§ 11-110-1103 — Orders to cease and desist

(1) If the banking board determines
that a violation of this article 110 or a rule adopted or an order issued under this
article 110 by a licensee or authorized delegate is likely to cause immediate and
irreparable harm to the licensee, the licensee's customers, or the public as a result
of the violation, or cause insolvency or significant dissipation of assets of the
licensee, the board may issue an order requiring the licensee or authorized delegate
to cease and desist from the violation. The order becomes effective upon service of
the order upon the licensee or authorized delegate.

(2) The banking board may issue an order against a licensee to cease and
desist from providing money transmission through an authorized delegate that is
the subject of a separate order by the board.

(3) An order to cease and desist remains effective and enforceable pending
the completion of an administrative proceeding pursuant to state administrative
procedures.

(4) A licensee or an authorized delegate that is served with an order to cease
and desist may petition the appropriate court for a judicial order setting aside,
limiting, or suspending the enforcement, operation, or effectiveness of the order
pending the completion of an administrative proceeding pursuant to state
administrative procedures.

(5) An order to cease and desist expires within ten days after the order is
issued unless the banking board commences an administrative proceeding
pursuant to state administrative procedures.

Legislative History

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 411, � 1, effective August 6.