Unsafe or unsound practices or violations of law; notice of charges; joint exercise of enforcement powers with federal regulators

Sec. 2. If the director has reasonable cause to believe that a financial institution: (1) has engaged, is engaging, or will engage in an unsafe or unsound practice in conducting the business of the financial institution; or (2) has violated, is violating, or will violate a: (A) statute; (B) rule; (C) condition imposed in writing by the director in connection with the granting of an application or other request by the financial institution; or (D) written agreement entered into with the department; the director may issue and serve upon the financial institution a notice of charges of the practice or violation. The department may, when appropriate, exercise enforcement powers under this chapter jointly with a financial institution's primary federal regulator. As added by P.L.33-1991, SEC.56. Amended by P.L.141-2005, SEC.22.