State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-107_1

§53‑107.1.  Administrative orders; penalties for violation.

(a)        In addition to anyother powers conferred by this Chapter, the Commissioner shall have the powerto:

(1)        Order any bank,trust company, or subsidiary thereof, or any director, officer, or employee tocease and desist violating any provision of this Chapter or any lawfulregulation issued thereunder; and

(2)        Order any bank,trust company, or subsidiary thereof, or any director, officer, or employee tocease and desist from a course of conduct that is unsafe or unsound and whichis likely to cause insolvency or dissipation of assets or is likely tojeopardize or otherwise seriously prejudice the interests of a depositor.

(b)        Consistent withArticle 3A of Chapter 150B of the General Statutes, notice and opportunity forhearing shall be provided before any of the foregoing actions shall beundertaken by the Commissioner.  Provided, however, in cases involvingextraordinary circumstances requiring immediate action, the Commissioner maytake such action, but shall promptly afford a subsequent hearing uponapplication to rescind the action taken.

(c)        The Commissionershall have the power to subpoena witnesses, compel their attendance, requirethe production of evidence, administer oaths, and examine any person under oathin connection with any subject related to a duty imposed or a power vested inthe Commissioner.

(d)        The Commissionermay impose a civil money penalty of not more than one thousand dollars ($1,000)for each violation by any bank, trust company, or subsidiary thereof, or anydirector, officer, or employee of an order issued under subdivision (1) ofsubsection (a) of this section.  Provided further, the Commissioner may imposea civil money penalty of not more than five hundred dollars ($500.00) per dayfor each day that a bank, trust company, or subsidiary thereof, or anydirector, officer, or employee violates a cease and desist order issued undersubdivision (2) of subsection (a) of this section.

The clear proceeds of civilmoney penalties imposed pursuant to this section shall be remitted to the CivilPenalty and Forfeiture Fund in accordance with G.S. 115C‑457.2. (1991,c. 677, s. 6; 1998‑215, s. 29.)