HB989 Summary

• Adds new enforcement authority allowing the Commissioner of Financial Institutions to issue cease and desist orders against mortgage servicers for violations, effective upon service of the order.

• Requires the Commissioner to commence an administrative proceeding within 20 days after issuing a cease and desist order, with the order remaining enforceable pending completion of proceedings.

• Mandates that all documents required under mortgage servicer licensing be filed through NMLS (Nationwide Multistate Licensing System) when able to accept them.

• Authorizes the Commissioner to enter into consent orders to resolve matters and to issue orders requiring licensees to cease harmful activities or violations.

• Increases maximum administrative fines from existing amounts to $7,000 per violation, with $1,000 of aggregate fines exceeding $7,000 deposited into the mortgage foreclosure dispute resolution special fund.