(a) Except as otherwiseprovided in this Article, any association which is found to have violated anyprovision of this Article may be ordered to forfeit and pay a civil penalty ofup to twenty thousand dollars ($20,000). Any association which is found to haveviolated or failed to comply with any cease and desist order issued under theauthority of this Article may be ordered to forfeit or pay a civil penalty ofup to twenty thousand dollars ($20,000) for each day that the violation orfailure to comply continues.
The clear proceeds of civilpenalties provided for in this section shall be remitted to the Civil Penaltyand Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) To enforce theprovisions of this section, the Commissioner of Banks is authorized to assesssuch a penalty and to appear in a court of competent jurisdiction and to movethe court to order payment of the penalty. Prior to the assessment of thepenalty, a hearing shall be held by the Commissioner of Banks which shallcomply with the provisions of Article 3 of Chapter 150B of the GeneralStatutes.
(c) If the Commissionerof Banks determines that, as a result of a violation of any provision of thisArticle, or of a failure to comply with any cease and desist order issued underthe authority of this Article, a situation exists requiring immediatecorrective action, the Commissioner of Banks may impose the civil penalty inthis section on the association without a prior hearing, and said penalty shallbe effective as of the date of notice to the association. Imposition of suchpenalty may be directly appealed to the Wake County Superior Court.
(d) Nothing in thissection shall prevent anyone damaged by a State association from bringing aseparate cause of action in a court of competent jurisdiction. (1981, c. 282, s. 3; 1987, c.827, s. 1; 1998‑215, s. 36; 2001‑193, s. 16.)
(a) Except as otherwiseprovided in this Article, any association which is found to have violated anyprovision of this Article may be ordered to forfeit and pay a civil penalty ofup to twenty thousand dollars ($20,000). Any association which is found to haveviolated or failed to comply with any cease and desist order issued under theauthority of this Article may be ordered to forfeit or pay a civil penalty ofup to twenty thousand dollars ($20,000) for each day that the violation orfailure to comply continues.
The clear proceeds of civilpenalties provided for in this section shall be remitted to the Civil Penaltyand Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) To enforce theprovisions of this section, the Commissioner of Banks is authorized to assesssuch a penalty and to appear in a court of competent jurisdiction and to movethe court to order payment of the penalty. Prior to the assessment of thepenalty, a hearing shall be held by the Commissioner of Banks which shallcomply with the provisions of Article 3 of Chapter 150B of the GeneralStatutes.
(c) If the Commissionerof Banks determines that, as a result of a violation of any provision of thisArticle, or of a failure to comply with any cease and desist order issued underthe authority of this Article, a situation exists requiring immediatecorrective action, the Commissioner of Banks may impose the civil penalty inthis section on the association without a prior hearing, and said penalty shallbe effective as of the date of notice to the association. Imposition of suchpenalty may be directly appealed to the Wake County Superior Court.
(d) Nothing in thissection shall prevent anyone damaged by a State association from bringing aseparate cause of action in a court of competent jurisdiction. (1981, c. 282, s. 3; 1987, c.827, s. 1; 1998‑215, s. 36; 2001‑193, s. 16.)
(a) Except as otherwiseprovided in this Article, any association which is found to have violated anyprovision of this Article may be ordered to forfeit and pay a civil penalty ofup to twenty thousand dollars ($20,000). Any association which is found to haveviolated or failed to comply with any cease and desist order issued under theauthority of this Article may be ordered to forfeit or pay a civil penalty ofup to twenty thousand dollars ($20,000) for each day that the violation orfailure to comply continues.
The clear proceeds of civilpenalties provided for in this section shall be remitted to the Civil Penaltyand Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) To enforce theprovisions of this section, the Commissioner of Banks is authorized to assesssuch a penalty and to appear in a court of competent jurisdiction and to movethe court to order payment of the penalty. Prior to the assessment of thepenalty, a hearing shall be held by the Commissioner of Banks which shallcomply with the provisions of Article 3 of Chapter 150B of the GeneralStatutes.
(c) If the Commissionerof Banks determines that, as a result of a violation of any provision of thisArticle, or of a failure to comply with any cease and desist order issued underthe authority of this Article, a situation exists requiring immediatecorrective action, the Commissioner of Banks may impose the civil penalty inthis section on the association without a prior hearing, and said penalty shallbe effective as of the date of notice to the association. Imposition of suchpenalty may be directly appealed to the Wake County Superior Court.
(d) Nothing in thissection shall prevent anyone damaged by a State association from bringing aseparate cause of action in a court of competent jurisdiction. (1981, c. 282, s. 3; 1987, c.827, s. 1; 1998‑215, s. 36; 2001‑193, s. 16.)
