31.12.372 - Director may suspend any person, reason -- Notice -- Injunctions. - Washington Statutes

Director may suspend any person, reason — Notice — Injunctions.

(1) The director may issue and serve an order suspending a person from further participation in any manner in the conduct of the affairs of a credit union if the director determines that such an action is necessary for the protection of the credit union or the interests of the credit union members. Any suspension order issued by the director is effective upon service and, unless the superior court of the county in which the primary place of business of the credit union is located issues a stay of the order, remains in effect and enforceable until completion of the administrative proceedings under RCW 31.12.575.

     (2) With the suspension order, the director shall serve a notice of intent to remove or prohibit under RCW 31.12.575.

     (3) Within ten days after the person has been served with the suspension order, the person may apply to the superior court of the county in which the primary place of business of the credit union is located for an injunction setting aside, limiting, or suspending the order pending the completion of the administrative proceedings under the notice issued under subsection (2) of this section.

     (4) In the case of a violation or threatened violation of a suspension order, the director may apply to the superior court of the county in which the primary place of business of the credit union is located for an injunction to enforce the order, and the court shall issue an injunction if it determines that there has been a violation or threatened violation.

     (5) For the purposes of this section, the principal place of business of a foreign or out-of-state credit union is Thurston county.

[2010 c 87 § 17.]