286.5-740 Violations of law or regulation -- Ordered discontinued -- Enforcement.
If the commissioner, as a result of any examination or from any report made to him, finds <br>that any association is violating the provisions of its certificate of incorporation or <br>bylaws, or any state or federal laws, or any lawful order or regulation of the <br>commissioner, the commissioner shall, by a formal written order delivered to the <br>association pursuant to subsection (2) of KRS 286.5-700, state any alleged violation, <br>together with a statement of the facts alleged to be such violation, and order <br>discontinuance of such violation and conformance with all requirements of law. The <br>order shall specify the effective date thereof, which may be immediate or may be at a later <br>date, and such order shall remain in effect until withdrawn by the commissioner or until <br>terminated by a court order. Such order of the commissioner, upon application made on <br>or after the effective date thereof by the commissioner to a court of general jurisdiction in <br>the county in which the home office of the association is located, shall be enforced ex <br>parte and without notice by an order to comply, entered by such court. Any association <br>affected by such order of the commissioner may, after receipt thereof, apply within thirty <br>(30) days to the court for an immediate hearing and order suspending the order of the <br>commissioner until such time as the hearing has been completed. The hearing of such <br>application to the court shall be upon such notice to the commissioner as the court shall <br>provide. Whether upon application by the commissioner or by the association, the court <br>shall have power and shall, after service of process, adjudicate the question and enter the <br>proper order or orders and enforce the same.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 706, effective July 15, 2010. -- Created
1964 Ky. Acts ch. 138, sec. 54 (1), effective June 18, 1964.
Formerly codified as KRS 289.740. <br>Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the <br>Kentucky Financial Services Code, KRS Chapter 286, and KRS references within <br>this statute have been adjusted to conform with the 2006 renumbering of that code.
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