Iowa Code 536A.16 – Cease and desist orders
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Terms Used In Iowa Code 536A.16
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Licensee: means a person licensed under this chapter. See Iowa Code 536A.2
- Superintendent: means the superintendent of banking within the banking division of the department of commerce. See Iowa Code 536A.2
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
If the superintendent has reasonable cause to believe that a licensee is violating this chapter or rules adopted pursuant to this chapter, the superintendent may, after ten days’ advance written notice, in addition to all actions provided for in this chapter, and without prejudice, enter an order requiring the licensee to cease, desist, and refrain from the violation. After receipt of the advance written notice, the licensee, within five days from the receipt of the notice, may file with the superintendent a written demand for a hearing. Hearings shall promptly be held in the office of the superintendent and a cease and desist order shall not be issued until after the hearing. The licensee shall be entitled to present evidence and the testimony of witnesses at the hearing.