1. (a) If the director determines that an alleged practice, a violation, or an act specified in a notice served under this chapter is likely to:

   1. (1) cause insolvency of the financial institution;
   2. (2) cause substantial dissipation of assets or earnings of the financial institution; or

   3. (3) otherwise seriously prejudice the interests of the depositors of the financial institution;

      the director may issue a temporary order without a hearing.

2. (b) A temporary order may:

   1. (1) require the financial institution to cease and desist from the practice or violation;
   2. (2) require the financial institution to take affirmative action to correct the conditions resulting from the practice or violation; or
   3. (3) suspend or prohibit a director, an officer, or an employee from participating in the conduct of the affairs of the financial institution.

3. (c) A temporary order is effective upon service and remains effective and enforceable until the earliest of the following:

   1. (1) The issuance of an injunction by a court under subsection (d).
   2. (2) The dismissal of the charges by the department.
   3. (3) The effective date of a final order under section 7 of this chapter.
4. (d) A financial institution served with a temporary order under this section may apply to a court having jurisdiction for an injunction to stay, modify, or vacate the order.

As added by P.L.33-1991, SEC.56. Amended by P.L.258-2003, SEC.22; P.L.35-2010, SEC.200.