§ 30.04.455. Violations or unsafe or unsound practices -- Temporary cease and desist order -- Issuance
Whenever the director determines that the acts specified in RCW 30.04.450 or their continuation is likely to cause insolvency or substantial dissipation of assets or earnings of the bank or trust company or to otherwise seriously prejudice the interests of its depositors, the director may also issue a temporary order requiring the bank or trust company to cease and desist from the violation or practice. The order shall become effective upon service on the bank or trust company and shall remain effective unless set aside, limited, or suspended by a court in proceedings under RCW 30.04.460 pending the completion of the administrative proceedings under the notice and until such time as the director shall dismiss the charges specified in the notice or until the effective date of a cease and desist order issued against the bank or trust company under RCW 30.04.450.
[1994 c 92 § 32; 1977 ex.s. c 178 § 2.]
Notes:
Severability -- 1977 ex.s. c 178: See note following RCW 30.04.450.
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Last modified: April 7, 2009