Real estate settlements; kickbacks and other payments; remedies; penalties.
Relocates within Title 55.1 the existing provision that prohibits persons from paying or receiving a kickback, rebate, commission, thing of value, or other payment pursuant to an agreement to refer business incident to a settlement from Chapter 9 (Real Estate Settlements) to Chapter 10 (Real Estate Settlement Agents). This relocation
authorizes the State Corporation Commission to impose penalties, issue injunctions, and require restitution in cases where a person who does not hold a license from the appropriate licensing authority has violated the provision. The measure also adds to Chapter 10 of Title 55.1 provisions that (i) authorize a court to assess civil penalties of not more than $2,500 per violation of the chapter and (ii) authorize the recovery of costs and reasonable expenses and attorney fees.