(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 urt 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.As added by P.L.33-1991, SEC.56. Amended by P.L.258-2003, SEC.22; P.L.35-2010, SEC.200.
Indiana Legal Code