(a) The commissioner may require an association that knowingly violates this subtitle or a rule adopted under this subtitle to pay to the Department of Savings and Mortgage Lending an administrative penalty not to exceed $1,000 for each day that the violation occurs after notice of the violation is given by the commissioner.
(b) On the commissioner’s certification that an association has not paid a penalty assessed under this section, the attorney general may file suit to collect the penalty.

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Terms Used In Texas Finance Code 89.102

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Rule: includes regulation. See Texas Government Code 311.005