North Carolina General Statutes § 53C-10-301 Cease and desist order

Upon a finding that any action of a holding company subject to registration under this Article, or its nonbank affiliate, may be in violation of any banking laws, the Commissioner, after a reasonable notice to the holding company and an opportunity for it to be heard, shall have the authority to order it to cease and desist from such action. If the holding company fails to appeal the decision within 10 days of the date of the issuance of the order in accordance with G.S. 53C-2-6, and continues to engage in the action in violation of the Commissioner's order to cease and desist such action, it shall be subject to a civil money penalty of twenty thousand dollars ($20,000) for each day it remains in violation of the order. The penalty provision of this section shall be in addition to and not in lieu of any other provision of law applicable to a holding company's failure to comply with an order of the Commissioner. The clear proceeds of the civil money penalty shall be remitted to the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C-457.2. (2012-56, s. 4; 2013-29, s. 21.)

Sections:  Previous  53C-9-407  53C-9-408  53C-9-409  53C-10-101  53C-10-102  53C-10-103  53C-10-104  53C-10-105  53C-10-106  53C-10-201  53C-10-202  53C-10-203  53C-10-204  53C-10-301  53C-10-302  Next

Last modified: March 23, 2014