Texas Finance Code

§ 35.005 — EMERGENCY ORDER

FI § 35.005Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 35. ENFORCEMENT ACTIONS · Art. A. ENFORCEMENT ORDERS: BANKS AND MANAGEMENT

Statute text

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(a)If the banking commissioner believes that immediate action is necessary to prevent immediate and irreparable harm to the bank and its depositors, creditors, and shareholders, 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 bank and any person against whom the emergency order is directed of:

(1)the specific conduct requiring the order;

(2)the citation of each law 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 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 43, eff. September 1, 2007. Acts 2011, 82nd Leg., R.S., Ch. 183 (S.B. 1165), Sec. 2, eff. May 28, 2011. Acts 2019, 86th Leg., R.S., Ch. 20 (S.B. 614), Sec. 16, eff. September 1, 2019.