(1) The Director of the Department of Consumer and Business Services may issue and serve upon a credit union or a director, officer, committee member, employee or agent of a credit union an order to cease and desist from a practice or a violation as follows:
(a) The director may issue an order to cease and desist from an unsafe or unsound practice when 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 credit union.
(b) The director may issue an order to cease and desist from a violation when 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 credit union.
(2) An order under subsection (1) of this section shall include the following:
(a) A statement of the facts constituting the 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 practice or violation specified in the order or the continuation of the practice or violation is likely to prejudice the interest of the members of a credit union, 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(4) An order under this section remains in effect until it is withdrawn by the director or by a court order.
(5) If an individual named in an order under this section fails to comply with the order, the director may issue an order removing or suspending the individual from the office or position held by the individual. The removal or suspension is in addition to any penalty provided by ORS 723.995 for failure to comply with an order issued under this section. [1975 c.544 §56; 1977 c.135 §46; 1987 c.215 §8; 1987 c.286 §13]
Section: Previous 723.756 723.762 723.802 723.806 723.812 723.816 723.818 723.822 723.826 723.830 723.832 723.836 723.840 723.844 723.990 NextLast modified: August 7, 2008