§ 13-13-11 — Powers of the department of financial institutions

The department of financial institutions has the power to:
1. Determine the qualifications of all applicants based on financial responsibility, financial
condition, business experience, character, and general fitness which must reasonably
warrant the belief that the applicant's business will be conducted lawfully and fairly. In
determining whether this qualification is met, and for the purpose of investigating
compliance with the chapter, the commissioner may review and consider the relevant
business records and capital adequacy of the applicant and the competence,
experience, integrity, and financial ability of a person who is a member, partner,
director, officer, or twenty-five percent or more shareholder of the applicant.
2. Establish codes of ethical conduct for licensees.
3. The commissioner may:
a. Order or direct the licensee subject to this chapter to satisfy additional conditions
necessary to ensure that the institution will continue to operate in a safe and
sound manner and be able to continue to service loans in compliance with state
and federal law or regulation where risk to the institution or borrower is extremely
high, as determined by a formal review.
b. Provide notice that all or part of this chapter is not applicable to an institution
where risk to the institution is extremely low, as determined by a formal review.
c. Provide public notice of a temporary suspension of all or certain sections of this
chapter where economic, environmental, or societal events are determined to be
of such severity to warrant a temporary suspension.