Section 06.60.410. Censure, suspension, or bar [See delayed amendment note]..

   (a) In addition to any other remedy provided under this chapter, the department may, by order after appropriate notice and opportunity for a hearing, censure a person, suspend the license of a person for a period not to exceed 12 months, or bar a person from a position of employment, management, or control of a licensee or registered depository institution if the department finds that
        (1) the censure, suspension, or bar is in the public interest;
        (2) the person has knowingly committed or caused a violation of this chapter or a regulation adopted under this chapter; and
        (3) the violation has caused material damage to the licensee, to the registered depository institution, or to the public.
   (b) When a person who is the subject of a proposed order under this section receives a notice of the department's intention to issue an order under this section, the person is immediately prohibited from engaging in any activities for which a license is required under this chapter or for which registration is required under AS 06.60.014.
   (c) A person who is suspended or barred under this section is prohibited from participating in a business activity of a licensee or registered depository institution and from engaging in a business activity on the premises where a licensee or registered depository institution is conducting the business of a licensee or registered depository institution. This subsection may not be construed to prohibit a suspended or barred person from having the person's personal transactions processed by a licensee or registered depository institution.

Authorities

6.60.900

Notes

Recent Bills that will modify this

HB 12 MORTGAGE LENDING AND LOAN ORIGINATORS

References

AS 6.60.900 .900">Sec. 06.60.900. Applicability of administrative procedures [See delayed amendment note]..

History

(Sec. 2 ch 50 SLA 2007; am Sec. 53 ch 61 SLA 2010; am Sec. 17 ch 51 SLA 2016)