7-1-307 - Cease and desist orders -- Procedure for issuance. - Utah Statutes

7-1-307. Cease and desist orders -- Procedure for issuance.
(1) If the commissioner has determined that any institution or other person under thejurisdiction of the department, or any director, officer, employee, agent, or other personparticipating in the conduct of the affairs of such institution or other person, is engaging or hasengaged or that the commissioner has reasonable cause to believe is about to engage in an unsafeor unsound practice in conducting the business of such institution or other person, or is violatingor has violated or the commissioner has reasonable cause to believe is about to violate anyapplicable provision of this title, or any rule, regulation, order, or any condition imposed inwriting by the commissioner in the granting of any application or other request by the institutionor other person, or any written agreement entered into with the commissioner, the commissionermay, after notice and opportunity for hearing, issue a cease and desist order against suchinstitution or other person.
(2) If the commissioner has determined that any institution or other person under thejurisdiction of the department or any director, officer, employee, agent, or other personparticipating in the conduct of the affairs of such institution or other person is engaging in anyunsafe or unsound practice or is violating any relevant provision of this title, or any rule,regulation, order, or any condition imposed in writing by the commissioner which thecommissioner determines threatens the safety and soundness of the institution or other person, thecommissioner may issue a temporary cease and desist order. A temporary cease and desist orderis effective immediately upon issuance for 30 days and may be extended by the commissioner inwriting for two consecutive 15-day periods. A hearing on the temporary cease and desist ordershall be held by the commissioner within 10 days of its issuance, at which time the temporarycease and desist order may be set aside, modified, terminated, or made final.

Enacted by Chapter 8, 1983 General Session