§ 24-4.5-6-120 — Notice of charges; requirements; hearing; final order; suspension or prohibition pending final order; official record

(a) A notice issued under section 119 of
this chapter must:
(1) be in writing;
(2) contain a statement of:
(A) the facts constituting the alleged violation, practice, or
breach;
(B) the facts alleged in support of the violation, practice, or
breach; and
(C) the director's intention to issue an order under section
122(a) of this chapter;
(3) be delivered to the board of directors of the creditor;
(4) be delivered to the officer, director, or manager to which the
notice applies;
(5) specify the procedures that must be followed to initiate a
hearing to contest the alleged violation, practice, or breach; and
(6) if the director suspends or prohibits the officer, director, or
manager from participation in the affairs of the creditor as
described under subsection (e), a statement of the suspension or
prohibition.
(b) If a hearing is requested not later than ten (10) days after service
of the notice described under subsection (a), the department shall hold
a hearing concerning the alleged violation, practice, or breach. The
hearing shall be held not later than forty-five (45) days after receipt of
the request. The department, based on the evidence presented at the
hearing, shall enter a final order in accordance with section 122 of this
chapter.
(c) If no hearing is requested within the period of time specified in
subsection (b), the director may proceed to issue a final order under
section 122 of this chapter on the basis of the facts set forth in the
notice described under subsection (a).
(d) An officer, a director, or a manager of a creditor who is removed
from a position under a removal order under section 122 of this chapter
that has become final may not, without the approval of the director,
participate in the conduct of the affairs of a licensee described under IC 24-4.5-3.
(e) The director may, for the protection of the creditor or the
interests of the creditor's customers, suspend from office or prohibit
from participation in the affairs of the creditor an officer, a director, or
a manager of a creditor who is the subject of a written notice served by
the director under section 119(a) of this chapter. A suspension or
prohibition under this subsection becomes effective upon service of the
notice under section 119(a) of this chapter. Unless stayed by a court in
a proceeding authorized by subsection (f), the suspension or prohibition
remains in effect pending completion of the proceedings related to the
notice served under section 119(a) of this chapter and until the
effective date of an order entered by the department under subsection
(b) or the director under subsection (c). If the director suspends or
prohibits participation of an officer, a director, or a manager under this
subsection, copies of the notice shall also be served upon the creditor
or affiliate of which the person is an officer, a director, or a manager.
(f) Not more than fifteen (15) days after an officer, a director, or a
manager has been suspended from office or prohibited from
participation in the conduct of the affairs of the creditor or affiliate
under subsection (e), the officer, director, or manager may apply to a
court having jurisdiction for a stay of the suspension or prohibition
pending completion of the proceedings related to the notice served
under section 119(a) of this chapter. The court may stay a suspension
of prohibition of the officer, director, or manager.
(g) The department shall maintain an official record of a proceeding
under this chapter.

Legislative History

As added by P.L.35-2010, SEC.74. Amended by P.L.176-2019, SEC.24.