12 U.S.C. § 4581 — Cease and desist proceedings
submitted 18 years ago by Pub. L. 102-550 to r/title-12-BANKS-AND-BANKING · 470 words · no verdicts yet
This section addresses cease and desist proceedings. It sets the rules and duties stated in the section.
(a) Grounds. The Director* may serve an enterprise* with a cease-and-desist notice if the enterprise failed, after notice, an opportunity to comment, and a final Director determination, to file a required report; failed to provide information required by the cited statutes; or, for the housing goals in sections 4562(a) and 4563(a)(1), failed to timely submit a compliant housing plan or comply with one. (b)(1) The notice must state* the facts alleged and set a time and place for a hearing on the record about whether a cease-and-desist order should issue. (2) If the conduct is proved at the hearing, or the enterprise consents under section 4582(a)(4), the Director may order the enterprise to file the report, submit or follow the required housing plan, or provide the required information. (c) The order generally takes effect 30 days after service. A consent order takes effect when it says. It remains effective and enforceable as stated unless stayed, changed, ended, or set aside under this subpart.
The Director* may issue and serve a notice of charges under this section upon an enterprise* if the Director determines that—
the enterprise has failed to submit a report under section 4547 1 of this title, following a notice of such failure, an opportunity for comment by the enterprise, and a final determination by the Director;
the enterprise has failed to submit the information required under subsection (m) or (n) of section 1723a of this title, or subsection (e) or (f) of section 1456 of this title;
solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, the enterprise has failed to submit a housing plan that complies with section 4566(c) of this title within the applicable period; or
solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, the enterprise has failed to comply with a housing plan under section 4566(c) of this title.
Each notice of charges issued under this section shall contain a statement of the facts constituting the alleged conduct and shall fix a time and place at which a hearing will be held to determine on the record whether an order to cease and desist from such conduct should issue.
If the Director finds on the record made at a hearing described in paragraph (1) that any conduct specified in the notice of charges has been established (or the enterprise consents pursuant to section 4582(a)(4) of this title), the Director may issue and serve upon the enterprise an order requiring the enterprise to—
submit a report under section 4547 1 of this title;
solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, submit a housing plan in compliance with section 4566(c) of this title;
solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, comply with the housing plan in compliance with section 4566(c) of this title; or
provide the information required under subsection (m) or (n) of section 1723a of this title, or subsection (e) or (f) of section 1456 of this title.
An order under this section shall become effective upon the expiration of the 30-day period beginning on the date of service of the order upon the enterprise (except in the case of an order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable as provided in the order, except to the extent that the order is stayed, modified, terminated, or set aside by action of the Director or otherwise, as provided in this subpart.
Source credit: (Pub. L. 102–550, title XIII, § 1341, as added Pub. L. 110–289, div. A, title I, § 1130(c)(2), July 30, 2008, 122 Stat. 2708.)
- 2008Enacted · Pub. L. 102-550 · 122 Stat. 2708
A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-550 on 2008-07-30.
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