18.44.455 - Possession of property and business -- Grounds for director's authority. - Washington Statutes

Possession of property and business — Grounds for director's authority.

(1) The director may immediately take possession of the property and business of a licensee whenever it appears to the director that, as a result of an examination, report, investigation, or complaint:

     (a) The licensee is conducting its business in such an unsafe or unsound manner as to render its further operations hazardous to the public;

     (b) The licensee has suspended payment of its trust obligations; or

     (c) The licensee neglects or refuses to comply with any order of the director made pursuant to this chapter unless the enforcement of such an order is restrained in a proceeding brought by the licensee.

     (2) The director may retain possession of the licensee's property and business until the licensee resumes business or its affairs are finally liquidated as provided in RCW 18.44.470. The licensee may only resume business upon those terms as the director may prescribe.

[2010 c 34 § 11.]