Sec. 6. (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) cause insolvency of the financial institution; (2) cause substantial dissipation of assets or earnings of the financial institution; or (3) otherwise seriously prejudice the interests of the depositors of the financial institution; the director may issue a temporary order without a hearing. (b) A temporary order may: (1) require the financial institution to cease and desist from the practice or violation; (2) require the financial institution to take affirmative action to correct the conditions resulting from the practice or violation; or (3) suspend or prohibit a director, an officer, or an employee from participating in the conduct of the affairs of the financial institution. (c) A temporary order is effective upon service and remains effective and enforceable until the earliest of the following: (1) The issuance of an injunction by a court under subsection (d). (2) The dismissal of the charges by the department. (3) The effective date of a final order under section 7 of this chapter. (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.
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