12 USC 4631 - Cease-and-desist proceedings

U.S Code last checked for updates: Nov 26, 2024

§ 4631.

Cease-and-desist proceedings

(a)

Issuance for unsafe or unsound practices and violations

(1)

Authority of Director

(2)

Limitation

(b)

Issuance for unsatisfactory rating

(c)

Procedure

(1)

Notice of charges

(2)

Issuance of order

(d)

Affirmative action to correct conditions resulting from violations or activities

The authority under this section and section 4632 of this title to issue any order requiring a regulated entity, executive officer, director, or entity-affiliated party to take affirmative action to correct or remedy any condition resulting from any practice or violation with respect to which such order is issued includes the authority to require a regulated entity or entity-affiliated party—

(1)

make 1

 So in original. Probably should be “to make”.

restitution to, or provide reimbursement, indemnification, or guarantee against loss, if—

(A)

such entity or party or finance facility was unjustly enriched in connection with such practice or violation; or

(B)

the violation or practice involved a reckless disregard for the law or any applicable regulations or prior order of the Director;

(2)

to require a regulated entity to seek restitution, or to obtain reimbursement, indemnification, or guarantee against loss;

(3)

to restrict the growth of the regulated entity;

(4)

to require the regulated entity to dispose of any loan or asset involved;

(5)

to require the regulated entity to rescind agreements or contracts;

(6)

to require the regulated entity to employ qualified officers or employees (who may be subject to approval by the Director at the direction of the Director); and

(7)

to require the regulated entity to take such other action as the Director determines appropriate.

(e)

Authority to limit activities

(f)

Effective date

(Pub. L. 102–550, title XIII, § 1371, Oct. 28, 1992, 106 Stat. 3986; Pub. L. 110–289, div. A, title I, § 1151, July 30, 2008, 122 Stat. 2767.)

cite as: 12 USC 4631