(a) If the department determines that a violation of this chapter or of a regulation adopted or an order issued under this chapter by a money services licensee or authorized delegate is likely to cause immediate and irreparable harm to the money services licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the money services licensee, the department may issue an order requiring the money services licensee or authorized delegate to cease and desist from the violation. The order becomes effective on service of it on the money services licensee or authorized delegate.
Terms Used In Alaska Statutes 06.55.603
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(b) The department may issue an order against a money services licensee to cease and desist from providing money services through an authorized delegate who is the subject of a separate order by the department.(c) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding under Alaska Stat. § 06.55.601 or 06.55.602.(d) A money services licensee or an authorized delegate who is served with an order to cease and desist may petition the superior 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 under Alaska Stat. § 06.55.601 or 06.55.602.(e) An order to cease and desist expires unless the department commences an administrative proceeding under Alaska Stat. § 06.55.601 or 06.55.602 within 10 days after it is issued.
