SB 2771 Summary

• Adds new enforcement authority allowing the Commissioner of Financial Institutions to issue cease and desist orders against persons violating mortgage servicer regulations in Chapter 454M, with orders effective upon service and remaining enforceable pending administrative proceedings.

• Requires the commissioner to commence an administrative proceeding within 20 days after issuing a cease and desist order.

• Expands the commissioner's authority to modify Chapter 454M requirements by rule or order as reasonably necessary to participate in the Nationwide Multistate Licensing System (NMLS).

• Authorizes the commissioner to enter into consent orders with persons to resolve matters under Chapter 454M, which may indicate agreement without constituting an admission of violation.

• Increases maximum administrative fines for Chapter 454M violations to $7,000 per violation, with $1,000 of aggregate fines exceeding $7,000 deposited into the mortgage foreclosure dispute resolution special fund.