693A.525 - Unlawful acquisition of securities: Orders by Commissioner. - Nevada Statutes

693A.525  Unlawful acquisition of securities: Orders by Commissioner.

      1.  If the Commissioner has reason to believe that any person or any director, officer, employee or agent of the person is engaged in any conduct in violation of NRS 693A.500, the Commissioner may order the person to cease and desist immediately from engaging in any further such conduct. The order is permanent unless the person, not later than 20 days after receipt of the order, files a written request for a hearing with the Commissioner.

      2.  If, after a hearing pursuant to subsection 1, the Commissioner determines that such action is in the best interest of the policyholders, the creditors or the public, the Commissioner may also order the person to void any contract entered into in violation of NRS 693A.500.

      3.  An order of the Commissioner pursuant to this section is a final decision in a contested case for the purpose of judicial review pursuant to chapter 233B of NRS.

      (Added to NRS by 2001, 2240)