7-1-307. Cease and desist orders -- Procedure for issuance.
(1) If the commissioner has determined that any institution or other person under the
jurisdiction of the department, or any director, officer, employee, agent, or other person
participating in the conduct of the affairs of such institution or other person, is engaging or has
engaged or that the commissioner has reasonable cause to believe is about to engage in an unsafe
or unsound practice in conducting the business of such institution or other person, or is violating
or has violated or the commissioner has reasonable cause to believe is about to violate any
applicable provision of this title, or any rule, regulation, order, or any condition imposed in
writing by the commissioner in the granting of any application or other request by the institution
or other person, or any written agreement entered into with the commissioner, the commissioner
may, after notice and opportunity for hearing, issue a cease and desist order against such
institution or other person.
(2) If the commissioner has determined that any institution or other person under the
jurisdiction of the department or any director, officer, employee, agent, or other person
participating in the conduct of the affairs of such institution or other person is engaging in any
unsafe or unsound practice or is violating any relevant provision of this title, or any rule,
regulation, order, or any condition imposed in writing by the commissioner which the
commissioner determines threatens the safety and soundness of the institution or other person, the
commissioner may issue a temporary cease and desist order. A temporary cease and desist order
is effective immediately upon issuance for 30 days and may be extended by the commissioner in
writing for two consecutive 15-day periods. A hearing on the temporary cease and desist order
shall be held by the commissioner within 10 days of its issuance, at which time the temporary
cease and desist order may be set aside, modified, terminated, or made final.
Enacted by Chapter 8, 1983 General Session
Download Code Section Zipped WordPerfect 07_01_030700.ZIP 2,308 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009