6-01-04.2. Cease and desist orders

6-01-04.2. Cease and desist orders

1. The department of financial institutions or the board may issue and serve upon a

financial corporation, financial institution, or credit union subject to its jurisdiction a

complaint stating the factual basis for the department's or board's belief that the

financial corporation, financial institution, or credit union is engaging in any of the

following conduct:

a. An unsafe or unsound practice.

b. A violation in the past or on a continuing basis of any law, regulation, order, or

written agreement entered into with the board or department of financial

institutions.

2. The complaint must contain a notice of opportunity for hearing pursuant to chapter