§ 23-55-803 — Orders to cease and desist

(a) If the Securities Commissioner determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee, authorized delegate, or any other person is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation or cause insolvency or significant dissipation of assets of the licensee, the commissioner may issue a summary order requiring the licensee, authorized delegate, or any other person to cease and desist from the violation. The order becomes effective upon service of it upon the licensee, authorized delegate, or any other person. (b) The commissioner may issue a summary order against a licensee to cease and desist from providing money services through an authorized delegate that is the subject of a separate order by the commissioner. (c) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to § 23-55-901 or § 23-55-902 and the entry of a subsequent order to affirm, modify, or vacate the order by the commissioner.

Legislative History

Acts 2007, No. 1595, § 1; 2009, No. 486, § 17.