Fines of up to $15,000 are possible as criminal penalties for violations of the Residential Mortgage Lending Act.
A civil penalty may be imposed of $25000 for any infraction of the Residential Mortgage Lending Act. Additionally, infractions may be brought before the legal system for criminal procedures. Every infraction of the Act, which constitutes a knowing infraction, is a third-degree criminal.
Regardless of whether any business has been carried out in accordance with the licence, each licensee is subject to a regulatory review by the Department at any time. The real cost of the regulatory examination, including travel costs, will be borne by the licensee.
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