What is the maximum civil penalty the Director may impose on a mortgage loan originator for violations of the SAFE Act in 2021, based on Title 12 USC, Chapter 51, Section 5113?
Understand the Problem
The question requires identifying the maximum civil penalty that can be imposed on a mortgage loan originator for violations of the SAFE Act, based on a specific section of U.S. law.
Answer
$25,000 for each act or omission.
The maximum civil penalty the Director may impose on a mortgage loan originator for violations of the SAFE Act is $25,000 for each act or omission.
Answer for screen readers
The maximum civil penalty the Director may impose on a mortgage loan originator for violations of the SAFE Act is $25,000 for each act or omission.
More Information
The SAFE Act, part of the Secure and Fair Enforcement for Mortgage Licensing Act, ensures the accountability of mortgage loan originators. Violations can result in significant penalties as a deterrent to misconduct.
Tips
A common mistake is confusing per violation penalties with cumulative totals for multiple offenses.
Sources
- 12 USC 5113: Enforcement by the Bureau - U.S. Code - uscode.house.gov
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