1. (1) If the banking board determines that a violation of this article 110 or a rule adopted or an order issued under this article 110 by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, the licensee's customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the licensee, the board may issue an order requiring the licensee or authorized delegate to cease and desist from the violation. The order becomes effective upon service of the order upon the licensee or authorized delegate.
2. (2) The banking board may issue an order against a licensee to cease and desist from providing money transmission through an authorized delegate that is the subject of a separate order by the board.
3. (3) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to state administrative procedures.
4. (4) A licensee or an authorized delegate that is served with an order to cease and desist may petition the appropriate court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding pursuant to state administrative procedures.
5. (5) An order to cease and desist expires within ten days after the order is issued unless the banking board commences an administrative proceeding pursuant to state administrative procedures.

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 411, § 1, effective August 6.