[§489D-26] Orders to cease and desist. (a) If the commissioner determines a violation of this chapter or a rule adopted or an order issued under this chapter by a licensee or authorized delegate is:
(1) Likely to cause immediate and irreparable harm to the licensee, the licensee's customers, or the public as a result of the violation; or
(2) 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 the order upon the licensee or authorized delegate.
(b) The commissioner may order a licensee to cease and desist from providing money transmission services through an authorized delegate that is the subject of a separate order pursuant to section 489D-25 by the commissioner.
(c) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to chapter 91.
(d) A licensee or an authorized delegate that is served with an order to cease and desist may petition the circuit 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 section 489D-31 or 489D-32.
(e) The commissioner shall commence an administrative proceeding pursuant to chapter 91 within twenty days after issuing an order to cease and desist.
(f) The commissioner may apply to the circuit court for an appropriate order to protect the public interest. [L 2006, c 153, pt of §1]