43.04.010 Notice of Violation

(a) The Commission, upon complaint or upon its own initiative, or whenever it may deem it necessary in the performance of its duties or the exercise of its powers, may investigate and examine operations and facilities related to Covered Loans.

(b) The Commission may use any means, designated by regulation or otherwise, to inform Regulated Entities that they are violating Code provisions or engaging in activities that are likely to violate Code provisions and to identify matters requiring attention or correction. The Commission may resolve such matters by consent.

(c) The Commission may issue a Notice of Violation ("NOV") to any Person for violation of any provision of this Code, with or without notice pursuant to subsection 9.2.

(d) The "NOV" shall include:

(1) a citation to the Code provision that has been or is being violated;

(2) a description of the circumstances surrounding the violation;

(3) measures required to correct the violations;

(4) a statement that the violation must be corrected within a specified number of calendar days from the date the notice was issued; and

(5) a statement of the alleged violator's procedural rights.