Texas Finance Code - Section 151.710. Requirements And Notice And Hearing Procedures For Emergency Orders
Legal Research Home >
Texas Lawyer > Finance Code > Texas Finance Code - Section 151.710. Requirements And Notice And Hearing Procedures For Emergency Orders
§ 151.710. REQUIREMENTS AND NOTICE AND HEARING PROCEDURES
FOR EMERGENCY ORDERS. (a) This section applies to an emergency
order issued by the commissioner under this subchapter.
(b) The commissioner may issue an emergency order, without
prior notice and an opportunity for hearing, if the commissioner
finds that:
(1) the action, violation, or condition that is the
basis for the order:
(A) has caused or is likely to cause the
insolvency of the license holder;
(B) has caused or is likely to cause the
substantial dissipation of the license holder's assets or earnings;
(C) has seriously weakened or is likely to
seriously weaken the condition of the license holder; or
(D) has seriously prejudiced or is likely to
seriously prejudice the interests of the license holder, a
purchaser of the license holder's money services, or the public;
and
(2) immediate action is necessary to protect the
interests of the license holder, a purchaser of the license
holder's money services, or the public.
(c) In connection with and as directed by an emergency
order, the commissioner may seize the records and assets of a
license holder or authorized delegate that relate to the license
holder's money services business.
(d) An emergency order must:
(1) state the grounds on which the order is based;
(2) advise the person against whom the order is
directed that the order takes effect immediately, and, to the
extent applicable, require the person to immediately cease and
desist from the conduct or violation that is the subject of the
order or to take the affirmative action stated in the order as
necessary to correct a condition resulting from the conduct or
violation or as otherwise appropriate;
(3) be delivered by personal delivery or sent by
certified mail, return receipt requested, to the person against
whom the order is directed at the person's last known address; and
(4) include a notice that a person may request a
hearing on the order by filing a written request for hearing with
the commissioner not later than the 15th day after the date the
order is delivered or mailed.
(e) An emergency order takes effect as soon as the person
against whom the order is directed has actual or constructive
knowledge of the issuance of the order.
(f) A license holder or authorized delegate against whom an
emergency order is directed must submit a written certification to
the commissioner, signed by the license holder or authorized
delegate, and their principals and responsible individuals, as
applicable, and each person named in the order, stating that each
person has received a copy of and has read and understands the
order.
(g) Unless the commissioner receives a written request for a
hearing from a person against whom an emergency order is directed
not later than the 15th day after the date the order is delivered or
mailed, the order is final and nonappealable as to that person on
the 16th day after the date the order is delivered or mailed.
(h) A request for a hearing does not stay an emergency
order.
(i) A hearing on an emergency order takes precedence over
any other matter pending before the commissioner, and must be held
not later than the 10th day after the date the commissioner receives
the written request for hearing unless the administrative law judge
extends the period for good cause or the parties agree to a later
hearing date.
(j) An emergency order that has been affirmed or modified
after a hearing is final for purposes of enforcement and appeal.
The order may be appealed to the district court of Travis County as
provided in Section 151.801(b).
Added by Acts 2005, 79th Leg., ch. 1099, § 1, eff. Sept. 1, 2005.
Section: 151.703 151.704 151.705 151.706 151.707 151.708 151.709 151.710 151.801 154.001 154.002 154.003 154.004 154.051 154.052
Last modified: August 10, 2007
|
