§ 23-37-212 — Cease and desist orders, injunctions, etc

Arkansas § 23-37-212

• Jurisdiction: Arkansas
• Title: 23

Text

(a) (1) If after notice from the Supervisor of Savings and Loan Associations, an association continues to violate a section of this chapter or the rules or is engaging in an unsafe and unsound practice, then the supervisor may issue a cease and desist order to discontinue the practice. (2) If ninety (90) days after the cease and desist order has been entered the association continues to violate this chapter or the rules, then the supervisor may impose a civil fine of up to one hundred dollars ($100) per day until the violation or unsafe and unsound practice ceases. (3) All fines collected by the supervisor will be transferred to the general revenues of the State of Arkansas. (b) (1) Whenever it appears to the supervisor, upon sufficient grounds or evidence satisfactory to him or her, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, he or she may summarily order the person to cease and desist from that act or practice. The order shall be effective for not more than twenty (20) days, during which time the supervisor may apply to the Pulaski County Circuit Court to enjoin the act or practice and to enforce compliance with this chapter or any rule or order hereunder. (2) However, the supervisor may, without issuing a cease and desist order, apply directly to the Pulaski County Circuit Court for the aforesaid relief. (3) Upon a proper showing, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets. (4) The court may not require the supervisor to post bond.

Legislative History

Acts 1963, No. 227, § 49; 1963, No. 227, § 70, as added by Acts 1979, No. 361, § 13; 1979, No. 361, § 9; A.S.A. 1947, §§ 67-1849, 67-1869.