Section 6-07.2-17 - Emergency temporary suspension or conservatorship1. If upon the examination or investigation of an institution regulated by the commissioner, the commissioner determines the laws are not being fully observed, that any irregularities are being practiced, or that the institution's capital has been or is in danger of being impaired, the commissioner shall give immediate notice of such determination to the officers and directors of the institutions. In addition, if it is deemed necessary in order to conserve the assets of the institution or to protect the interests of depositors and creditors of the institution, the commissioner may do any one or more of the following: a. Temporarily suspend the right of the institution to receive any further deposits;b. Temporarily close the bank, for a period not exceeding sixty days, which period may be further extended for one or more sixty-day periods as the commissioner may deem necessary;c. Require the officers and directors of the bank to liquidate its outstanding loans insofar as required;d. Recapitalize the institution;e. Require that any irregularities be corrected promptly;f. Require the institution to make reports, daily or at such other times as may be required to the commissioner; and g. Without examination, close or appoint a receiver to operate, for such period as the commissioner may deem necessary, an institution facing an emergency due to withdrawal of deposits, a liquidity event in which the institution is unable to continue operations, a cyber- or technology-related incident, or otherwise, or, without closing the institution, grant the institution the right to suspend or limit the withdrawal of deposits, for such period as the commissioner may determine.2. If an institution fails or refuses to comply with any such order of the commissioner, or if the commissioner determines a receiver for the institution should be appointed, the commissioner may apply for the appointment of a receiver to take charge of the business affairs and assets of the institution and to wind up the institution's affairs as provided in this chapter.3. A bank or credit union may request a hearing before the state banking board or state credit union board within ten days of the emergency temporary suspension or conservatorship to review the factual basis used to issue the emergency temporary suspension or conservatorship. The decision made by the state banking board or state credit union board during the hearing is final. If a hearing is not requested, the initial decision of the commissioner is final.Added by S.L. 2021, ch. 77 (SB 2102),§ 9, eff. 8/1/2021.