If the director has reasonable cause to believe that a financial institution:

1. (1) has engaged, is engaging, or will engage in an unsafe or unsound practice in conducting the business of the financial institution; or

2. (2) has violated, is violating, or will violate a:

   1. (A) statute;
   2. (B) rule;
   3. (C) condition imposed in writing by the director in connection with the granting of an application or other request by the financial institution; or

   4. (D) written agreement entered into with the department;

      the director may issue and serve upon the financial institution a notice of charges of the practice or violation. The department may, when appropriate, exercise enforcement powers under this chapter jointly with a financial institution's primary federal regulator.

As added by P.L.33-1991, SEC.56. Amended by P.L.141-2005, SEC.22.