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Texas Finance Code - Section 96.105. Temporary Supervisory Order

Legal Research Home > Texas Laws > Finance Code > Texas Finance Code - Section 96.105. Temporary Supervisory Order

§ 96.105. TEMPORARY SUPERVISORY ORDER.  (a) If the 
commissioner has reasonable cause to believe that one or more 
grounds for intervention under Sections 96.101-96.104 exist or are 
imminent, the commissioner may issue without notice and hearing one 
or more of the following types of temporary supervisory orders to 
correct and eliminate the grounds for supervisory action:
		(1)  an order to cease and desist from continuing a 
particular action, an order to take affirmative action, or both;
		(2)  an order suspending or prohibiting a person who 
participates in the affairs of the savings bank from further 
participating in the affairs of the savings bank or another savings 
bank;
		(3)  an order requiring divestiture of control of a 
savings bank obtained under Subchapter L, Chapter 92; 
		(4)  an order requiring a person who participates in 
the affairs of the savings bank or another savings bank to forfeit 
and pay an administrative penalty in an amount of not more than 
$25,000;  or
		(5)  an order placing the affairs of the savings bank 
under the control of a conservator designated in the order, who may 
take possession and control of the books, records, assets, 
liabilities, and business of the savings bank and manage the 
savings bank under the direction of the commissioner.
	(b)  An order under this section:                                              
		(1)  must contain a reasonably detailed statement of 
the facts on which the order is based;  and
		(2)  takes effect when issued.                                                

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.                   

Last modified: August 11, 2007