Washington State Statutes - Washington Attorney Directory

(1) The director shall enforce all laws and rules relating to the licensing of mortgage brokers, grant or deny licenses to mortgage brokers, and hold hearings.

     (2) The director may impose the following sanctions:

     (a) Deny applications for licenses for: (i) Violations of orders, including cease and desist orders issued under this chapter; or (ii) any violation of RCW 19.146.050 or 19.146.0201 (1) through (9);

     (b) Suspend or revoke licenses for:

     (i) False statements or omission of material information on the application that, if known, would have allowed the director to deny the application for the original license;

     (ii) Failure to pay a fee required by the director or maintain the required bond;

     (iii) Failure to comply with any directive or order of the director; or

     (iv) Any violation of RCW 19.146.050, 19.146.060(3), 19.146.0201 (1) through (9) or (12), 19.146.205(4), or 19.146.265;

     (c) Impose fines on the licensee, employee or loan originator of the licensee, or other person subject to this chapter for:

     (i) Any violations of RCW 19.146.0201 (1) through (9) or (12), 19.146.030 through 19.146.080, 19.146.200, 19.146.205(4), or 19.146.265; or

     (ii) Failure to comply with any directive or order of the director;

     (d) Issue orders directing a licensee, its employee or loan originator, or other person subject to this chapter to:

     (i) Cease and desist from conducting business in a manner that is injurious to the public or violates any provision of this chapter; or

     (ii) Pay restitution to an injured borrower; or

     (e) Issue orders removing from office or prohibiting from participation in the conduct of the affairs of a licensed mortgage broker, or both, any officer, principal, employee, or loan originator of any licensed mortgage broker or any person subject to licensing under this chapter for:

     (i) Any violation of 19.146.0201 (1) through (9) or (12), 19.146.030 through 19.146.080, 19.146.200, 19.146.205(4), or 19.146.265; or

     (ii) False statements or omission of material information on the application that, if known, would have allowed the director to deny the application for the original license;

     (iii) Conviction of a gross misdemeanor involving dishonesty or financial misconduct or a felony after obtaining a license; or

     (iv) Failure to comply with any directive or order of the director.

     (3) Each day's continuance of a violation or failure to comply with any directive or order of the director is a separate and distinct violation or failure.

     (4) The director shall establish by rule standards for licensure of applicants licensed in other jurisdictions.

     (5) The director shall immediately suspend the license or certificate of a person who has been certified pursuant to RCW 74.20A.320 by the department of social and health services as a person who is not in compliance with a support order or a *residential or visitation order. If the person has continued to meet all other requirements for reinstatement during the suspension, reissuance of the license or certificate shall be automatic upon the director's receipt of a release issued by the department of social and health services stating that the licensee is in compliance with the order.

[1997 c 106 § 12; 1997 c 58 § 879; 1996 c 103 § 1; 1994 c 33 § 12; 1993 c 468 § 8.]

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