employees. 1. The commissioner of financial institutions may issue upon a current or former residential mortgage loan servicer officer or employee and upon the licensee involved an order stating: a. The current or former officer or employee is engaging or has engaged in any of the following conduct: (1) Violating a law, rule, order, or written agreement with the commissioner. (2) Engaging in harassment or abuse, the making of false or misleading representations, or engaging in unfair practices involving servicing activity. (3) Performing an act of commission or omission or practice which is a breach of trust or a breach of fiduciary duty. b. The term of the suspension or removal from employment and participation within the conduct or the affairs of a residential mortgage loan servicer. 2. The order must contain a notice of opportunity for hearing pursuant to chapter 28-32. 3. If a hearing is not requested within twenty days of the date the order is served, the order is final. If a hearing is held and the commissioner finds that the record so warrants, the commissioner may enter a final order. The final order suspending or removing the current or former employee is final. The current or former officer or employee may request a termination of the final order after a period of no less than three years. 4. A contested or default suspension or removal order is effective immediately upon issuance on the current or former officer or employee and upon the licensee. A consent order is effective as agreed. Any current or former officer or employee suspended or removed from employment and participation within the conduct or the affairs of a residential mortgage loan servicer pursuant to this section is not eligible, while under suspension or removal, to be employed or otherwise participate in the affairs of any financial corporation, financial institution, credit union, or any other entity licensed by the department of financial institutions. 5. When any current or former officer or employee, or other person participating in the conduct of the affairs of a licensee is charged with a felony in state or federal court which involves dishonesty or breach of trust, the commissioner may immediately suspend the person from office or prohibit the person from further participation in the affairs of any entity licensed or chartered by the department. The order is effective upon issuance and remains in effect until the criminal charge is finally disposed of or until modified by the commissioner. If a judgment of conviction, federal pretrial diversion, conviction or agreement to plea to lesser charges, or similar state order or judgment is entered, the suspension or prohibition is permanent. A finding of not guilty or other disposition of the charge does not preclude the commissioner from pursuing administrative or civil remedies.
‹ Prev All North Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.