Texas Finance Code 152.405 – Cease and Desist Orders for Money Services Licensee or Authorized Delegate
(a) The commissioner may issue an order to cease and desist if the commissioner finds that:
(1) an action, violation, or condition listed in § 152.403 or 152.404 exists with respect to a money services licensee or authorized delegate; and
(2) a cease and desist order is necessary to protect the interests of the money services licensee, the purchasers of the licensee’s money services, or the public.
(b) A cease and desist order may require a money services licensee or authorized delegate to cease and desist from the action or violation or to take affirmative action to correct any condition resulting from or contributing to the action or violation, and the requirements of the order may apply to a principal or responsible person of the licensee or authorized delegate.
Terms Used In Texas Finance Code 152.405
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) The cease and desist order is subject to § 152.409, unless the order is issued as an emergency order. The commissioner may issue an emergency cease and desist order in accordance with § 152.410 if the commissioner finds that the factors identified in § 152.410(b) exist.