1. The department of financial institutions or the board may issue and serve upon a financial corporation , financial institution , or credit union subject to its jurisdiction a complaint stating the factual basis for the department's or board's belief that the financial corporation , financial institution , or credit union is engaging in any of the following conduct: a. An unsafe or unsound practice. b. A violation in the past or on a continuing basis of any law, regulation, order, or written agreement entered into with the board or department of financial institutions. 2. The complaint must contain a notice of opportunity for hearing pursuant to chapter 28-32. The date for the hearing must be set not less than thirty days after the date the complaint is served upon the financial corporation , financial institution, or credit union . The financial corporation, financial institution, or credit union may waive the thirty -day notice requirement. 3. If the financial corporation , financial institution, or credit union fails to respond to the complaint within twenty days of its service, or if a hearing is held and the board concludes that the record so warrants, the board may enter an order directing the financial corporation , financial institution , or credit union to cease and desist from engaging in the conduct which was the subject of the complaint and hearing and to take corrective action. 4. The commissioner or the board may enter an emergency, temporary cease and desist order if the commissioner or the board finds the conduct described in the complaint is likely to cause insolvency, substantial dissipation of assets, earnings, or capital of the financial corporation, financial institution, or credit union, or substantial prejudice to the depositors, shareholders, members, or creditors of the financial corporation , financial institution, or credit union . An emergency, temporary cease and desist order is effective immediately upon service on the financial corporation , financial institution, or credit union and remains in effect for no longer than sixty days or until the conclusion of permanent cease and desist proceedings pursuant to this section, whichever is sooner. An emergency, temporary cease and desist order may be issued without an opportunity for hearing. A bank or credit union may request a hearing before the state banking board or state credit union board within ten days of the order to review the factual basis used to issue the emergency, temporary cease and desist order. The decision made by the board during this hearing will be final. If a hearing is not requested, the initial decision of the commissioner or board will be final.
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