Texas Finance Code

§ 122.257 — CEASE AND DESIST ORDER FOR CREDIT UNIONS

FI § 122.257Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. F. MISCONDUCT AND ENFORCEMENT

Statute text

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(a)If the commissioner makes a finding listed in Section 122.255 and determines that an order to cease and desist is necessary and in the best interest of the credit union involved and its depositors, creditors, and members, the commissioner may serve on the credit union, its board, and each offending person an order to cease and desist from a violation or practice specified in the order and to take affirmative action that the commissioner considers necessary to correct a condition resulting from a violation or unsafe or unsound practice found.

(b)The order must:

(1)be in writing;

(2)be served:

(A)at the meeting called under Section 122.256 or not later than the 30th day after the date of that meeting; and

(B)by certified or registered mail, addressed to the credit union at the last address of its principal office as shown by department records, or by delivery to an officer or director of the credit union; and

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 695 (H.B. 2735), Sec. 18, eff. September 1, 2009.