1(1) 2The office may issue and serve upon any state financial institution, subsidiary, or service corporation, or upon any financial institution-affiliated party, a complaint stating charges whenever the office has reason to believe that such state financial institution, subsidiary, service corporation, financial institution-affiliated party, or individual named therein is engaging in or has engaged in conduct that is:
59(a) 60An unsafe or unsound practice;
65(b) 66A violation of any law relating to the operation of a financial institution;
79(c) 80A violation of any rule of the commission;
88(d) 89A violation of any order of the office;
97(e) 98A breach of any written agreement with the office;
107(f) 108A prohibited act or practice pursuant to s. 116655.0322; 117or
118(g) 119A willful failure to provide information or documents to the office or any appropriate federal agency, or any of its representatives, upon written request.
143(2) 144The complaint must contain the statement of facts and notice of opportunity for a hearing pursuant to ss. 162120.569163and 164120.57165.
166(3) 167If no hearing is requested within the time allowed by ss. 178120.569179and 180120.57, 181or if a hearing is held and the office finds that any of the charges are true, the office may enter an order directing the state financial institution, subsidiary, service corporation, financial institution-affiliated party, or the individual named therein to cease and desist from engaging in the conduct complained of and to take corrective action.
236(4) 237If the state financial institution, subsidiary, service corporation, financial institution-affiliated party, or the individual named in such order fails to respond to the complaint within the time allotted in ss. 267120.569268and 269120.57, 270such failure constitutes a default and justifies the entry of a cease and desist order.
285(5) 286A contested or default cease and desist order is effective when reduced to writing and served upon the state financial institution, subsidiary, service corporation, financial institution-affiliated party, or the individual named therein. An uncontested cease and desist order is effective as agreed.
328(6) 329Whenever the office finds that conduct described in subsection (1) is likely to cause insolvency, substantial dissipation of assets or earnings of the state financial institution, subsidiary, or service corporation or substantial prejudice to the depositors, members, or shareholders, it may issue an emergency cease and desist order requiring the state financial institution, subsidiary, service corporation, or financial institution-affiliated party to immediately cease and desist from engaging in the conduct complained of and to take corrective action. The emergency order is effective immediately upon service of a copy of the order upon the state financial institution, subsidiary, service corporation, or financial institution-affiliated party and remains effective for 90 days. If the office begins nonemergency cease and desist proceedings under subsection (1), the emergency order remains effective until the conclusion of the proceedings under ss. 463120.569464and 465120.57466. Any emergency order entered under this subsection is confidential and exempt from s. 480119.07(1)481until the emergency order is made permanent, unless the office finds that such confidentiality will result in substantial risk of financial loss to the public.
History.-s. 1, ch. 80-273; s. 5, ch. 84-216; s. 1, ch. 85-65; s. 3, ch. 89-229; s. 1, ch. 91-307; ss. 1, 3, 15, ch. 92-303; s. 411, ch. 96-406; s. 290, ch. 96-410; s. 1708, ch. 2003-261.
