- (1) If the banking board has reason to believe that a person has violated or is violating section 11-110-501, the board may issue an order to show cause why an order to cease and desist should not be issued requiring that the person cease and desist from the violation of section 11-110-501.
- (2) In an emergency, the banking board may petition the appropriate court for the issuance of a temporary restraining order ex parte pursuant to the rules of civil procedure.
- (3) An order to cease and desist becomes effective upon service of the order upon the person.
- (4) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to state administrative procedures.
- (5) A person that is served with an order to cease and desist for violating section 11-110-501 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.
Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 412, § 1, effective August 6.