§ 54C-76. Cease and desist orders.
Article 5.
Enforcement.
§ 54C‑76. Cease anddesist orders.
(a) If a person orsavings bank is engaging in, or has engaged in, any unsafe or unsound practiceor unfair and discriminatory practice in conducting the savings bank'sbusiness, or of any other law, rule, order, or condition imposed in writing bythe Commissioner of Banks, the Commissioner of Banks may issue a notice ofcharges to the person or association. A notice of charges shall specify theacts alleged to sustain a cease and desist order, and state the time and placeat which a hearing shall be held. A hearing before the Commission on thecharges shall be held no earlier than seven days, and no later than 15 daysafter issuance of the notice. The charged institution is entitled to a further extensionof seven days upon filing a request with the Commissioner of Banks. TheCommissioner of Banks may also issue a notice of charges if there arereasonable grounds to believe that a person or savings bank is about to engagein any unsafe or unsound business practice, or any violation of this Chapter,or any other law, rule, or order. If, by a preponderance of the evidence, it isshown that any person or savings bank is engaged in, or has been engaged in, oris about to engage in, any unsafe or unsound business practice, or unfair anddiscriminatory practice or any violation of this Chapter, or any other law,rule, or order, a cease and desist order shall be issued. The Commission mayissue a temporary cease and desist order to be effective for 15 days and whichmay be extended once for a period of 15 days.
(b) If a person orState savings bank is engaging in, has engaged in, or is about to engage in anyunsafe or unsound practice in conducting the savings bank's business, or anyviolation of this Chapter or of any other law, rule, order, or conditionimposed in writing by the Commissioner of Banks, and the Commissioner of Bankshas determined that immediate corrective action is required, the Commissionerof Banks may issue a temporary cease and desist order. A temporary cease anddesist order is effective immediately upon issuance for a period of 15 days,and may be extended once for a period of 15 days. The order shall state itsduration on its face and the words, "Temporary Cease and Desist Order."A hearing before the Commission shall be held within the time that the orderremains effective, at which time a temporary order may be dissolved or madepermanent. (1991,c. 680, s. 1; 2001‑193, s. 16.)