6-137

6-137. Cease and desist orders; injunctions;
public inspection

A. If it appears to the superintendent that any person has engaged, is engaging or
is about to engage in any act, practice or transaction which constitutes a violation of
this title or any rule or order of the superintendent or a violation of any federal
insurance regulation as determined by the appropriate federal regulatory authority in
writing, the superintendent may issue an order directing the person and directors,
officers, employees and agents of the person to cease and desist from engaging in the
act, practice or transaction or doing any act in furtherance of the act, practice or
transaction and to take appropriate affirmative action, within a reasonable period of
time as prescribed by the superintendent, to correct the conditions resulting from the
act, practice or transaction.

B. If it appears to the superintendent that any financial institution or enterprise
or any officer, director, employee, agent or other person participating in the conduct of
the affairs of the financial institution or enterprise has engaged, is engaging or is
about to engage in any act, practice or transaction which constitutes an unsafe or
unsound practice or a violation of any order of the superintendent, applicable law or
rule, written agreement entered into with the superintendent or condition imposed in
writing by the superintendent in connection with the granting of any application or other
request by the financial institution or enterprise, the superintendent may issue an order
directing the financial institution or enterprise or any director, officer, employee,
agent or other person participating in the conduct of the affairs of the financial
institution or enterprise to cease and desist from engaging in the act, practice or
transaction or doing any act in furtherance of the act, practice or transaction and to
take appropriate affirmative action, within a reasonable period of time as prescribed by
the superintendent, to correct the conditions resulting from the act, practice or
transaction.

C. An order issued by the superintendent under this section becomes effective at
the time of service and remains effective and enforceable except to the extent that it is
stayed, modified, terminated or set aside by the superintendent or a reviewing court
pursuant to this article.

D. A person aggrieved by an order issued by the superintendent under this section
may request a hearing pursuant to title 41, chapter 6, article 10. After requesting a
hearing, the person may move that the order be stayed or modified pending the hearing.
If the order is not stayed or modified or the motion is not acted on within ten days, the
person may apply to the superior court for an order for relief.

E. If it appears to the superintendent that a person has engaged, is engaging or is
about to engage in an act, practice or transaction which constitutes a violation of this
title or any rule or order of the superintendent or a violation of any federal insurance
regulation as determined by the appropriate federal regulatory authority, the
superintendent may apply to the superior court in Maricopa county for any of the
following:

1. An injunction enjoining the person from engaging in the act, practice or
transaction or from doing any act in furtherance of the act, practice or transaction, and
upon a showing by the superintendent that the person has engaged, is engaging or is about
to engage in an act, practice or transaction in violation of this title, any other
applicable law or any rule or order of the superintendent the court shall grant without
bond a temporary restraining order, preliminary injunction or permanent injunction.

2. An order granting additional relief as may be available under this title.

F. The court shall give an action brought pursuant to this section precedence over
all other civil actions.

G. An order that is issued by the superintendent under this section to a person,
financial institution or financial enterprise that has engaged or is engaging in a
violation that relates to unlicensed activity shall be open to public inspection.