(1) If the commissioner determines that a violation of this chapter or of a rule or regulation adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation, or 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 it upon the licensee or authorized delegate.
(2) When the commissioner has reasonable cause to believe that a person is violating any provision of this chapter, the commissioner, in addition to and without prejudice to the authority provided elsewhere in this chapter, may sue in the Chancery Court of the First Judicial District of Hinds County, Mississippi, to enjoin the person from engaging in or continuing the violation or from doing any act in furtherance of the violation. In such an action, the court may enter any order or judgment awarding a preliminary or permanent injunction.
(3) An order to cease and desist remains effective until rescinded or released by the commissioner or appealed as provided in this section.
(4) A licensee that is served with an order to cease and desist may petition the Chancery Court of the First Judicial District of Hinds County, Mississippi, for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order.