(1) The Director of the Department of Consumer and Business Services shall immediately inform the board of directors of an association and may order the suspension or discharge of an officer or employee of the savings association, if the director finds that the officer or employee has:
(a) Directly or indirectly willfully misrepresented the association, its types of service, its contracts or membership to prospective members, stockholders, depositors or borrowers;
(b) Engaged in dishonest practices in the conduct of the association’s business; or
(c) Been convicted of a misdemeanor, an essential element of which is fraud, or of a felony.
(2) The board of directors of the association, as well as any officer or employee addressed in an order issued under this section, may request a contested case hearing pursuant to ORS chapter 183.
(3) An officer who is suspended or removed under this section shall not act in any official capacity, conduct any of the business of the association or have access to the books, records or assets of the association either as an officer, director or stockholder, without receiving permission from the director. [Formerly 722.225; 1977 c.166 §4; 1985 c.762 §73]
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