2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 598 - Additional Penalties for Violation of This Article; Civil, Criminal; Liquidated Damages.

§ 598.  Additional  penalties  for  violation  of this article; civil,
  criminal; liquidated damages. 1. In addition to such  penalties  as  may
  otherwise be applicable by law, the superintendent may, after notice and
  hearing  as  provided  elsewhere  in  this  article, require any entity,
  licensee, servicer, registrant or exempt  organization  found  violating
  the  provisions  of this article or the rules or regulations promulgated
  hereunder to pay to the people of this state an additional  penalty  for
  each  violation  of  the article or any regulation or policy promulgated
  hereunder a sum not to  exceed  an  amount  as  determined  pursuant  to
  section forty-four of this chapter for each such violation.
2.  Whoever  violates  any  provision of the licensing requirements of
  subparagraphs (a) and (b) of subdivision two  of  section  five  hundred
  ninety  of this article by making a mortgage loan without being licensed
  or specifically exempted  from  licensing,  or  soliciting,  processing,
  placing  or  negotiating  a  mortgage  loan  without being registered or
  specifically exempted from registration, shall be guilty of  a  class  A
  misdemeanor,  punishable  as  provided in articles seventy and eighty of
  the penal law.
3. Liquidated damages. In  addition  to  any  other  remedy  which  an
  applicant  for a mortgage loan or mortgagor may have against a licensee,
  registrant or exempt organization for breach of contract or agreement to
  make a mortgage loan, the court after considering the circumstances  may
  award  the  plaintiff,  upon  granting  a  judgment  in  his favor in an
  individual action on such claim, liquidated damages an amount  equal  to
  twice  the  amount of any fees or other charges paid by the applicant or
  mortgagor in connection with such contract or agreement exclusive of any
  amounts paid or payable after the mortgage or other security  instrument
  is executed.
4.  Statutory  or  common-law  remedies. Nothing in this article shall
  limit any statutory or common-law right  of  any  person  to  bring  any
  action in any court for any act, or the right of the state to punish any
  person for any violation of any law.
5.  Civil  penalties  assessable  against  unlicensed  or unregistered
  persons or entities. If any non-exempt unlicensed or unregistered person
  or entity engages in activities encompassed by this article, he shall be
  liable to any person or entity affected by such activities for a sum  of
  money of not less than the amount of money paid to an affected person or
  entity in connection with such activities, nor more than four times such
  sum; provided however that where a non-exempt unlicensed or unregistered
  person  has  continued  to  engage in such unauthorized activities after
  receiving a cease and desist notice from the superintendent, the maximum
  amount of liability shall be up to the amount of  actual  damages.  Such
  sum  may  be  sued for and recovered by any person or entity for his use
  and benefit in any court of competent jurisdiction.