State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title6 > 6-162

6-162. Temporary prohibition; injunction

A. If the superintendent determines from the available facts that the conduct of the respondent is likely to cause the financial institution or enterprise to suffer substantial financial loss before an order can be issued under section 6-161, the superintendent may issue a temporary order prohibiting the respondent from further participation in any manner in the conduct of the affairs of the financial institution or enterprise. The order shall contain a statement of the alleged facts which form the basis of the order and becomes effective on service on the respondent. A copy of the order shall also be served on the financial institution or enterprise. The order expires by its terms within such time after entry, not to exceed twenty days, as the superintendent fixes, unless the respondent consents to a longer period or within the time fixed in the order it is extended by supplemental order issued by the superintendent and served on the respondent and the financial institution or enterprise. On two days' notice to the financial institution or enterprise the respondent may move that the superintendent stay, dissolve or modify the order, and the superintendent shall proceed to hear and determine such motion as expeditiously as justice requires.

B. The respondent served with a temporary order may apply to the superior court for a stay of the order pending the completion of the administrative proceedings under section 6-161, and the court has jurisdiction to stay the order if the superintendent has refused to stay the order or to promptly consider the respondent's request for a stay.