§ 51A-17-112 — Cease and desist order by director.

(1) If the director determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee or authorized delegate 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 director may issue an order requiring the licensee or authorized delegate to cease and desist from the violation. The order becomes effective upon service of it upon the licensee or authorized delegate. (2) The director 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 director. (3) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to chapter 1-26 . (4) A licensee or an authorized delegate that is served with an order to cease and desist may petition the circuit 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 chapter 1-26 . (5) An order to cease and desist expires unless the director commences an administrative proceeding pursuant to chapter 1-26 within ten days after it is issued.

Legislative History

SL 2024, ch 196, § 61.