2012 Idaho Statutes
Title 26 - BANKS AND BANKING
Chapter 11 - SUPERVISION BY DEPARTMENT OF FINANCE
Section 26-1115 - ENGAGING IN UNSAFE OR UNSOUND PRACTICES -- CEASE AND DESIST ORDERS -- INJUNCTION.
(2) A cease and desist order shall become effective at the time specified therein and shall remain effective and enforceable as provided therein, except to such extent as it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
(3) Whenever the director of the department of finance shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the bank pursuant to subsection (a) of this section, or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the bank, or is likely to otherwise seriously prejudice the interests of its depositors, the director may issue a temporary order requiring the bank to cease and desist from any such violation or practice. Such order shall become effective upon service upon the bank and, unless set aside, limited, or suspended by a court in proceedings, authorized by subsection (b) of this section, shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the director shall dismiss the charges specified in such notice, or if a cease and desist order is issued against the bank, until the effective date of any such order.
(4) Within ten (10) days after the bank concerned has been served with a temporary cease and desist order, the bank may apply to the district court for the judicial district in which the home office of the bank is located, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the bank under subsection (a) of this section, and such court shall have jurisdiction to issue such injunction.
(5) In the case of violation or threatened violation of, or failure to obey, a temporary cease and desist order issued pursuant to subsection (a) of this section, the director of the department of finance may apply to the district court within the jurisdiction of which the home office of the bank is located, for an injunction to enforce such order, and if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue an injunction.
History:
[26-1115, added 1979, ch. 41, sec. 2, p. 119.]
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