666.175 - Issuance of order to cease and desist; corrective action; effectiveness of order. - Nevada Statutes

666.175  Issuance of order to cease and desist; corrective action; effectiveness of order.

      1.  If a representative of the bank holding company does not appear at the hearing, the company shall be deemed to have consented to the issuance of an order to cease and desist.

      2.  If the bank holding company consents to the issuance of the order or if the Commissioner determines at the hearing that the company has engaged in or will engage in the activity charged, the Commissioner may issue and serve upon the company an order to cease and desist from the activity.

      3.  The order may, by mandatory or prohibitory provisions, require the bank holding company and its directors, officers, employees and agents not to engage in the activity to which the order applies and to take action to correct conditions resulting from that activity.

      4.  An order issued pursuant to this section becomes effective at the time specified in the order and remains effective as provided in it unless it is stayed, modified or set aside by the Commissioner or a reviewing court.

      (Added to NRS by 1983, 931; A 1983, 1841; 1987, 1932)