§ 31.12.585. Prohibited acts -- Notice -- Cease and desist order
The director may issue and serve a credit union with a written notice of charges and intent to issue a cease and desist order if, in the opinion of the director, the credit union has committed or is about to commit:
(1) A material violation of law; or
(2) An unsafe or unsound practice.
Upon taking effect, the order may require the credit union and its directors, supervisory committee members, officers, employees, and agents to cease and desist from the violation or practice and may require them to take affirmative action to correct the conditions resulting from the violation or practice.
[2001 c 83 § 33; 1997 c 397 § 53; 1994 c 92 § 211; 1984 c 31 § 60.]
Sections: Previous 31.12.518 31.12.545 31.12.565 31.12.567 31.12.569 31.12.571 31.12.575 31.12.585 31.12.595 31.12.625 31.12.630 31.12.633 31.12.637 31.12.641 31.12.644 NextLast modified: April 7, 2009