Texas Finance Code
§ 185.005 — EMERGENCY ORDER
FI § 185.005Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 185. ENFORCEMENT ACTIONS · Art. A. ENFORCEMENT ORDERS
Statute text
View on source(a)If the banking commissioner believes that immediate action is needed to prevent immediate and irreparable harm to the state trust company and its clients, creditors, and shareholders or participants, the banking commissioner may issue one or more cease and desist, removal, or prohibition orders as emergency orders to become effective immediately on service without prior notice or hearing. Service must be by personal delivery or by registered or certified mail, return receipt requested.
(b)In each emergency order the banking commissioner shall notify the state trust company and any person against whom the emergency order is directed of:
(1)the specific conduct requiring the order;
(2)the citation of each statute or rule alleged to have been violated;
(3)the immediate and irreparable harm alleged to be threatened;
(4)the duration of the order, including whether the duration of the order is perpetual; and
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 183 (S.B. 1165), Sec. 10, eff. May 28, 2011. Acts 2019, 86th Leg., R.S., Ch. 20 (S.B. 614), Sec. 26, eff. September 1, 2019.