1. If the Commissioner has reasonable cause to believe that a bank holding company: (a) Is engaging, has engaged or is about to engage in any unsafe or unsound practice in connection with the bank holding company or a bank which it owns or controls; or (b) Is violating, has violated or is about to violate a law, regulation or condition imposed in a written agreement between the Commissioner and the bank holding company, the Commissioner may issue and serve upon the company a notice of the charges against the company. 2. A notice issued pursuant to subsection 1 must contain a statement of the facts which constitute the violation or unsafe or unsound practice and must set a time and place for a hearing to determine whether the Commissioner should issue an order to cease and desist from the activity. The hearing must be held not less than 20 nor more than 60 days after service of the notice unless an earlier or later date is set by the Director of the Department of Business and Industry at the request of the bank holding company.
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