(a) Along with a notice of charges, or after the issuance of a notice of charges, the Commissioner may issue a temporary cease and desist order.
(b) The Commissioner may issue a temporary cease and desist order if the Commissioner determines that a violation or unsafe or unsound practice is likely to cause:
(1) Insolvency of the financial institution;
(2) Substantial dissipation of assets or earnings of the financial institution;
(3) Serious weakening of the condition of the financial institution;
(4) Serious prejudice to the interests of the depositors or investors of the financial institution or to the general public; or
(5) The inability to determine, because of incomplete or inaccurate records, the financial condition of a financial institution or the inability to determine the details or purpose of a transaction that may have a material effect on the financial condition of a financial institution.
(c) The temporary cease and desist order may require a financial institution or its affiliate or subsidiary to immediately cease and desist from a violation or unsafe or unsound practice and to take affirmative action to prevent an occurrence set forth in paragraphs (1) through (5) of subsection (b) of this section pending completion of investigatory proceedings under this chapter. If a notice of charges issued under § 26-551.13 states that the books and records of a financial institution are so incomplete or inaccurate that the Commissioner is unable to determine the financial condition of the institution or to ascertain the details or purpose of a transaction, the Commissioner may issue a temporary cease and desist order that requires the financial institution to cease an activity or practice which caused or contributed to the incomplete or inaccurate state of the books or records or take affirmative action to restore the books or records to a complete and accurate state.
(d) A temporary cease and desist order shall be effective upon service.
(e) A temporary cease and desist order shall remain in effect until:
(1) Set aside, limited, or suspended by a court;
(2) The completion of the investigatory proceeding initiated by the notice of charges, if the Commissioner dismisses the notice of charges;
(3) An order by the Commissioner revoking the temporary cease and desist order; or
(4) The issuance of a final cease and desist order.