§ 53-228. Cease and desist. - North Carolina Statutes

§53‑228.  Cease and desist.

Upon a finding that any actionof a bank holding company or nonbank subsidiary subject to this Article may bein violation of any North Carolina banking law, the Commissioner, after areasonable notice to the bank holding company or its nonbank subsidiary and anopportunity for it to be heard, shall have the authority to order it to ceaseand desist from such action. If the bank holding company or nonbank subsidiaryfails to appeal such decision in accordance with G.S. 53‑231 hereof andcontinues to engage in such action in violation of the Commissioner's order tocease and desist such action, it shall be subject to a penalty of one thousanddollars ($1,000), to be recovered with costs by the Commissioner in any courtof competent jurisdiction in a civil action prosecuted by the Commissioner. Thepenalty provision of this section shall be in addition to and not in lieu ofany other provision of law applicable to a bank holding company's or itsnonbank subsidiary's failure to comply with an order of the Commissioner.

The clear proceeds ofpenalties provided for in this section shall be remitted to the Civil Penaltyand Forfeiture Fund in accordance with G.S. 115C‑457.2. (1983(Reg. Sess., 1984), c. 1113, s. 1; 1998‑215, s. 32.)