(1) On any of the following grounds, the Director of the Department of Consumer and Business Services may issue and serve upon an association or a director, officer, employee or agent of an association an order to cease and desist from an unsafe or unsound practice or a violation if:
(a) The director has reasonable cause to believe that the person to whom the order is directed is engaging, has engaged or is about to engage in an unsafe or unsound practice in conducting the business of the association.
(b) The director has reasonable cause to believe that the person to whom the order is directed is violating, has violated or is about to violate a law or rule, an order of the director or any provision of the articles of incorporation or bylaws of the association.
(2) An order under subsection (1) of this section shall include the following:
(a) A statement of the facts constituting the alleged unsafe or unsound practice or violation.
(b) A provision requiring the person named in the order to cease and desist from the practice or violation. The provision may be mandatory or otherwise.
(c) The effective date of the order.
(d) A notice to the person named in the order of the right to a contested case hearing under ORS chapter 183.
(3) When the unsafe or unsound practice or the violation specified in the order, or the continuation of the practice or violation, is likely to prejudice the interest of the account holders or stockholders of an association, the director may issue an order effective immediately or at a later date. In all other cases, the order shall be effective 30 days after the date of the order unless the person named in the order requests a hearing thereon.
(4) An order remains in effect until it is withdrawn by the director after a hearing or by a court order. [1975 c.582 §127; 1985 c.762 §71; 1987 c.215 §3; 1987 c.373 §59]
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