Texas Finance Code
§ 35.211 — ADMINISTRATIVE PENALTY
FI § 35.211Title 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 initiate an action for an administrative penalty against a person for violation of a cease and desist order by serving on the person notice of the time and place of a hearing on the penalty. The notice must be delivered by personal delivery or certified mail, return receipt requested, to the person's last known address. The hearing may not be held earlier than the 20th day after the date the notice is served. The notice must contain a statement of the facts or conduct alleged to violate the cease and desist order.
(b)In determining whether a cease and desist order has been violated, the banking commissioner shall consider the maintenance of procedures reasonably adopted to ensure compliance with the order.
(c)If the banking commissioner after the hearing determines that a cease and desist order has been violated, the banking commissioner may:
(1)impose an administrative penalty in an amount not to exceed $25,000 for each discrete unauthorized act;
(2)direct the person against whom the order was issued to make complete restitution, in the form and amount and within the period determined by the banking commissioner, to each resident of this state and entity operating in this state damaged by the violation; or
(3)both impose the penalty and direct restitution.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.