Texas Finance Code

§ 185.207 — EMERGENCY CEASE AND DESIST ORDER

FI § 185.207Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 185. ENFORCEMENT ACTIONS · Art. C. UNAUTHORIZED TRUST ACTIVITY: INVESTIGATION AND ENFORCEMENT

Statute text

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(a)The banking commissioner may issue an emergency cease and desist order to a person who the banking commissioner reasonably believes is engaging in a continuing unauthorized trust activity that is fraudulent or threatens immediate and irreparable public harm.

(b)The order must:

(1)be delivered on issuance to each person affected by the order by personal delivery or registered or certified mail, return receipt requested, to the person's last known address;

(2)state the specific charges and require the person immediately to cease and desist from the unauthorized activity; and

(3)contain a notice that a request for hearing may be filed under this section.

(c)Unless a person against whom the emergency order is directed requests a hearing in writing before the 11th day after the date it is served on the person, the emergency order is final and nonappealable as to that person. A request for a hearing must:

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Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.