N.J. Admin. Code § 11:15-7.28

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:15-7.28 - Orders

(a) After notice and opportunity for a hearing, as provided in N.J.A.C. 11:15-7.2 7, the Commissioner may issue an order revoking or suspending a group's authority or requiring a person or fund to cease and desist from engaging in an act or practice found to be in violation of any provision of N.J.S.A. 18A:64-86 et seq. or this subchapter.

(b) Upon a finding, after notice and opportunity for a hearing, as provided at N.J.A.C. 11:15-7.2 7, that a group has violated any cease and desist order, the Commissioner may revoke his or her approval of the group.

(c) Upon a finding, after notice and opportunity for a hearing, as provided at N.J.A.C. 11:15-7.2 7, the Commissioner may issue an order requiring the trustees to dismiss an administrator or servicing organization or terminate the contract of an administrator or servicing organization because of any fraud, material misrepresentation, incompetence or untrustworthiness, misappropriation or conversion of monies or violation of any fiduciary responsibilities by such administrator or servicing organization, or any of the employees, officers or directors thereof.

N.J. Admin. Code § 11:15-7.28