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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
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Subtitle E. OTHER FINANCIAL BUSINESSES |
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Chapter 151. REGULATION OF MONEY SERVICES BUSINESSES |
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Subchapter H. ENFORCEMENT |
Sec. 151.705. CEASE AND DESIST ORDERS
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(a) The commissioner may issue an order to cease and desist if the commissioner finds that:
(1) an action, violation, or condition listed in Section 151.703 or 151.704 exists with respect to a license holder or authorized delegate; and
(2) a cease and desist order is necessary to protect the interests of the license holder, the purchasers of the license holder's money services, or the public.
(b) A cease and desist order may require a license holder or authorized delegate to cease and desist from the action or violation or to take affirmative action to correct any condition resulting from or contributing to the action or violation, and the requirements of the order may apply to a principal or responsible person of the license holder or authorized delegate.
(c) The cease and desist order is subject to Section 151.709, unless the order is issued as an emergency order. The commissioner may issue an emergency cease and desist order in accordance with Section 151.710 if the commissioner finds that the factors identified in Section 151.710(b) exist.