Texas Finance Code
§ 35.207 — CEASE AND DESIST ORDER
FI § 35.207Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 35. ENFORCEMENT ACTIONS · Art. C. UNAUTHORIZED ACTIVITY: INVESTIGATION AND ENFORCEMENT
Statute text
View on source(a)The banking commissioner may serve a proposed cease and desist order on a person that the banking commissioner believes is engaging or is likely to engage in an unauthorized activity. The order must:
(1)be delivered by personal delivery or registered or certified mail, return receipt requested, to the person's last known address;
(2)state each act or practice alleged to be an unauthorized activity; and
(3)state the effective date of the order, which may not be before the 21st day after the date the proposed order is delivered or mailed.
(b)Unless the person against whom the proposed order is directed requests a hearing in writing before the effective date of the proposed order, the order takes effect and is final and nonappealable as to that person.
(c)A requested hearing on a proposed order shall be held not later than the 30th day after the date the first written request for a hearing on the order is received by the department unless the parties agree to a later hearing date. At the hearing, the department has the burden of proof and must present evidence in support of the order. Each person against whom the order is directed may cross-examine and show cause why the order should not be issued.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.