§ 6.1-225.7. (Repealed effective October 1, 2010) Cease and desist order;right to hearing.
A. The Commissioner may issue and serve upon a credit union an order to ceaseand desist from one or more unsafe or unsound practices or violations if, inthe opinion of the Commissioner, a credit union (i) is engaging or hasengaged, or there is reasonable cause to believe is about to engage, in anunsafe or unsound practice; or (ii) is violating or has violated, or there isreasonable cause to believe is about to violate, this chapter or any otherapplicable law, regulation, or order. An order to cease and desist shallcontain a statement of the facts constituting the alleged violations orunsafe or unsound practices, and the order may require, in terms that may bemandatory or otherwise, a credit union, its officers, directors, employees,or agents to cease and desist from such practices or violations. The ordershall specify the effective date thereof and shall contain a notice to thecredit union of its right to a hearing on such order in accordance with Rules3:4 and 5:6 of the Rules of Practice and Procedure of the State CorporationCommission.
B. If an unsafe or unsound practice or violation specified in the order tocease and desist, or any continuation thereof, is likely to prejudice theinterest of the members of the credit union, the Commissioner may issue anorder effective immediately. An order to cease and desist shall remain ineffect until it is withdrawn by the Commissioner or is terminated by theCommission after a hearing on the matter. A request for hearing under thissection shall be given expeditious treatment on the docket of the Commission,and the Commission need not allow for ten days' notice to the parties.
§ 6.1-225.7. (Repealed effective October 1, 2010) Cease and desist order;right to hearing.
A. The Commissioner may issue and serve upon a credit union an order to ceaseand desist from one or more unsafe or unsound practices or violations if, inthe opinion of the Commissioner, a credit union (i) is engaging or hasengaged, or there is reasonable cause to believe is about to engage, in anunsafe or unsound practice; or (ii) is violating or has violated, or there isreasonable cause to believe is about to violate, this chapter or any otherapplicable law, regulation, or order. An order to cease and desist shallcontain a statement of the facts constituting the alleged violations orunsafe or unsound practices, and the order may require, in terms that may bemandatory or otherwise, a credit union, its officers, directors, employees,or agents to cease and desist from such practices or violations. The ordershall specify the effective date thereof and shall contain a notice to thecredit union of its right to a hearing on such order in accordance with Rules3:4 and 5:6 of the Rules of Practice and Procedure of the State CorporationCommission.
B. If an unsafe or unsound practice or violation specified in the order tocease and desist, or any continuation thereof, is likely to prejudice theinterest of the members of the credit union, the Commissioner may issue anorder effective immediately. An order to cease and desist shall remain ineffect until it is withdrawn by the Commissioner or is terminated by theCommission after a hearing on the matter. A request for hearing under thissection shall be given expeditious treatment on the docket of the Commission,and the Commission need not allow for ten days' notice to the parties.
§ 6.1-225.7. (Repealed effective October 1, 2010) Cease and desist order;right to hearing.
A. The Commissioner may issue and serve upon a credit union an order to ceaseand desist from one or more unsafe or unsound practices or violations if, inthe opinion of the Commissioner, a credit union (i) is engaging or hasengaged, or there is reasonable cause to believe is about to engage, in anunsafe or unsound practice; or (ii) is violating or has violated, or there isreasonable cause to believe is about to violate, this chapter or any otherapplicable law, regulation, or order. An order to cease and desist shallcontain a statement of the facts constituting the alleged violations orunsafe or unsound practices, and the order may require, in terms that may bemandatory or otherwise, a credit union, its officers, directors, employees,or agents to cease and desist from such practices or violations. The ordershall specify the effective date thereof and shall contain a notice to thecredit union of its right to a hearing on such order in accordance with Rules3:4 and 5:6 of the Rules of Practice and Procedure of the State CorporationCommission.
B. If an unsafe or unsound practice or violation specified in the order tocease and desist, or any continuation thereof, is likely to prejudice theinterest of the members of the credit union, the Commissioner may issue anorder effective immediately. An order to cease and desist shall remain ineffect until it is withdrawn by the Commissioner or is terminated by theCommission after a hearing on the matter. A request for hearing under thissection shall be given expeditious treatment on the docket of the Commission,and the Commission need not allow for ten days' notice to the parties.
