31.12.853 - Prohibited acts -- Civil penalties -- Rules.

Prohibited acts — Civil penalties — Rules.

(1) The department is authorized to assess civil fines to the credit union for violation of any of the following:

     (a) Any material provision of this chapter or related rules;

     (b) Any final or temporary order, including a cease and desist, suspension, removal, or prohibition order;

     (c) Any supervisory agreement;

     (d) Any condition imposed in writing in connection with the grant of any application or other request; or

     (e) Any other written agreement entered into with the director.

     (2) At the option of the director, a violation of this section subjects the violator to a fine of up to ten thousand dollars per violation. A continuing violation shall be considered a single violation for this purpose. The fine is payable upon issuance of any order or directive of the director, and may be recovered by the attorney general in a civil action in the name of the department.

     (3) The department is authorized to adopt rules for the implementation of this section.

[2010 c 87 § 16.]