1. (a) A regulatory official may impose an administrative penalty on a residential mortgage loan originator or other person subject to regulation under this chapter, if the official, after notice and opportunity for hearing, determines that the residential mortgage loan originator or other person subject to regulation under this chapter has violated or failed to comply with:

   1. (1) this chapter;
   2. (2) a rule adopted under this chapter; or
   3. (3) an order issued under this chapter.
2. (b) The penalty may not exceed $25,000 for each violation.

3. (c) The amount of the penalty shall be based on:

   1. (1) the seriousness of the violation, including the nature, circumstances, extent, and gravity of the violation;
   2. (2) the economic harm to property caused by the violation;
   3. (3) the history of previous violations;
   4. (4) the amount necessary to deter a future violation;
   5. (5) efforts to correct the violation; and
   6. (6) any other matter that justice may require.

Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 1, eff. June 19, 2009.