26-3603. Administrative orders. (1) The director shall have the power to:
(a) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this act or any rule or order issued thereunder;
(b) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;
(c) Order any person to cease and desist from engaging in an unauthorized trust activity;
(d) Temporarily or permanently prohibit the trust institution or person subject to an order under this section from engaging in the trust business in this state.
(2) The director may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state, which order shall be effective on the date of issuance or such other date as the director shall determine.
(3) The director may impose a civil money penalty payable to the general fund of not more than five thousand dollars ($5,000) for each violation of an order issued under this section committed by a subject of the order.
(4) Failure by an authorized trust institution to comply with an order issued under this section within such reasonable time as the director prescribes is grounds for suspension or revocation of its charter or license issued under this act.
26-3603. Administrative orders. (1) The director shall have the power to:
(a) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this act or any rule or order issued thereunder;
(b) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;
(c) Order any person to cease and desist from engaging in an unauthorized trust activity;
(d) Temporarily or permanently prohibit the trust institution or person subject to an order under this section from engaging in the trust business in this state.
(2) The director may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state, which order shall be effective on the date of issuance or such other date as the director shall determine.
(3) The director may impose a civil money penalty payable to the general fund of not more than five thousand dollars ($5,000) for each violation of an order issued under this section committed by a subject of the order.
(4) Failure by an authorized trust institution to comply with an order issued under this section within such reasonable time as the director prescribes is grounds for suspension or revocation of its charter or license issued under this act.
26-3603. Administrative orders. (1) The director shall have the power to:
(a) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this act or any rule or order issued thereunder;
(b) Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution;
(c) Order any person to cease and desist from engaging in an unauthorized trust activity;
(d) Temporarily or permanently prohibit the trust institution or person subject to an order under this section from engaging in the trust business in this state.
(2) The director may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state, which order shall be effective on the date of issuance or such other date as the director shall determine.
(3) The director may impose a civil money penalty payable to the general fund of not more than five thousand dollars ($5,000) for each violation of an order issued under this section committed by a subject of the order.
(4) Failure by an authorized trust institution to comply with an order issued under this section within such reasonable time as the director prescribes is grounds for suspension or revocation of its charter or license issued under this act.
