocation.
224.77(5)
(5) Penalties for certain discriminatory conduct. 224.77(5)(a)(a) Mandatory revocation or suspension. Notwithstanding
sub. (1) (intro.) and
(4), if the division finds that a mortgage banker, loan originator or mortgage broker has violated
sub. (1) (p) or
(q), the division shall:
224.77(5)(a)1.
1. For the first offense, suspend the registration of the mortgage banker, loan originator or mortgage broker for not less than 90 days.
224.77(5)(a)2.
2. For the 2nd offense, revoke the registration of the mortgage banker, loan originator or mortgage broker.
224.77(6)
(6) Restriction or suspension of registration. The department shall restrict or suspend the registration of a mortgage banker, loan originator or loan solicitor [mortgage broker] if the registrant is an individual who fails to comply, after appropriate notice, with a subpoena or warrant issued by the department of workforce development or a county child support agency under
s. 59.53 (5) and related to paternity or child support proceedings or who is delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under
s. 49.857. A registrant whose registration is restricted or suspended under this subsection is entitled to a notice and hearing only as provided in a memorandum of understanding entered into under
s. 49.857 and is not entitled to any other notice or hearing under this section.
224.77 Note
NOTE: The bracketed language indicates the correct term. Corrective legislation is pending.
224.77(7)
(7) Revocation for liability for delinquent taxes. The department shall revoke the certificate of registration of a mortgage banker, loan originator or loan solicitor [mortgage broker] if the department of revenue certifies under
s. 73.0301 that the registrant is liable for delinquent taxes. A registrant whose certificate of registration is revoked under this subsection for delinquent taxes is entitled to a notice under
s. 73.0301 (2) (b) 1. b. and a hearing under
s. 73.0301 (5) (a) but is not entitled to any other notice, hearing or review under this section.
224.77 Note
NOTE: The bracketed language indicates the correct term. Corrective legislation is pending.
224.77(8)
(8) Voluntary surrender. A mortgage banker, loan originator or mortgage broker may voluntarily surrender a registration to the division, but the division may refuse to accept the surrender if the division has received allegations of unprofessional conduct against the mortgage banker, loan originator or mortgage broker. The division may negotiate stipulations in consideration for accepting the surrender of registration.
224.77 Note
NOTE: Sub. (8) was created as sub. (6) by
1997 Wis. Act 145, was renumbered to sub. (6m) by
1997 Wis. Act 237 and as renumbered was renumbered by the revisor under s. 13.93 (1) (b).
224.77 History
History: 1987 a. 359;
1987 a. 403 ss.
182,
256; Stats. 1987 s. 440.77;
1993 a. 112;
1995 a. 27 ss.
6598 to
6600; Stats. 1995 s. 224.77;
1997 a. 145,
191,
237; s. 13.93 (1) (b).
224.78
224.78
Fee splitting. A mortgage banker, loan originator or mortgage broker may not pay a person who is not registered under this subchapter a commission, money or other thing of value for performing an act as a mortgage banker, loan originator or mortgage broker.
224.78 History
History: 1987 a. 359;
1987 a. 403 s.
182; Stats. 1987 s. 440.78;
1995 a. 27 s.
6601; Stats. 1995 s. 224.78;
1997 a. 145.
224.80
224.80
Penalties and private cause of action. 224.80(1)
(1)
Penalties. A person who violates
s. 224.72 (1m) may be fined not more than $1,000 or imprisoned for not more than 6 months or both. The district attorney of the county where the violation occurs shall enforce the penalty under this subsection on behalf of the state.
224.80(2)
(2) Private cause of action. A person who is aggrieved by an act which is committed by a mortgage banker, loan originator or mortgage broker and which is described in
s. 224.77 (1) may recover all of the following in a private action:
224.80(2)(a)
(a) An amount equal to the greater of the following:
224.80(2)(a)1.
1. Twice the amount of the cost of loan origination connected with the transaction, except that the liability under this subdivision may not be less than $100 nor greater than $1,000 for each violation.
224.80(2)(a)2.
2. The actual damages, including any incidental and consequential damages, which the person sustained because of the violation.
224.80(2)(b)
(b) The aggregate amount of costs and expenses which the court determines were reasonably incurred by the person in connection with the action, together with reasonable attorney fees, notwithstanding
s. 814.04 (1).
224.80 History
History: 1987 a. 359;
1987 a. 403 ss.
182,
256; Stats. 1987 s. 440.80;
1989 a. 45;
1995 a. 27 s.
6602; Stats. 1995 s. 224.80;
1997 a. 145.
224.81
224.81
Limitation on actions for commissions and other compensation. A person who is engaged in the business or acting in the capacity of a mortgage banker, loan originator or mortgage broker in this state may not bring or maintain an action in this state to collect a commission, money or other thing of value for performing an act as a mortgage banker, loan originator or mortgage broker without alleging and proving that the person was registered under this subchapter as a mortgage banker, loan originator or mortgage broker when the alleged cause of action arose.
224.81 History
History: 1987 a. 359;
1987 a. 403 s.
182; Stats. 1987 s. 440.81;
1995 a. 27 s.
6603; Stats. 1995 s. 224.81;
1997 a. 145.
224.82
224.82
Compensation presumed. In a prosecution arising from a violation of this subchapter, proof that a person acted as a mortgage banker, loan originator or mortgage broker is sufficient, unless rebutted, to establish that compensation was received by, or promised to, that person.
224.82 History
History: 1987 a. 359;
1987 a. 403 s.
182; Stats. 1987 s. 440.82;
1995 a. 27 s.
6604; Stats. 1995 s. 224.82;
1997 a. 145.
