Okla. Admin. Code § 85:15-11-3

Current through Vol. 42, No. 4, November 1, 2024

Section 85:15-11-3 - Orders to cease and desist

(a) If the Commissioner determines that a violation of the Act or an order issued under the Act by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the licensee, the Commissioner may issue an order requiring the licensee or authorized delegate to cease and desist from the violation. The order becomes effective upon service of it upon the licensee or authorized delegate.

(b) The Commissioner may issue an order against a licensee to cease and desist from providing money services through an authorized delegate that is the subject of a separate order by the Commissioner.

(c) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to sections 85:15-11-1 or 85:15-11-2.

(d) A licensee or an authorized delegate that is served with an order to cease and desist may petition the Oklahoma County District Court, for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding pursuant to sections 85:15-11-1 or 85:15-11-2.

(e) An order to cease and desist expires unless the Commissioner commences an administrative proceeding pursuant to sections 85:15-11-1 or 85:15-11-2 within 10 days after it is issued.

Okla. Admin. Code § 85:15-11-3

Added at 24 Ok Reg 843, eff 5-11-07