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A state licensing agency granted Crook Cromwell a license to act as a mortgage loan originator. Subsequent to the granting of the license, the agency received a supplemental criminal history report which
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30 votes
A state licensing agency granted Crook Cromwell a license to act as a mortgage loan originator. Subsequent to the granting of the license, the agency received a supplemental criminal history report which indicated that Crook had been convicted of a money laundering charge in another state. What action can the state licensing agency take

User Toby White
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1 Answer

11 votes
11 votes

Answer:

The answer is issue a temporary cease and desist order.

Step-by-step explanation:

Cease and desist order

This is a type of order that is issued only if the interest of to public is to hinders a person from continuing to engage in a prohibited act, practice, or transaction.

The commissioner is the one responsible to issuing this order. He may issue it to any person found to have committed an unfair or deceptive act and prohibits a specific practice listed in the order.

The state licensing agency may enter a temporary order requiring an individual to cease doing business under a license if it was discovered that the license was erroneously issued.

User Gotube
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