33.04.044 - Temporary cease and desist order -- Issued, when -- Effective, when -- Duration. - Washington Statutes

Temporary cease and desist order — Issued, when — Effective, when — Duration.

Whenever the director determines that the acts specified in RCW 33.04.042 or their continuation is likely to cause insolvency or substantial dissipation of assets or earnings of the association or to otherwise seriously prejudice the interests of its depositors, the director may also issue a temporary order requiring the association to cease and desist from the violation or practice. The order shall become effective upon service on the association and shall remain effective unless set aside, limited, or suspended by a court in proceedings under RCW 33.04.046 pending the completion of the administrative proceedings under the notice and until such time as the director shall dismiss the charges specified in the notice or until the effective date of a cease and desist order issued against the association under RCW 33.04.042.

[1994 c 92 § 420; 1982 c 3 § 8.]

Notes: Severability -- 1982 c 3: See note following RCW 33.04.002.